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Education Loan For Pilot Training In 2024

An engineer working on plane for the pilot education loans for pilot training.

Education loans for pilot training are specifically designed to support students in covering the expenses associated with their aviation education. These pilot training student loans provide the necessary funds to cover tuition, training, accommodation, examination, and other related expenses. By availing education loans, aspiring pilots can focus on their training without immediate financial constraints, allowing them to realise their aviation ambitions.

However, the path to becoming a pilot is demanding and financially challenging. This is where education loans for abroad studies for pilot training come into play, offering a much-needed financial bridge to fulfil the aspirations of Indian students. 

Education Loan For Pilot Training In Abroad Key Features 

If you want to become a pilot in India, you might find it tough to pay for the training. It usually costs around 35 to 40 lakh rupees to get a commercial pilot’s licence from an approved flight school. But you can get an education loan to cover the cost. 

Most aspiring pilots in India use these loans, which offer flexible repayment and can range from a few lakhs to up to 1.5 crore rupees. With the high demand for pilots worldwide, now’s a good time to consider this option to fund your training and pursue your dream. 

Pilot Education Loan Overview
DetailsLoan Parameters
Loan LimitLoan amount up to Rs 1.5 Cr
Accepted Co-applicantParents-in-law, Parents, Spouse, Siblings
Pilot training education loan Interest RatesStarts from 10.90%
Moratorium PeriodCourse timeline + 12 months
Repayment DurationCan be extended maximum up to 15 years
Acceptable CollateralsLife Insurance Corporation Policy, Fixed Deposit, Government bond or immovable property. 
Loan Margin10% of the loan amount

Eligibility Criteria For Student Pilot Loan

Aspiring students need to meet certain eligibility criteria to secure an education loan for pilot training in India. Lending institutions establish these criteria and may vary slightly from one lender to another. Here are the key eligibility factors to consider:

  • Age limit: Most lenders have a minimum and maximum age requirement for loan applicants. The minimum age limit is typically 18 years, ensuring the applicant is legally an adult. The maximum age limit can vary, but generally, around 35 to 40 years, as lenders prefer borrowers who can complete their training and start their careers within a reasonable timeframe.
  • Qualifications: To be eligible for an education loan for pilot training, applicants must meet the educational requirements set by the lending institution. Generally, this involves completing the 10+2 level of education from a recognised board or its equivalent. The applicant should have a strong academic background with good grades to increase their chances of loan approval.
  • Admission to a recognised aviation institute: Applicants must secure admission to a recognised aviation institute that offers pilot training programs for an education loan for an aviation course. Lenders require proof of admission to ensure the loan is utilised for legitimate educational purposes. Choosing an aviation institute recognised by the appropriate regulatory bodies and having a good reputation in the aviation industry is essential.

Additionally, lenders may consider other factors, such as the applicant’s credit history, co-applicant income, collateral availability (in the case of secured loans), and the requested loan amount. Depending on the lender’s policies and the specific loan scheme, these factors can vary.

Documents Required For Education Loan For Pilot Training

You can obtain education loans for pilot training from various public and private banks or financial institutions in India by submitting all the documents during the application process. 

Requirements may differ among banks, so it’s recommended to consult with the lender for the full list of necessary documents. However, commonly requested documents include: 

Required DocumentsDescription
Application form and education loan formThese forms need to be filled out through the lender’s platform.
KYC detailsIdentity and address proof for both the applicant and co-applicant/guarantor, such as PAN card or passport, Aadhar card, etc.
Proof of identityValid identification documents like PAN card or passport.
Address proofDocuments verifying the applicant’s address, such as Aadhar card, passport, or utility bills.
Bank account statement or salary slipsStatements showing financial transactions or salary slips for the last 6 months.
Proof of admissionConfirmation of admission in a pilot training course from a recognised institute.
Proof of assets and liabilitiesDocuments showing the applicant’s financial standing, including assets and liabilities.
Income documents for co-applicantsIncome proof for co-applicants, such as Form 16, salary slips, income tax returns, etc.
Other documentsAffidavit, declaration, previous loan statements, etc., as required by the lender.
Collateral documentsDocuments related to collateral if necessary for securing the loan. 

Application Process For Education Loan For Pilot Training 

When it comes to pursuing pilot training through an education loan, UniCreds offers a seamless and efficient application process. Whether you require financial assistance with or without collateral, our dedicated team of education loan counsellors is here to guide you every step of the way. 

From confirming your eligibility to providing personalised recommendations, UniCreds ensures a hassle-free experience.

  • To begin the process of applying for an education loan for pilot training through UniCreds, confirm your eligibility.
  • You can initiate the application by either submitting an online form or scheduling a callback with one of UniCreds’ education loan counsellors.
  • UniCreds’ experienced counsellors can assist you in obtaining a loan with or without collateral, depending on your specific needs.
  • Once you’ve provided your profile information, UniCreds’ specialists will carefully review it and offer personalised recommendations based on your eligibility.
  • UniCreds offers the convenience of digitally uploading documents, eliminating the need for physical visits to the bank and allowing you to complete this step from home.
  • Additionally, UniCreds provides a customised checklist of required documents based on your profile and loan preferences to expedite the application process.

