How to Finance Your Pilot Training with a Personal Loan for Education

Around 400 to 500 people graduate as commercial pilots every year in India after undergoing specialised training for years. As air travel expands and new routes emerge, it's estimated that India may need 1,000 to 1,100 per year to meet the soaring demand.

However, the cost of pilot training is significant due to the specialised equipment and instructions involved. Taking a personal loan for pilot training can help you manage your education expenses while allowing you to focus on your studies without undue stress.

In this article, we’ll guide you through everything you need to consider before taking a personal loan for pilot training in India.

Requirements for Becoming a Pilot

Before you start searching for pilot training loan options, it is essential to know whether you qualify for the training:

• Age: You must be at least 17 years old to begin the pilot training for a Student Pilot License (SPL).To obtain a Commercial Pilot License (CPL), you need to be at least 18 years old.
• Education qualification: You must have a high school diploma and pass your 12th grade with Mathematics and Physics as your core subjects.
• Medical criteria: You should pass a Class-1 medical exam conducted by DGCA-approved doctors.
• Skills: You must have good communication skills and a decent level of English proficiency.

Aviation study aspirants often need to take a pilot aptitude test. Some flight schools or airlines might have additional requirements, such as a minimum number of flying hours or specific training programs. It's essential to research the specific requirements of the institutions you're interested in.

Advantages of Taking a Personal Loan for Pilot Training

There are several reasons why opting for a personal loan over a traditional education loan for pilot training can be advantageous. Some of them are:

1. Flexible Tenures

In contrast to traditional pilot education loans, personal flight training loans can be paid through a flexible tenure of generally 12 - 60 months. Though the repayment usually starts within 30-45 days of disbursement, parents can apply for a personal loan for higher education on their child’s behalf.

2. Comprehensive Coverage

Pilot loans can help you cover not just the program’s fees but also the costs of travel, accommodation, and other relevant expenses if you’re moving to another city or country.

3. No Need for Collateral

Personal aviation training loans can be a good choice for those who don’t wish to risk their assets to fund their education. Depending on your eligibility and the lender’s policies, you can borrow substantial amounts to support pilot school financing without collateral.

Securing Personal Loan for Pilot Training

The eligibility criteria for securing a personal education loan for pilot training can vary from lender to lender. Here are the general requirements you or the individual applying on your behalf have to meet to secure personal loans for aviation studies:

• Be an resident Indian.
• Be at least 22 years of age (25 for self-employed) and not exceed 65 years at the time of maturity
• Have a strong credit score and a stable source of income to demonstrate your pilot loan repayment capacity.

When exploring pilot training financing options, compare different lenders and loan options to secure the best loan amounts and interest rates suited to your profile.

Documents Required for a Personal Loan for Education for Pilot Training

If you’re looking for pilot school financing, you must have all the relevant documents in place for a smoother loan process. These papers can be submitted by the applicant or co-applicant (for example, parents can apply on behalf of minor applicants). The general list of documents required includes:

• Identify Proof: Driving licence/ Passport/ Aadhaar card
• Address Proof: Driving licence/ Passport/ Electricity or telephone bill
• Income Details (For Salaried Employees): Bank statements for the last 6 months, salary slips for the last 3 months, etc.
• Income Details (For Self-Employed Individuals): Income computation for the last 2 years, ITR for the last 2 years, etc.

*Additional documents may be required depending on your profile and the lender’s policy at the time of loan application. Some lenders may also require an admission letter or course details.

How to Apply for a Personal Loan for Education for Aviation Training

To start your personal loan application with SMFG India Credit, follow these simple steps:

1. Provide Initial Details

Enter your mobile number, PAN, pincode, and select your employment type (salaried or self-employed).

2. Verify Your Mobile Number

Confirm your mobile number by entering the 6-digit OTP sent to you.

3. Enter Additional Information

Provide other required details, including your email address, date of birth, gender, and annual household income. Verify your email ID as well.

4. Provide Employment Information

If you are salaried, provide your employment details at this stage.

5. Submit Bank Statements

Kindly share your bank statement through Net Banking, an Account Aggregator, or by uploading the statement. This will help us generate a loan offer (applicable only to salaried individuals).

6. Complete Identity Verification

Take a selfie to complete the identity verification process and share your address details using CKYC, Offline Aadhaar XML-based KYC, or DigiLocker.

7. Enter Your Bank Account Details

Submit your bank account information for our verification.

8. Provide Additional Information

Following bank account verification, go to the 'Additional Details' section to provide marital status, loan purpose, father’s name, and mother’s maiden name.

9. Set Up E-NACH for Re-payments

Pick your preferred re-payment method (debit card or internet banking) and finish setting up the E-NACH.

10. Review and Sign the Loan Agreement
    Review the loan agreement, digitally sign it to acknowledge the terms and conditions, and confirm the process using the OTP sent to your registered mobile number.

These 10 easy-to-follow steps to apply for a personal loan will bring your educational aspirations within closer reach.

How to Build a Strong Application for a Personal Loan for Education for Pilot Training

Here are some practical tips for building strong personal loans for education applications that can improve your chances of approval with ideal terms such as lower interest rates:

• Boost your credit score: Regularly check your credit report, dispute errors, reduce existing debt, and make timely payments on bills and EMIs.
• Avoid overborrowing: Carefully break down the costs for tuition fees, study materials, accommodation, and so on. Apply only for what you need to avoid straining your finances.
• Apply with a co-signer: If you are a minor or do not have a strong financial profile, apply with a co-signer having a strong credit history and a stable income source.
• Make a good first impression: If the lender requires it, write a strong statement of purpose, highlight your academic and co-curricular achievements, and obtain a good recommendation letter from a relevant source.

Conclusion

Personal loans for pilot education reduce the financial burden so that your dreams can take flight. With flexible repayment options, comprehensive coverage for a variety of expenses, and no requirement for collateral, personal loans are a viable alternative to a traditional education loan for pilot training.

By understanding the eligibility requirements, preparing the necessary documents, and building a strong application, you can secure the best loan terms and focus on your journey to becoming a commercial pilot.

SMFG India Credit can support your ambitions with personal loans of up to INR 30 lakhs* with attractive interest rates starting at only 13%* per annum. You can choose a repayment tenure that aligns with your financial situation from 12 months to 60 months*. Apply online today!