Is There Any Loan Available for Pilot Training?

Last Updated : July 30, 2020, 4:39 p.m.

If you decide on a career that allows you to fly in the sky, aviation is the one that allows you the same. To become a pilot in India, you need to pursue aviation courses. There are varied air aviation and pilot training courses available for aspiring students, such as Civil Aviation Course for Non-Military Aviation and Commercial Pilot training. Being a commercial pilot there are a lot of responsibilities, you will be responsible for the lives of hundreds of passengers. So, if you wish to choose the career of a pilot, you should pursue the right education for it. But nowadays, higher studies are expensive, which is why there are education loans for studies. Students can get an education loan for pilot training from banks or NBFCs. Read the post below to know which are the lenders that provide loans for aviation courses in India.

Punjab National Bank

You can borrow funds from Punjab National Bank for your aviation course fee payment by applying for the PNB Udaan scheme. For the degree or diploma course in pilot training, you need to first secure admission to the college. After which on the valuation of the fee and other expenses of the course the bank will approve your education loan. If the students are pursuing education loans for courses other than pilot training from abroad, they need to provide liquid security that is worth 125% of your loan amount. Your pledged asset can be FD, NSC bonds, Life Insurance Policies, etc.

The maximum amount which you can borrow under the PNB Udaan scheme is based on your need and repayment capacity of the parent. PNB education loan interest rate for the pilot training program is 6.90% to 9.40% per annum. And you can pay the borrowed loan amount when your course is completed in the tenure of 15 years.

State Bank of India (SBI)

Borrow funds for your aviation course from the top public sector bank in India i.e. SBI. Students can apply for the student loan scheme to borrow funds from the bank. There is no processing fee if you borrow a loan up to INR 20 lakh. Otherwise, the fee would be INR 10,000 + GST.

Aspiring students who have completed their senior secondary school and are applying for the aviation course have to secure a seat first. Only then SBI will be able to approve the loan request. Girl students get a concession of 0.50% on their education loan interest rate when they apply for the loan. You can pay the borrowed loan amount over a maximum of 15 years with a moratorium period of 12 months. The moratorium will start when the course is completed. SBI charges an effective rate of interest 6.90% - 9.30% per annum.

Canara Bank

Canara Bank education loan helps you with the required funds to pursue the pilot training course. The education loan interest rates for higher studies in India or abroad is 7.40% - 9.40% per annum where girls get a concession of 0.50%. So, your dreams are not far away when you get the funds for it.

Educational Background Required for Pilot Training

To pursue the aviation course, you need to be a science stream student with subjects like Physics, Mathematics and Chemistry. If you do not have Physics and Maths in your secondary studies, then after completing it, you can opt for open learning alongside and complete the Physics and Maths studies. After that, you can pursue your aviation course for pilot training. For the admission to the aviation course, you need to go through an entrance exam. To become a commercial pilot, you need to clear the entrance test.

List of Documents

Student Proof:

• Aadhaar Card
• College admission letter
• List of charges and expenses signed by the college administrator
• 10+2 Certificate or Marksheet
• Entrance result (if the selection is based on the test results)

Co-borrower Proof:

ID Proof:

• Aadhaar Card
• PAN Card
• Driving Licence
• Passport

Income Proof:

• Salary slip
• Bank statement
• ITR report
• TDS certificate
• Form 16

Address proof:

• Electricity Bill
• Telephone Bill

How to Apply for an Education Loan for Pilot Training?

You can choose a bank or NBFC as per your compatibility and apply for the loan by going to the branch office. Visit the bank or NBFC branch and request for an education loan. The representative will give you knowledge of the loan before you proceed for it. After that, he will hand out an application form which you will need to fill up by mentioning your personal details. Once the application is filled, submit the form along with the necessary documents. After that, just wait for the approval.

Online Application Process for an Education Loan

To apply for a loan, you can visit the bank website and fill up the online application form. It will hardly take a few minutes and you get the response quickly. After that, you need to submit the documents and processing fee.

So, choose the compatible process and pursue your pilot training using an education loan in India.