Financial Institutions Providing Education Loans For Pilot Training

Many financial institutions in India provide education loans for private training. If you are confused about which one to choose from, here is a table that compares top financial institution’s loan offerings for pilot training: 

Bank NameMaximum loan amountInterest Rates
HDFC loan for pilot trainingRs. 1.5 Cr 9-13.5%
SBI education loan for pilot trainingRs. 1.5 Cr8-11%
Avanse loan for pilot trainingRs. 1.5 Cr.10-13.25%
Axis BankRs. 2.5 Cr10-12.5%
IDFC First Bank loan for pilot trainingRs. 1.5 Cr9-12.5%

Repayment Of The Education Loans For Pilot Training

After completing pilot training and starting an aviation career, it is important to plan for the repayment of the education loan. Understanding the repayment process and options will help borrowers manage their loan obligations effectively. Here are key aspects to consider:

Grace period

  • Many education loans for pilot training come with a grace period, also known as a moratorium period. This is a specified duration after the completion of the course, during which borrowers are not required to make loan repayments. 
  • The grace period allows borrowers to find suitable employment and stabilize their financial situation before repaying the loan. The grace period duration varies between lenders and loan schemes, typically 6 months to 1 year.

Repayment options

  • Borrowers are expected to repay the education loan once the grace period ends. Lenders offer various repayment options, including

Equated Monthly Installments (EMIs)

  • This is the most common repayment method where borrowers pay a fixed monthly amount, comprising principal and interest components, spread over the loan tenure. 
  • EMIs can be paid through post-dated cheques, electronic fund transfers (EFT), or automatic deductions from a bank account.

Step-up/step-down EMIs

  • Some lenders provide flexibility in EMI payments. Step-up EMIs start with lower amounts initially and gradually increase over time, while step-down EMIs start with higher amounts and decrease over time. 
  • These options benefit borrowers who anticipate higher income in the future or wish to align repayments with their financial situation.

Income-based repayment

  • Certain lenders offer income-linked repayment options, where the EMI amount is based on the borrower’s income level. 
  • This allows for more manageable repayments, especially during the initial career stages when the income may be lower. 

How To Get Flight School Loans?

Like college, aviation training is quite expensive, and it’s highly unlikely you have the savings or income to pay for it in full. 

That means you’ll likely have to rely on loans. To receive flight school financing, you’ll take the same steps as a student pursuing a four-year degree — your options will just be more limited. 

Flight School Loans: Private Lenders

Like mentioned before, many flight schools are ineligible for federal loans. Even if you get one, it might not cover your full cost of attendance. In these cases, you might have to resort to private school loans for pilot training. But there are a few important things to know before applying:

  • Not all private lenders offer loans for flight school: It’s important to know that not all private lenders issue loans for flight school, as it’s considered a trade school. On the other hand, some banks, credit unions and online lenders — such as HDFC Credila, Aanse, and Auxilo, etc, — have specific loan programmes geared towards aviation school.
  • Private loans differ from federal loans: Federal student loans are issued by the government, whereas private student loans are offered through private lenders and other financial institutions. For private loans, the eligibility requirements, interest rates and repayment terms are determined by the lender. Be sure to shop around to find the lowest rates and your best overall loan.

If you decide that a private student loan is the best option for you, all you need to do is fill the form in this blog. You can easily save a ton of effort by doing so and a professional team from UniCreds will contact you to ensure you get the loan for pilot loan training for yourself. Securing education loans for pilot training in India can turn aviation dreams into reality. The importance of pilot training in the aviation industry cannot be overstated, and education loans play a vital role in providing the necessary financial support for aspiring pilots. Even if you are thinking about studying abroad you can easily avail a Education Loan For Abroad Studies For Pilot Training. So, if you have a passion for aviation and a dream to soar through the skies, explore the possibilities of an Education Loans For Pilot Training and take the first step towards making your pilot training aspirations come true. 

FAQs

Q1. Can I get a loan for my pilot training?

Banks or NBFCs may offer students an education loan for pilot training. The borrower is qualified for a good student loan that will cover their course-related costs based on the value of the collateral they provide.

Q2. How do you get money for pilot training?

While you may notice that several airlines provide scholarships and grants for pilot training to students, it is not possible to cover the entire cost of the programme and not everyone will be eligible for these scholarships. It is therefore quite common amongst many students to look for education loans offered by many banks and NBFCs for pilot training courses.

Q3. How much do you need to invest to be a pilot?

If you have no prior experience and want to become a pilot, it will cost you approximately $91,995, but if you have a private pilot licence, it will only cost you $71,995 approx. The flying training and certification required to get a commercial pilot licence are included in both prices.

Q4. How long does it take to pay off flight school loans?

Most students repay their student loans throughout 10 to 15 years, with a 12-month grace period. When the course is over, the moratorium will begin. However, the duration might vary depending on the flexibility of your loan repayment options and other such factors. 

Q6. Does SBI provide a loan for pilot training?

Yes, SBI provides a loan for pilot training at an interest rate ranging between 8-11%. 

Q7. Which country is the cheapest for pilot training?

The Philippines is known to be the cheapest country for pilot training. Other than that, South Africa, Poland, Thailand, Greece, etc. top the list. 

Q8. What is the typical interest rate for education loans for pilot training, and how does it vary among different lenders? 

Typical interest rates for education loans for pilot training start from 8% and differ based on your loan amount, repayment tenure, etc. 

Q9. How much loan amount can one expect to secure for pilot training, and what factors influence the loan approval amount?

All banks generally provide a maximum loan amount of 1.5 crores for pilot training. However, factors such as co-applicant income, course period, etc. influence the loan approval amount. 

Q10. Can education loans for pilot training cover additional expenses such as accommodation, flight equipment, and other related costs?

Yes, education loans for pilot training cover additional costs like flight equipment, accommodations, hostel fees, books, etc.

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An engineer working on plane for the pilot education loans for pilot training.

Education Loan For Pilot Training In 2024

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