Nowadays, a career in the aviation industry is considered to be the most flourishing one, as it offers worldwide exposure to the pilot during his/her years of service. Moreover, the average starting salary of a commercial pilot ranges from INR 1-1.5 Lakhs per month whereas an experienced commercial pilot earns around INR 5-6 lakhs per month.
However, the training expenses of a pilot range from INR 25-50 Lakhs. Due to the high costs, it becomes very difficult for everyone to pursue this course. The training of a pilot is divided into PPL (Private Pilot License) or CPL (Commercial Pilot License). The cost of training in becoming CPL is much higher than the PPL. In order to solve this problem, we have education loans.
Education Loan for Commercial Pilot Training
There are numerous public as well as private sector banks to lend education loans for commercial pilot training courses. Some of the private flying aviation academies which provide commercial pilot training have collaborated with banks in order to help students for funding their course.
First of all, the student has to consult the financial officer of his/her academy to receive any education loan or financial aid that is being offered by the company.
Students can avail of education loans from nationalized banks like Punjab National Bank.
- The college in which you are being trained should be approved by DGCA (Directorate General of Civil Aviation).
- The candidate should be an Indian Citizen.
- The age of the candidate should be between 16 to 35 years.
The table below shows the loan amount that will be given by banks like SBI:
|India||INR 15 Lakhs|
|Abroad||INR 20 Lakhs|
Whereas banks like ICICI will offer loan amount up to INR 50 Lakhs for studying in India and INR 1 Crore for studying abroad.
The table below describes the loan margin:
|Up to INR 4 Lakhs||Nil|
|Above INR 4 Lakhs||5% for India|
|15% for Abroad|
- Application form filled by the applicant.
- Tuition Fee receipt that will be charged by the college.
- Marksheet and Certificate of Class 10
- Complete academic record and other necessary certificates.
- An affidavit should also be submitted by the candidate stating that he or she has not taken any other bank loan.
- Address Proof
- ID Proof like PAN Card, Voter ID, Aadhar card, driving license, etc.
- Bank will also submit post loan documents - postdated security checks, loan agreement paper, and SI/ECS mandate as applicable.
For more information on documents that are required for applying for an education loan. Click Here.
Expenses that will be covered under this education loan
- Tuition Fees for the whole course.
- Accommodation Charges
- Examination Fee
- Refundable deposit
- Expenses for other equipment like books, instruments, etc.
- Expenses of traveling abroad
So, now you can easily fulfill your dream of becoming a commercial pilot. Check your eligibility with respective banks and apply for the education loan.