How to Get an Education Loan for Pilot Training?
Becoming a pilot is a dream that inspires many, the thrill of flying, the prestige it carried, and the promising career opportunities. However, pilot training comes with a significant financial commitment. Whether you plan to train in India or abroad, the cost can seem overwhelming. That’s where education loans step in, helping aspiring pilots fund their journey to the skies. In this article, we’ll walk you through the costs involved, loan eligibility, coverage, and tips to improve your chances of securing an education loan for pilot training.
Cost of Pilot Training in India and Abroad
Pilot training doesn’t come cheap, and the cost can vary based on the country and institute you choose.
- In India, expect costs in the range of ₹25 lakh to ₹80 lakh depending on the flying school, type of license (CPL, ATPL), and simulator hours.
- For training abroad, costs could be anywhere from ₹30 lakh to ₹1.5 crore, factoring in tuition, simulator training, licensing exam fees, visa, travel, and living expenses.
Planning your finances in advance is crucial; it helps avoid last-minute stress and ensures you can focus fully on your training.
Can You Get an Education Loan for Pilot Training?
Yes, many lenders offer a student loan for pilot training in India as well as overseas. The key is to choose a training institute that’s DGCA-approved in India or internationally recognised.
Eligibility Criteria for Education Loan for Pilot Training
To apply for a pilot training loan, you typically need to:
- Be between 17 and 35 years of age.
- Have secured admission into a recognised aviation training institute (India or abroad).
- Demonstrate a good academic record (especially in subjects like Maths and Physics).
- Some lenders may also require a medical fitness certificate.
Loan Coverage: What Does It Include?
A pilot training education loan generally covers:
- Tuition and simulator training fees
- License exam fees and certification costs
- Study material, books, and uniform expenses
- Visa charges, air travel, and accommodation (for overseas courses)
- In some cases, living expenses if mentioned in the sanction terms
Documents Required
Here’s what you’ll usually need to submit:
- Admission letter from the flying school
- Complete course fee structure
- KYC documents (applicant and co-applicant)
- Academic records
- Income proof and ITR of co-applicant
- Collateral documents (if applying for a secured loan)
How to Improve Loan Approval Chances
Here’s how you can enhance your application:
- Pick a DGCA-approved or well-reputed international flying school.
- Get your admission confirmed before applying for the loan.
- Opt for a co-applicant with good credit and income stability.
Conclusion
Pilot training is a significant investment, but with the right financial planning and loan support, it’s achievable. Make sure to research your training institute and prepare all documents carefully. If you’re planning to pursue pilot training abroad, Credila offers overseas education loans with flexible repayment terms. With the right support, you can stay focused on your dream of flying high.
Disclamer:
*T&C apply. The education loan facility provided by Credila Financial Services Limited ('The Company/Credila') will be at the sole discretion of the Company and within the Company's prescribed credit and underwriting norms/ guidelines prevailing at the time of processing and disbursing the education loan. Credila maintains the right to change the interest rate at any time and at its sole discretion, without prior notice. Read More
