Aspiring students wanting to pursue pilot training courses can easily secure funds by taking an education loan. Bank of Baroda’s CPL training scheme and SBI’s pilot training loan scheme offer educational loans at competitive rates. You can apply for loans up to INR 1.5 crores with these banks and NBFCs to cover tuition fees and living expenses. In this article, we’ll walk you through the eligibility criteria for Education Loans for Pilot Training, the types of education loans available, and the step-by-step process to apply for these loans.
Table of contents
- Education Loan for Pilot Training
- Education Loan for Pilot Training Abroad
- Interest Rates on Education Loan for Pilot Training
- Requirements for Pilot Training Abroad
- Types of Education Loans for Pilot Training
- Eligibility Criteria of Loan for Pilot Training
- Documents Required for Education Loan for Pilot Training
- Steps to Apply for an Education Loan for Pilot Training
- Top Lenders for Education Loan for Pilot Training
- Pilot Training Loan without Collateral
- Cost of Studying and Pilot Training
- FAQs on Education Loan for Pilot Training
Education Loan for Pilot Training
All aspiring pilots, are you prepared to fly the sky but held back by the high training costs? Do not be alarmed; education loans for pilot training in India or abroad are available to save you from the storm of mounting debt. Numerous governmental and private banks, as well as NBFCs, offer education loans for pilot training to Indian students.
However, the country, the income of the co-applicant, and other lending criteria specific to the applicant’s profile determine the loan amount and rate of interest. The loan amount can be used to pay for flight training fees, as well as other expenses related to getting a pilot’s license.
| Maximum Loan Amount | Up to INR 1.5 crores (with collateral) |
| Interest Rates | Starting at 9.50% |
| Repayment Period | Up to 15 years |
| Moratorium Period | Course Duration + 6 months |
Education Loan for Pilot Training Abroad
Countries like the UK, USA, Australia, and Canada offer amazing pilot training programs. The costs start from INR 40 lakhs to 80 lakhs, but may also vary based on the university chosen. The maximum education loan that can be provided for pilot training abroad is INR 1.5 crores at interest rates starting from 10.90%.
Top colleges abroad to study and have Pilot training:
- Aerosim Flight Academy
- CTC Aviation
- Singapore Flying College
- Olympus Aviation Academy
- Ardmore Flying School
- Western Michigan University Aviation College
- Ohio State University Aviation College
- Oxford Aviation Academy
- University of New South Wales Aviation
- United States Air Force Academy
The student loan for pilot training abroad covers tuition fees, accommodation and living expenses, computer/ laptop costs, projects, excursions, thesis work, and travel expenses.
| Maximum Loan Amount | Up to INR 1.5 crores (with collateral) |
| Interest Rates | Starting at 10.90% |
| Repayment Period | Up to 15 years |
| Expenses Covered | Tuition fees, accommodation and living expenses, computer/ laptop costs, projects, excursions, thesis work, travel expenses, etc. |
Also Read: Are you willing to pursue your post-grad studies in technology from the tech countries? Check out our blog on education loans for MTech abroad and cover your educational expenses.
Interest Rates on Education Loan for Pilot Training
Check out the table provided below to compare and understand various rates, maximum amount of loan and other aspects of banks providing loan for Pilot training:
| Lender | Maximum Loan Amount | Interest Rate Range | Repayment During Course |
| Auxilo | Up to ₹50 Lakh | 11.50% – 12.50% | EMI |
| Axis Bank | Up to ₹1.5 Crore | 10.50% – 11.50% | Simple Interest |
| Bank of Baroda | Up to ₹1.5 Crore | 8.55% – 10.55% | Nil |
| HDFC Credila | Up to ₹50 Lakh | 10.25% – 10.75% | EMI |
| IDBI Bank | Up to ₹30 Lakh | 10.10% – 10.60% | Nil |
| IDFC First Bank | Up to ₹50 Lakh | 11.00% – 11.50% | EMI |
| Tata Capital | Up to ₹50 Lakh | 12.00% – 12.50% | EMI |
Requirements for Pilot Training Abroad
To become a pilot, you must complete your pilot training. If you happen to be considering pursuing your pilot training abroad, here are some requirements:
- Maintain a healthy mental and physical state
- Be well-versed in all of your subjects, especially math, physics, and English.
- Set up the necessary funding to undertake pilot training continuously.
- Conduct thorough research and make a list of your top choice international pilot training facilities.
- Pass the entrance exam and meet the medical requirements to enrol in an international pilot training program.
