Apply for Student Credit Card – Check Features & Benefits

What is a Student Credit Card?

A student credit card is a credit card specifically designed for students who are enrolled in college or university. These cards typically have features and benefits that are tailored to the needs of students, such as lower credit limits, no or lower annual fees, and rewards for purchases related to education or everyday expenses. Also known as EMI card for students,  these cards can offer a credit limit of up to ₹10 lakh.

Features of Student Credit Cards

Here are some of the features of student credit cards:

1. Lower Credit Limit

Typically comes with a credit limit of ₹15,000.

2. Validity

Generally comes with a validity period of up to 5 years.

3. Lower Fees

Generally, EMI card for students come with zero or lower joining fees and low annual charges.

4. Easy to Apply

You don’t need to provide a bag full of documents – any student above 18 years and with valid identity proof can apply for a student credit card.

5. Rewards and Cash back

Student credit cards come with a host of reward and loyalty programmes and cash back benefits. Some cards also offer discounts on purchases/transactions.

Benefits of Student Credit Cards

Check out the pointers below to understand the benefits of student credit cards:

1. Joining Fee Waiver

Student credit cards are a cost-effective alternative to regular credit cards as most of such cards don’t come with a joining fee.

2. Enjoy Cashback and Discounts

Students can use these cards to collect reward points and redeem them after a certain limit. Some cards also offer discounts on fuel transactions.  

3. Helps Build Credit Score

If maintained and used properly, student cards could serve as a great building block for students to build their credit score.

4. Minimal Documents Required

Any student above 18 years with a valid college ID proof can apply for a student credit card.

Multiple Usage Facilities

You can use these cards to buy books or to pay your college fee. However, some cards could come with restrictions on certain transactions like alcohol, tobacco, etc.

Student Credit Card Eligibility

Prior to submitting an application for a student credit card, individuals must make sure that they fulfil the following eligibility criteria:

• Applicant should 18 years age and above 
• Applicant must be a college student 
• Some banks offer student credit cards only to those who have availed of an education loan 
• If the student has a fixed deposit in his/her name, then that individual can apply for the loan against the same if the amount meets the minimum limit set by the bank 
• Some banks offer student credit cards to individuals having existing savings accounts with a decent average monthly balance record.  

Documents Required to Apply for a Student Credit Card

You will need to submit only the following documents during the application procedure:

• Birth certificate 
• Passport size photographs 
• University or college ID 
• Proof of residence 
• PAN card 

How to Apply for a Student Credit Card?

Here are the ways in which you can apply for a student credit card:

• If your parents have a credit card, then you can get an add-on credit card on that existing card.
• You can also get a credit card if you maintain a reasonable monthly average balance in your savings account.
• Some banks also provide student credit card facilities to their existing education loan customers.
• You can also apply for a student credit card against a fixed deposit. Your credit limit will be equivalent to the fixed deposit amount. 

Also Read

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7 Best Credit Cards for Students

We have handpicked a few best credit cards for students based on their offerings:

*This table is for educational purposes only. Navi doesn’t promote or sell any of the products mentioned in the table.

1. Axis Bank Insta Easy Credit Card

Considered as one of the best credit cards for students, the Axis Bank Insta Easy Credit Card is ideal for students looking for a waiver on their fuel purchases. The card is offered against your fixed deposit account with Axis Bank. Enjoy 50-day free credit, high cash withdrawal limit and more with this student card.

• Cash withdrawal of up to 100% of credit limit from day 1
• Flexible credit limit of up to 80% of the FD principal value
• 1% fuel surcharge waiver on all fuel transactions in India
• No additional charges on transactions up to the first 50 days from the date of card issuance

2. ICICI Bank Student Forex Prepaid Card

The ICICI Bank Student Forex Prepaid Card is packed with features that are designed for students studying abroad. The card comes with a host of benefits and offers, including complimentary insurance coverage. However, the standout feature of the card is that the card supports multiple currencies across continents. With a joining fee of just ₹499, the card stands as a worthy option for students studying outside India. 

• Joining benefits worth ₹5,000
• Enjoy 40% discount on excess baggage
• Additionally, you will get 20% discount on courier service by DHL
• Lost card or counterfeit card coverage of up to ₹5 lakh

3. Kotak 811 #DreamDifferent Credit Card

This student credit card by Kotak comes with zero joining and annual fee. You also get to enjoy a credit limit of up to 90% of your fixed deposit account. Additionally, the card offers zero interest cash withdrawals up to 48 days (from the date of issuance).

• Zero joining fee and annual fee
• Earn 2 reward points against every ₹100 online transactions
• Enjoy ₹750 cashback on annual spends of ₹75,000
• Interest free cash withdrawal of up to 48 days
• Get 1% fuel surcharge waiver across petrol pumps for transactions between ₹500 and ₹3,000

4. SBI Student Plus Advantage Credit Card

SBI Student Plus Advantage Credit Card is a lifetime free credit card, which means you don’t have to pay any joining or annual fee. The card is packed with a host of benefits, including reward points, fuel surcharge waiver and value back on transactions, among others. The card also offers a low interest rate of 2.5% per month.

