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Tata Capital > Blog > Loan for Education > How to Finance Your Pilot Training with an Education Loan?

Loan for Education

How to Finance Your Pilot Training with an Education Loan?

How to Finance Your Pilot Training with an Education Loan?

Pursuing a career as a pilot requires extensive training which does not come cheap. However, an education loan for pilot training can provide the financial support needed to take off in your aviation career.

By understanding the available loan options and prudently navigating the application process, you can secure the finances needed for your education. So, whether your goal is to become an airline captain or a charter pilot, this article will help you understand how you can finance your aspirations and reach your goals.

Requirements for becoming a pilot

Before delving into education loans for pilot training, it is important to understand the prerequisites for undertaking pilot training and becoming a commercial pilot:

1. Minimum age requirements are 17-18 years to obtain a student pilot license and a minimum of 21 years for a commercial pilot license.

2. It is also necessary to meet the medical fitness criteria set by aviation regulatory bodies regarding eyesight, hearing, physical health, BMI etc.

3. You must have completed 10th and 12th with Physics, Mathematics and English subjects. 

4. You have to clear aviation aptitude tests related to communication skills, cognitive abilities, multi-tasking and more.

5. You have to complete the required flying hours and examinations to obtain a Private Pilot License and a Commercial Pilot License.

6. You must have strong written and verbal English skills for navigational communication.

Advantages of taking an education loan for pilot training

Here are the key advantages of taking an education loan for pilot training:

1. Comprehensive coverage - An education loan for pilot training will help cover tuition fees, travel, accommodation, and other related costs.

2. Extended tenure - Most financial institutions offer education loans with a long tenure period of up to 13 years, allowing you to repay the loan comfortably without straining your budget.

3. Flexible repayment options - Another benefit of securing an education loan for pilot training is that you can start repaying after completing your education, enabling you to focus on your studies.

4. Tax benefits - Education loans come with tax benefits under Section 80E of the Income Tax Act for the interest you have paid.

5. No collateral required - If you avail of an education loan for pilot training, you can retain your assets as security rather than liquidating them to finance your aviation course.

Securing an education loan for pilot training

To qualify for education loans for pilot training, certain criteria must be met:

1. The applicant must be India

2. The applicant must be between the age of 14-45 years, pursuing undergraduate, postgraduate programs, executive MBA or other vocational courses.

3. The applicant must have a proven track record.

When choosing a lender to borrow an education loan for pilot training, evaluate all options before deciding the most suitable one based on the loan amount required, interest rate and repayment schedule.

Documents required for an education loan for pilot training

Here are the documents required to avail of an education loan for pilot training:

1. Applicant and co-applicant documents

- Identification proof

-  Passport

- PAN Card

2. Applicant’s academic documents

- 10th and 12th grade mark sheets.

- Available semester marksheet/transcript.

- Degree

- Entrance exam scores (IELTS, TOEFL, GMAT and others)

3. Applicant’s financial documents

- Bank statements of the applicant for the last 6 months

- Last 3 months salary slip

- Last 2 years Form 16.

- Last 3 years ITR

- Balance sheet and Profit and Loss account

- Business proof

How to apply for an education loan for aviation training?

Follow these steps for a smooth approval of an education loan for pilot training application:

1. Go to the lender's website or branch and fill out the loan application with your details and information about the institute and program you are attending. This helps determine your eligibility.

2. After applying, furnish all the required documents like proof of admission, cost of attendance from the institute, government IDs, income statements/tax returns, etc. These verify the details provided in the application.

3. The lender will review your application and documents to approve the loan request based on eligibility criteria. They will determine the loan sanction amount.

4. If approved, you will receive a loan offer letter detailing the interest rate, fees, loan amount, disbursement dates, repayment schedule, etc. Accept the offer after carefully going through the terms.

5. Once all steps are completed, the loan amount will be disbursed directly to your bank account. It pays for tuition, room and board, books, supplies and other costs, as applicable.

How to build a strong application for education loans for pilot training?

Your application must present a compelling case highlighting your potential and motivation to succeed in this career. Some strategies include:

1. Provide a well-written statement of purpose explaining your aviation aspirations, career vision and future goals. Demonstrate your maturity, commitment and clarity of career choice.

2. Submit a strong academic record from 10th to 12th and any bachelor's degree pursued to substantiate your capabilities. Include evidence of extracurricular excellence like participation in sports or cultural activities.

3. Obtain recommendation letters from instructors, eminent individuals within the aviation sector or alumni of your chosen pilot training academy. This provides third-party validation.

5. For secured loans, provide the lender with high-value property or diversified assets as collateral. 

To end

Financing your pilot training may seem daunting initially, but with the right education loan approach, your aviation dreams can take flight. Opting for a student pilot loan customised to your specific needs in terms of interest rate, repayment plan, and loan amount is key. Build a compelling application highlighting your aspirational and academic strengths. Once approved, complete your training diligently and commence repayment on schedule. 

Tata Capital, a premier financial services provider, streamlines access to funding to empower your journey toward pilot certification. We offer tailored education loans with a 100% online application process, alongside flexible repayment terms, competitive interest rates, and no prepayment charges. This allows you to obtain a loan suited to your exact requirements. Apply now for an education loan with Tata Capital and start your journey to become a pilot.

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