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.
Here are some of the features of student credit cards:
Typically comes with a credit limit of ₹15,000.
Generally comes with a validity period of up to 5 years.
Generally, EMI card for students come with zero or lower joining fees and low annual charges.
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.
Student credit cards come with a host of reward and loyalty programmes and cash back benefits. Some cards also offer discounts on purchases/transactions.
Check out the pointers below to understand the benefits of student credit cards:
Student credit cards are a cost-effective alternative to regular credit cards as most of such cards don’t come with a joining fee.
Students can use these cards to collect reward points and redeem them after a certain limit. Some cards also offer discounts on fuel transactions.
If maintained and used properly, student cards could serve as a great building block for students to build their credit score.
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.
Prior to submitting an application for a student credit card, individuals must make sure that they fulfil the following eligibility criteria:
You will need to submit only the following documents during the application procedure:
Here are the ways in which you can apply for a student credit card:
The online application process may vary from one card issuer to another card issuer. However, most Follow the below steps to apply for a student credit card:
We have handpicked a few best credit cards for students based on their offerings:
|Best Credit Card||Fees and Charges|
|Axis Bank Insta Easy Credit Card||Joining Fee: ₹3,000 (Nil for Burgundy|
Annual Fee: ₹3,000 – 2nd year onwards (Nil for Burgundy
|ICICI Bank Student Forex Prepaid Card||Joining Fee: ₹499|
Annual Fee: ₹199 – 2nd year onwards
|Kotak 811 #DreamDifferent Credit Card||Joining Fee: Nil|
Annual Fee: Nil
|SBI Student Plus Advantage Credit Card||Joining Fee: Nil|
Annual Fee: Nil
|HDFC Multicurrency Forex Card||Joining Fee: ₹500|
Annual Fee: ₹75 per reload transaction currency-wise
|ICICI Coral Contactless Credit Card||Joining Fee: ₹500|
Annual Fee: ₹500 – 2nd year onwards
|HDFC ISIC Student Forex Plus Credit Card||Joining Fee: ₹300|
Annual Fee: ₹75 – 2nd year onwards
*This table is for educational purposes only. Navi doesn’t promote or sell any of the products mentioned in the table.
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.
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.
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).
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.
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.
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.
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.
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.
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.
To apply for a Bihal Student Credit Card, you must meet the following eligibility criteria:
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.
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.
You can avail of a maximum of Rs.10 lakh loan under WBSCC with an annual interest rate of 4%.
No, a student cannot be eligible for multiple student credit cards as he/she will not have a credit history.
If you have an add-on credit card, then your credit card status can be checked through the account of the primary cardholder. Otherwise, you can contact the respective bank’s customer support for information.
Generally, foreign transaction charges are applied while using student credit cards overseas. Additionally, withdrawal charges will be applicable on ATM transactions.
No, you cannot avail a West Bengal student credit card if you do not reside in West Bengal for a minimum of 10 years.
You can get student credit cards from Kotak, HDFC, ICICI and SBI.
The credit limit is decided by the card issuer. However, for student credit cards issued by state government could come with a credit limit of ₹10 lakh.
Students can get loans on EMI and repay them as per the card issuer’s criteria. For instance, West Bengal Student Credit Card Scheme comes with a repayment tenure of 15 years.
Yes, you can buy a laptop for educational purposes with a student credit card. However, to avoid unpleasant surprises, check your card issuer’s terms and conditions to get a better clarity on the card’s end-use criteria.
Student credit cards are meant for students who have completed their 12th education and are pursuing their higher studies.
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