• Zero joining fee
• 1 reward point in every transaction worth ₹100
• 2.5% fuel surcharge waiver across petrol pumps in India
• Up to 50 days interest-free period
• Low interest rate of 2.25% per month

5. HDFC Multicurrency Forex Card

Packing 22 currencies in one card, HDFC Multicurrency Forex Card is tailor-made for students studying abroad. Also, the card  enables you to add a currency or transfer  balance from one currency to another via the Prepaid Card Netbanking Facility. You can also avail of backup card facility at the time of application.

• Multicurrency forex card with 22 currency wallets
• Offers protection against foreign exchange rate fluctuation
• Card Loss or counterfeit cover up to ₹5 lakh
• Enjoy emergency cash delivery assistance around the globe
• Backup card facility available at the time of application

6. ICICI Coral Contactless Credit Card

The ICICI Coral Contactless Credit Card facilitates contactless transactions across merchants. The card is packed with an array of benefits, including reward points on transactions, discount on movie tickets, complimentary lounge access and more.

• Earn up to 10,000 reward points from ICICI Bank Rewards programme during every card anniversary year
• Get 1 complimentary lounge access per quarter at select airports in India by spending a minimum of ₹5,000 or above
• Enjoy 25% discount up to ₹100 on purchase of minimum 2 movie tickets per transaction on BookMyShow and Inox.
• Experience exclusive dining offers through ICICI Bank Culinary Treats Programme

7. HDFC ISIC Student Forex Plus Credit Card

Designed for students studying abroad, the HDFC ISIC Student Forex Plus Credit Card also serves as a student identity card. ISIC cardholders can enjoy premium discounts on over 150,000 products, services and experiences in over 130 countries.

• Available in USD, EUR and GBP
• Accepted at everyVisa/Mastercard affiliated merchants across the globe
• Enjoy complimentary insurance cover 
• Recognised by universities, academic institutions, student unions, national governments, financial institutions and ministries of education around the world
• Backup card facility available

Also Read

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West Bengal Student Credit Card

Introduced by the Higher Education Department, Government of West Bengal, the West Bengal Student Credit Card allows the students of WestBengal to pursue higher studies without financial constraints. Students can apply for loans up to ₹10 lakh from the State Cooperative Bank and its affiliated Central Cooperative Banks and District Central Cooperative Banks and Public/ Private Sector Banks at a meagre interest rate of 4% p.a. With West Bengal Student Credit Card.

Borrowers who have successfully paid off the interest during the study period are eligible for 1% interest concession. The upper age limit for studentsis capped at 40 while the repayment tenure is up to 15 years. 

MNSSBY Bihar Student Credit Card Scheme (BSCCS)

The Bihar Student Credit Card or Chhatra Credit Card Scheme was launched by the Bihar Government to aid students in pursuing higher education. The scheme is available only to the residents of Bihar. Students who have completed 12th standard can get loans of up to ₹4 lakh at affordable interest rates up to 4% under this scheme. 

Eligible BSCCS individuals can apply to approved educational institutions and more than 20 courses as per their wish. Certain students can also get interest concessions on their loan under this scheme.

Benefits of Bihar Student Credit Card Scheme

• Students can get educational loans up to ₹4 lakh
• You can use the card to buy books, laptops or pay tuition fees
• Interest rates could be as low as 1% for transgender, girls and divyang students
• Loan is available for students pursuing technical, polytechnic and other general courses
• Repayment begins only when the course is completed and once the student gets a job

Eligibility Criteria to Apply for MNSSBY

To apply for a Bihal Student Credit Card, you must meet the following eligibility criteria:

• You should be a resident of Bihar
• You should be under 25 years of age
• You should have completed your higher secondary (12th standard) education
• The course you have applied for should be completed in its entirety
• You should seek a course at an authorised institute

How to Apply for MNSSBY Bihar Student Credit Card?

Here’s how you can apply for Bihar Student Credit Card:

Step 1: Visit the official website of MNSBBY  

Step 2: On the page, you will find ‘New Application Registration’

Step 3: Fill out the details including your name, Aadhaar number, mobile number, etc., and click on ‘Send OTP’.

Step 4: Enter the OTP and click on ‘Submit’ to complete your registration

Step 5: Go to the home page and login via the credentials received on mail/SMS

Step 6: You have to set a new password; once done login again with the new password

Step 7: Enter your personal details and click on ‘Submit’

Step 8: Go to the ‘Select Scheme’ option and select ‘Bihar Student Credit Card’ from the dropdown menu

Step 9: Enter all the information pertaining to the applicant and co-applicant

Step 10: Fill out all the general details and click on ‘Submit’

Once the details are verified, you will receive the Bihar Student Credit Card.

Final Word

Bihar Student Credit Card and other student credit cards in India have opened the doors of aspiring students willing to pursue higher studies. Low interest rates and loan repayment flexibility make the card an attractive alternative to regular credit cards.

However, the application process could be a bit time consuming. A better alternative could be applying for a Navi Cash Loan. Navi offers instant cash loans up to ₹20 lakh in a 100% paperless manner with minimal documentation.Enjoy flexible repayment tenure, attractive interest rates and hassle-free application process with Navi. 

FAQs on Student Credit Cards