On October 2, 2016, the Saat Nischay Yojana introduced a scheme that gave loans of a maximum of ₹4 lakh at 4% interest to general students and 1% to female, differently-abled and transgender students.

Nitish Kumar announced it on X, stating, He is highly delighted to tell you that now the education loan given under the Student Credit Card Scheme will be interest-free for all applicants.

Repayment Duration is longer

The chief minister also stated that the government has decided to cut repayment terms.  Students of loans up to ₹2 lakh currently have 7 years (84 EMIs) of repayment time, compared to the earlier 5 years. Loans above ₹2 lakh now have a 10-year repayment period (120 EMIs), compared to the earlier 7 years.

In his tweet, Nitish Kumar put more stress on the fact that the decision was aimed to help more students from Bihar in pursuing higher studies. Their goal is to guarantee that the greatest number of children in the state can pursue higher education. These facilities will boost the morale of students so they can study with more enthusiasm and determination, moulding not only their individual future but also the future of the state and nation, he said.

The BSCC Scheme is one of the flagship programs of the government of Bihar on which thousands of students bank to help fund professional courses, engineering, medicine and management studies both within and outside the state.