Education Loan for Pilot Training

Attention all future pilots, are you ready to soar the skies but grounded by the hefty training fees? Fear not, as education loans for pilot training in India or abroad are here to rescue you from the turbulence of financial stress. 

There are multiple public and private banks, and also NBFCs in India providing education loans for pilot training to Indian students, they offer an amount upto Rs 1.5 Cr at interest rates starting from 8.3% as education loan for pilot training. However, the loan amount and rate of interest depends on the country, the co-applicant's income and other loan parameters of the applicant's profile. 

The loan amount can be used to cover the costs associated with obtaining a pilot's license, including flight training fees, examination fees, and other course related expenses.

If you're an aspiring pilot in India, you may be facing a daunting task: paying for pilot training. The average cost of obtaining a commercial pilot's license can range from 35 to 40 lakh rupees from DGCA accredited flight training school. But with an education loan for commercial pilot training in India, you can take flight toward your dreams without the weight of financial stress.

Over 90% of aspiring pilots in India rely on education loans to fund their training. With the increasing demand for pilots globally, now is the perfect time to take advantage of this financial option. With flexible repayment options and loan amounts ranging from a few lakhs to upto 1.5 Cr of rupees, education loans for pilot training can help you soar toward success.

1. Indira Gandhi Rashtriya Uran Akademi (IGRUA)
2. Madhya Pradesh Flying Club (MPFC)
3. National Flying Training Institute (NFTI)
4. Ahmedabad Aviation & Aeronautics Ltd. (AAA)
5. Bombay Flying Club
6. Rajiv Gandhi Aviation Academy
7. Government Flying Training School
8. OFAA – Orient Flights Aviation Academy
9. Indian Aviation Academy
10. Adventure Flight Education Private Limited, Bangalore

To pursue pilot training in India, the following prerequisites are necessary:

• Age: Aspiring pilots must be at least 17 years old to start training and obtain a student pilot license, and at least 21 years old to obtain a commercial pilot license.
• Physical and Medical Fitness: Pilots must meet the minimum medical standards set by the Directorate General of Civil Aviation (DGCA), including good eyesight, hearing, and physical health.
• Education: To pursue pilot training in India, aspiring pilots must have completed Class XII in any stream with English as one of the subjects along with Maths and Physics.
• English Proficiency: Pilots must be able to speak, read, and write English fluently, as all aviation communications are conducted in English.
• Financial Resources: Obtaining a pilot's license is an expensive process, and aspiring pilots must have the financial resources to cover the costs of flight training, exams, and other associated expenses.
• Passion and Dedication: Becoming a pilot requires a great deal of time, effort, and dedication, and aspiring pilots must have a genuine passion for aviation and a commitment to pursuing their dream.

Pursuing pilot training in India requires a combination of physical and mental preparation, education, financial resources, and a strong passion for aviation. Aspiring pilots must carefully consider these prerequisites before embarking on this journey.

The average cost of pilot training abroad in countries like the USA, the UK, Canada, Australia can range from Rs 40 lacs to Rs 80 lacs, but with education loans, aspiring pilots can access loan amounts up to Rs 1.5 Cr to cover their training costs. With flexible repayment options, loan disbursal directly to the training academy, and the ability to study at top aviation schools around the world, education loans for pilot training abroad are a smart financial option for aspiring pilots.

So, if you're ready to take flight and explore the world from a bird's eye view, join us as we delve into the details of education loans for pilot training abroad. 

1. CAE Oxford Aviation Academy
2. CTC Wings (Europe)
3. Flight Safety Academy (USA)
4. The Pan American International Flying Academy 
5. Singapore Flying College
6. Ardmore Flying School
7. Sunrise Aviation Flight School
8. Purdue University’s College of Aviation
9. Embry-Riddle Aeronautical University Aviation College 
10. Western Michigan University Aviation College 

To become a pilot you will have to complete your pilot training and by any chance if you’re planning to pursue your pilot training course in abroad, then here are a few prerequisites:

1. Maintain good physical and mental health
2. Be thorough in your subject knowledge specially, mathematics, physics and english
3. Arrange sufficient funding to pursue pilot training, uninterruptedly
4. Do a deep research and list down your preferred pilot training institutes in abroad
5. Clear the entrance exam and medical criterias to get admission in pilot training institute in abroad    
6. Clear applicable theoretical training papers
7. Complete the practical training including minimum flying hours

The cost of pursuing pilot training in India is approximately Rs 40 to Rs 50 lacs on an average basis, while from abroad it is around Rs 70 to Rs 80 lacs. The amount is hefty enough because of which a few students might think of dropping their plan of pursuing pilot training.

