What this scheme offers
The Guruji Student Credit Card Scheme, launched by Jharkhand in 2024, lets students who have passed Class 10 or 12 from a recognised school and won admission to a listed institution borrow up to ₹15 lakh for higher education without collateral. The loan carries a subsidised interest rate of 4% simple interest, repayment can run up to 15 years including the moratorium, and it covers tuition, accommodation and study materials. Nine lending institutions are empanelled, and a further 1% interest concession for women students is reported. The applicant must be no older than 40 on the date of application and must not already have an education loan for the same course. Registration is on the scheme's portal with an OTP.
Who is eligible
- A Jharkhand-domiciled Indian student who passed Class 10 or 12 from a recognised school and has admission to a listed diploma, undergraduate, postgraduate or higher course.
- Age not more than 40 years on the date of application.
- No existing education loan from a cooperative, public or private bank for the same course, and not a previous beneficiary for it.
- The institution should be one listed under the scheme, for example an accredited one.
Documents required
- Aadhaar card and Jharkhand domicile proof
- Class 10 and 12 marksheets
- Admission letter and fee structure from the institution
- Bank account details and passport-size photograph
- Mobile number and email for registration, and any other documents the portal lists
How to apply
- Register on the Guruji Student Credit Card portal with your name, email, captcha and an OTP.
- Fill in the application with your course, institution and loan amount, and upload the documents.
- The department checks eligibility and forwards the application to an empanelled bank.
- The bank sanctions the loan without collateral, on the terms set under the scheme.
- Repay at 4% simple interest over up to 15 years including the moratorium.