Education Loan for Pilot Training Program: Eligibility, Process, Documents

education loan for pilot training

Pilot training program is a bit costly especially when pursuing from a foreign university. However, it becomes easy to complete the course with an education loan for the pilot training program. The loan will cover your tuition fee and training expenses in India or abroad. There are a lot of banks and NBFCs in India that provide education loans for aviation courses abroad.

In this blog, we’ll discuss all the major features, eligibility criteria, application process etc of Education Loans for Pilot Training.

Pilot Training Program Education Loan

Pilot training program education loan can be availed from any public or private sector bank in India subject to terms and conditions. You can get a maximum of INR 1.5 crore education loan from public sector banks and up to INR 2 crore with private banks. The interest for the loan will range between 9% to 14% based upon the factors used to determine interest rate. Usually, the country and the institute, the income of co-applicant for education loan, and other lending criteria specific to the applicant’s profile determine the loan amount and rate of interest. The loan amount covers flight training fees, accommodation costs and other expenses related to getting a pilot’s license.

What is Pilot Training Program?

A pilot training program is a structured course that teaches individuals how to fly aircraft safely and effectively. It consists of both classroom instruction (ground school) and hands-on flying experience. Students learn about aviation regulations, aerodynamics, navigation, weather, and flight operations. The program prepares students to obtain pilot licenses and ratings, enabling them to pursue careers as professional pilots or engage in recreational flying.

In India, there are a lot of banks and financial institutions that provide education loans to study abroad, especially for aviation courses and pilot training programs.

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.

SBI Education Loan for Pilot Training

SBI is the largest government bank in India. The bank is known for its fast and effective services for education loans under various schemes like the SBI Student Loan scheme, SBI Global Ed-vantage education loan, SBI Shaurya Education Loan etc. The most popular and best-suited scheme for study abroad loans is the SBI Global Ed-vantage. SBI Education loan for pilot training can be availed under this scheme easily. Check the major features of this loan scheme below:

  • You can get loan amounts from INR 7.5 lakhs to INR 1.5 crore for the pilot training programs and other major courses
  • SBI Global Ed-vantage interest rate is around 11.15% floating and subject to revision every quarter
  • You will also get a moratorium of course duration + 1 year or 6 months after getting a job, whichever is earlier
  • The repayment period for SBI Global Ed-vantage loan is up to 15 years
  • Students need to pay a processing fee of INR 10,000 per application

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

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

Various public and private banks and financial institutions in India offer education loans for pilot training. Commonly requested documents include:

  • Application and loan application forms are submitted via the lender’s portal.
  • Information about the applicant’s and co-applicants/guarantor’s KYC
  • Identity documentation such as a passport or PAN card
  • Aadhar cards, passports, utility bills, etc. are examples of address proof.
  • A recent six-month wage stub or bank statement
  • Evidence of enrollment in a pilot training program
  • Evidence of one’s financial situation
  • Income proof for the co-applicant, such as Form 16, pay stubs, tax records, etc.
  • Other papers, including affidavits, declarations, loan statements from the past, etc.
  • Documents as collateral, if necessary.

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:

1. 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.

2. 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).

3. Submit Application: Complete the loan application form accurately and attach the required documents.

4. 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.

5. 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.

Cost of Studying

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 in the globe. 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 realizing your aspirations among the clouds.

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FAQs on Education Loan for Pilot

Can I get a 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.

How many scholarships can I get for pilot training?

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.

In which country pilot training is cheapest?

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. 

Can I become a pilot in 40 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. 

What is the repayment tenure for an education loan for pilot training?

The education loan for pilot training can be repaid in 5-15 years depending on the repayment options offered by the lender. 

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 the loan application process, and the best bank accounts for students or international money transfers, subscribe to FlyFinance or reach out to our experts to help ease your study abroad experience.

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