- Clear, practical training papers in theory finish the practical training, including the required number of flying hours.
Types of Education Loans for Pilot Training
Aspiring pilots have various options when it comes to education loans. Here are three common types to consider:
1. Secured Loans: These loans require collateral, such as property or fixed deposits, which allows for lower interest rates. However, defaulting on repayments can lead to the liquidation of the collateral.
2. Unsecured Loans: These loans don’t require collateral but often come with higher interest rates due to the increased risk for the lender. Approval is based on creditworthiness, income stability, and academic background.
3. Government-Funded Schemes: The Indian government offers scholarships, grants, and subsidized loans for aviation education. These schemes provide favourable terms, lower interest rates, and extended repayment periods.
Eligibility Criteria of Loan for Pilot Training
Before delving into the world of education loans, aspiring pilots need to meet certain eligibility criteria set by lending institutions. Here are the key factors to consider:
- Age Limit: Lenders generally require applicants to be between 18 and 35-40 years old. This ensures that borrowers can complete their training and launch their careers within a reasonable timeframe.
- Educational Qualifications: To be eligible, applicants typically need to have completed their 10+2 education from a recognized board or equivalent, along with a strong academic record.
- Admission to Recognized Aviation Institute: Proof of admission to a recognized aviation institute offering pilot training is a must. Opt for institutes recognized by regulatory bodies and known for their reputation in the aviation industry.
- Additional Factors: Lenders may also consider credit history, co-applicant income, collateral availability (for secured loans), and the requested loan amount.
Documents Required for Education Loan for Pilot Training
Various public and private banks and financial institutions in India offer education loans for pilot training. Commonly requested documents include:
| Document Type | Description |
|---|---|
| Loan Application Form | Complete the application via the lender’s portal. |
| KYC Documents | Information about the applicant and co-applicant/guarantor. |
| Identity Proof | Passport, PAN card, or other forms of identification. |
| Address Proof | Aadhar card, passport, or utility bills. |
| Income Proof | Recent salary slip or bank statement from the last six months. |
| Enrollment Proof | Evidence of admission in a pilot training program. |
| Financial Statement | Proof of financial situation or assets. |
| Co-applicant Income Proof | Form 16, pay stubs, or tax records for the co-applicant. |
| Additional Documents | Affidavits, declarations, or previous loan statements, if applicable. |
| Collateral Documents (if required) | Documents related to collateral offered for the loan. |
Steps to Apply for an Education Loan for Pilot Training
Securing an education loan requires careful preparation. Follow these steps for a smooth application process:
- Research and Select a Lender: Compare loan terms, interest rates, and customer reviews of different lenders. Choose the one that aligns with your needs and preferences.
- Gather Necessary Documents: Collect documents such as completed application form, proof of age, identity proof, academic records, admission letter, cost estimation of training, income proof, and collateral documents (if applicable).
- Submit Application: Complete the loan application form accurately and attach the required documents.
- Loan Approval and Disbursal: The lender reviews your application, conducts credit assessment, and verifies documents. If approved, you’ll receive an offer letter detailing the terms. Review, sign, and return it. The approved loan amount will be disbursed to your institute or account.
- Repayment Options: After the grace period, choose a repayment option like EMIs, step-up/step-down EMIs, or income-based repayment.
Relevant Read: BC Student Loan offers loans, bursaries, grants, and scholarships. Read to know everything about BC student loan: the eligibility, application process and more.
Top Lenders for Education Loan for Pilot Training
If you are wondering where to take an education loan for pilot training or which are the best banks for taking an education loan for pilot training abroad, continue reading further. Financing your pilot training in India can be done through education loans offered by both public and private banks, as well as Non-Banking Financial Companies (NBFCs).
PNB Bank
Punjab National Bank’s education loan scheme ‘PNB Udaan’ offers student loans to pursue degree/ diploma pilot training programs. However, education loans for pilot training by PNB can be offered if the chosen course is recognised by regulatory bodies abroad for employment abroad.
- Need-based financing is provided subject to margin as per RBI guidelines.
- Tangible security of suitable value must be provided if the loan amount exceeds INR 7.5 lakhs.
- Interest rates range from 10.25% to 12.25% p.a.
- Repayment tenure is up to 15 years.
Bank of Baroda
Bank of Baroda’s education loan scheme ‘Baroda Gyan’ lets you avail education loan for pilot training. approved by the director general of civil aviation.
- Education loans up to INR 1.5 crores can be availed.