But, WeMakeScholars is here to help you get student loans of up to Rs 1.5 Cr or even more as per your requirement, so that bright and ambitious students do not have to compromise on their studies because of lack of funds.

WeMakeScholars is a fintech start-up funded and supported by the government of India under the Digital India Campaign run by the Ministry of Electronics and Information Technology. Our aim is to provide fundings solutions by means of education loans and scholarships to study in India or abroad, because we are partnered with 14+ public and private banks in India. 

To apply for an education loan from WeMakeScholars, follow the below steps:

Step 1: Fill out the eligibility check form or request a callback from the financial officer at WeMakeScholars
Step 2: Provide information about your loan application as asked by the financial officer
Step 3: Know your possible lender options after your loan profile is analyzed by your financial officer
Step 4: Choose your lender and arrange your documents as per the documents checklist provided by your financial officer.
Step 5: Collect your loan sanction documents from your lender within no time after submitting your documents to the bank or uploading them on the WeMakeScholars document portal.

Note: If you choose a private bank or NBFC to be your lender, your loan will be sanctioned within 2-4 days otherwise, it will take 15-20 days to complete the collateral formalities and process your secured loan from public banks.

Education loans for pilot training can be availed from different public and private banks or financial institutions in India. Some of the commonly required documents are:

• Application form and education loan form filled out through the lender's platform
• KYC details of the applicant and co-applicant/guarantor
• Proof of identity like PAN card or passport
• Address proof like Aadhar card, passport, electricity bill, etc.
• Bank account statement or salary slips for last 6 months
• Proof of admission in pilot training course
• Proof of assets and liabilities
• Income documents for co-applicant like Form 16, salary slips, income tax returns, etc.
• Other documents like affidavit, declaration, previous loan statements, etc.
• Collateral documents, if required

Note: Requirements may vary between banks, so it's advisable to check with the lender for the complete list of required documents.

WeMakeScholars is a government-supported student platform that provides funding options for higher education in India and abroad. It partners with over 14 banks and financial firms to offer students the best possible loan options. The following are some of the benefits of choosing WeMakeScholars for your education loan:

• Loan Negotiation Assistance: WeMakeScholars offers support in negotiating loan terms and interest rates with banks.
• Competitive Interest Rates: Due to its large size, WeMakeScholars offers interest rate discounts of 0.5-2% for loan applicants.
• Tax Benefits: WeMakeScholars helps students take advantage of tax savings programs and TDS to save money on their loans.
• Expert Guidance: A financial officer will assist students in choosing the best lender based on their eligibility and bank rules.
• Faster Processing: WeMakeScholars processes loans 50% faster than traditional bank processes. Private bank loans can be completed within 6-7 days, while public bank loans with collateral take 15-20 days.
• Convenient Application: Students can easily apply online and submit documents online, eliminating the need for multiple visits to the bank.
• Full Support: A financial officer will provide support throughout the loan process and address any post-approval concerns.
• Cashback Offer: Upon loan release, students may receive a cashback of up to Rs 3,000.
• Free Services: All services for prime loans are free for students as WeMakeScholars is funded by the IT Mini

The cost of pursuing pilot training in India and abroad, both are high but it becomes affordable for students if they secure scholarships to fund their studies. WeMakeScholars Scholarship Portal has a long list of scholarships offered by various colleges and universities in India and abroad. Students can choose according to their eligibility and apply for the best scholarships from there directly. 

A few of the scholarships for pilot training study program are listed below:

• Education Future International Scholarship
• HEST 2023- Higher Education Scholarship Test For Indian Students
• John M. Azarian Memorial Armenian Youth Scholarship
• Asian Development Bank-Japan Scholarship Program (ADB-JSP)
• Global Citizen Scholarship
• Royal Business Bank Scholarship Program
• Thomas Wall Trust Grants For Individuals 2023
• Fulbright Foreign Student Program In USA 2023
• J. N. Tata Endowment Loan Scholarship 2023
• Ambedkar Overseas Vidya Nidhi Scholarships For SC Students 2023
• Aga Khan Foundation’s International Scholarship Programme (ISP) 2023