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HOW TO FINANCE YOUR PILOT TRAINING..??

Let’s face it, paying for flight/ Pilot Training is very ritzy and upmarket, but no matter where you are from, your dreams are valid. Gone are the days when only the one from an affluent and lavish family could dream to become a Pilot. Now the world wants to see the instinctive dexterity inside you and not the greenbacks inside your pocket. If you truly believe in the power of your dreams, you can accomplish something that you love passionately, by finding or making your own pathway to success.

Unfortunately, the overhead to learn flying with any pilot training institutes has been the biggest obstacle in becoming a commercial airline pilot. Unless you have a trust fund from your rich dad, the costs to become commercial pilots can seem to be an impassable mountain. But when you are investing in an education and skills that can literally take you any where you want to go in life, the sky is the limit for you.
Let’s learn how people with dream of making career in aviation can find their way to pay for flight school.
• One can look for the educational loans from the trusted sources.
• Ample Nationalized Banks do furnish the student loans for commercial pilot training such as State Bank of Bikaner and Jaipur, State Bank of India, Canara Bank, Syndicate Bank, Corporation Bank and Punjab National Bank.
• One can opt for private loan from a bank, credit union, person-to-person lender, family member, or friend.
• One can get a credit card especially for pilot training, including zero interest rate for the introductory periods ranging from six months to more than a year.
There is no need to confine you with these sources when multiple options are available. Although grants and scholarships are highly sought after as they don’t need to be repaid, but practically, this free money is never enough to earn your wings, so let’s carefully review and consider all of our funding options:
1. Financial Aid that Sets You for Take Off:
In the most general senses, the Pilot training in India can be segregated into two major aspects whether you wish to hold a Private Pilot License (PPL) or Commercial Pilot License (CPL). Now you have to take a single-minded decision to fly as a hobby or to make a career out of it.
If you are assertive to your flying aspirations, you must go for the commercial pilot training which is even more expensive but an intense training procedure as well. However, a commercial pilot license holder is never a professional Airline pilot, unless he undergoes a number of additional courses to supplement your flying qualifications. Thus, you are required to arrange the funds and financial aid accordingly to earn your wings.
2. Private student loans for pilot training schools:
The commercial pilots working for major airlines can earn a lofty income in six-figures a year. This may sound great to any human who aspire his dream to fly high up there. But, few students can afford to pay these costs to flying aviation academy out of their pockets. The private student loans can make it possible for the student to effectuate their career goals and dreams into reality.

3. Kinds of finance flight schools offer:

Several Indian flying schools or pilot training schools, accredited or non-accredited, have refined close business relationships with the banks and other private lenders for securing the students and making the finance accessible. Students should contact their school’s financial aid offices for details on possible loan programs which may be available to them.

 

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PC: VIJAY STARK

General eligibility criteria of the banks:
1. One must be an Indian national
2. One must be aged between 16-35 years
3. The flying school opted by the student must be approved by DGCA in India or any equivalent approving body abroad.
Loan details:
1. Expenses covered under the loan:
• Fee payable to College/ School/ Hostel
• Exam/ Library /Lab fees
• Caution deposit / Refundable deposit asked by the institution
• Purchase of Books/ equipments/ instrument/ uniforms
• Travel expenses/ passage money for studies abroad
• Purchase of computers – essential for completion of the course
• Any other expense required

2. Quantum
• Studies in India – Max Rs. 15 Lakhs
• Studies in Abroad – Max Rs. 20 Lakhs
3. Margin
• Upto Rs.4 lakhs – Nil
• Above Rs.4 lakhs
– Studies in India 5%
– Studies abroad 15%

4. Documents required:
* Completely filled Application Form with Photographs.
* Letter of admission from the Institute.
* Cost break up of the program from the Institution stating the Tuition fees- term-wise, year-wise and any other expenses.
* Students entire academic record in the form of mark sheets starting from class X to the last qualifying exam cleared.
* Declaration/Affidavit confirming that no loan has been availed from other Bank/Institution.
* Address Proof: Passport, Driving license, Ration Card, Voter’s ID card, Bank statement.
* ID Proof: Photo Pan Card, Passport, Driving License or Voter’s ID card.
* Signature Proof: Bank Signature Verification, Photo Pan Card, Passport, Driving License or Voter’s ID card.
* Age proof: Birth Certificate or 10th Class passing Certificate.
5. Documents Required Post Loan Sanction:
* Education Loan Agreement.
* SI/ECS Mandate as applicable.
* Post Dated Security Cheques as per Bank Policy.

Making a long story short, chances are, you may need a combination of the resources listed above for your flight/ pilot training financing. The bottom line is that if you really, really want to learn to fly, you’ll do whatever it takes to earn your wings. And that’s a good thing, because nothing is sweeter than achieving your lofty aviation goals. So go out there and make it happen!



This post first appeared on Flying Pundit, please read the originial post: here

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HOW TO FINANCE YOUR PILOT TRAINING..??

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