- Interest rates range from 10.25% to 13.05% p.a.
- No processing fee for loans up to INR 7.5 lakhs.
State Bank of India
State Bank of India provides education loans for degree/diploma courses in pilot training provided these are recognized by competent regulatory bodies in India /abroad. You must be aged between 18 to 30 years to be eligible for the pilot training loan.
- 100% of the training costs are covered, including tuition fees, flying charges, and accommodation expenses.
- A margin of 15% must be contributed and collateral must be pledged for loans above INR 7.5 lakhs/
- The second loan, also called the top-up education loan facility is available in case you require more funds to cover the costs of pilot training.
Repayment Options and Period for Pilot Training Loan
Education loans for pilot training generally offer flexible repayment options:
- Repayment usually starts after the completion of the course, during a grace period.
- Loan tenures can extend up to 15 years, depending on the loan amount.
- Early repayment options may be available without penalties.
Pilot Training Loan without Collateral
A pilot training loan without collateral is an option offered by various banks and financial institutions, designed to help aspiring pilots cover their training costs without requiring assets as security. These loans typically have specific eligibility criteria, including a strong academic record and a co-applicant with a stable income. Borrowers benefit from flexible repayment plans and competitive interest rates. It’s essential to research different lenders and their terms to find the best fit for your financial needs.
Check out the list of banks in India that offer education loans for pilot training without collateral:
| Bank Name | Loan Features |
|---|---|
| State Bank of India (SBI) | Offers education loans for up to ₹15 lakhs without collateral. |
| Punjab National Bank (PNB) | Provides loans for pilot training programs, potentially without collateral. |
| Canara Bank | Tailors education loans for aviation training, often without collateral requirements,. |
| HDFC Credila | Specializes in education loans with options for pilot training, offering unsecured loans. |
| IDBI Bank | Offers loans for various professional courses, including pilot training, often without collateral. |
| Credenc | Provides unsecured loans up to ₹50 lakhs specifically for pilot training |
Cost of Studying and Pilot Training
In nations like the USA, the UK, Canada, and Australia, the cost of pilot training can range from Rs 40 lacs to Rs 80 lacs on average. However, with education loans, prospective pilots can obtain loan sums up to Rs 1.5 Cr to meet their training fees.
Education loans for pilot training overseas are a wise financial decision for aspirant pilots due to their flexible repayment choices, direct loan disbursement to the training academy, and accessibility to the best aviation schools globally. Pilot training typically costs between Rs 70 and Rs 80 lacs outside of India. The sum is significant enough that some students could consider abandoning their desire to pursue pilot school.
Education loans for pilot training open doors to a fulfilling career in aviation. Whether through secured loans, unsecured loans, or government-funded schemes, aspiring pilots have options that suit their circumstances.
These loans provide the financial support needed to pursue their passion without immediate financial constraints. If aviation is your dream, explore the possibilities of education loans and take that crucial first step towards realising your aspirations among the clouds.
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FAQs on Education Loan for Pilot Training
Yes, education loans for pilot training are available both in India and abroad, allowing aspiring pilots to pursue their training at top aviation schools in India or abroad.
Eligible candidates will be able to apply for FLYING TRAINING and GROUND TRAINING scholarships of up to Rupees three lakh fifty thousand (INR 3,50,000/-) and Rupees one lakh fifty thousand (INR 1,50,000/-) respectively.
The Philippines, is one of the cheapest countries in the world for getting a pilot’s licence, charging INR 9-10 lakhs. The second cheapest country is Australia, which offers a range of academies giving training for Rs 16-18 lakhs.
To become a commercial pilot, students must follow a certain process. The first step of the process is getting an SPL (Student Pilot License), then PPL (Private Pilot License), and finally CPL (Commercial Pilot License). The complete process costs around INR 40-50 lakhs.
The education loan for pilot training can be repaid in 5-15 years depending on the repayment options offered by the lender.
Loan amounts can range from ₹20 lakhs to ₹1.5 Crore, depending on the bank and the training program.
Common documents include:
1. Admission letter from the flying school
2. KYC documents (identity and address proof)
3. Income proof of the co-applicant
4. Academic record
Yes, most lenders require a co-applicant, typically a parent or guardian, to secure the loan for pilot training.
Pursuing a career in aviation through a pilot training program comes with a high cost. Education loans for pilot training programs offer an easy solution to finance this dream for aspiring pilots. By understanding the eligibility criteria, application process, and required documents, you can understand the complexities of securing funding for education and training.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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