Education Loans for Pilot Training Abroad: Perks, Eligibility, Application & More

The aviation industry has been flying to new heights in recent years and has scaled the demand for skilled commercial pilots globally. To keep up with the booming airline industry Boeing’s 2022 Pilot and Technician Outlook indicates that the world will require more than 600,000 new pilots in the upcoming 20 years. This surging demand is driven by expanding airline fleets, increased passenger traffic, and the need to replace retiring pilots.

Becoming a commercial pilot can be your ticket to a high-paying and adventurous career. However, the path to earning a Commercial Pilot License (CPL) is not only challenging but also expensive. The cost of pilot training abroad can range from INR 75 lakhs to INR 1 crore, depending on the country and institution. For instance, pursuing training at a top-tier institution in the USA or Australia may cost significantly more due to the currency exchange and living expenses.

Despite the high costs, this investment promises excellent returns. But how can aspiring pilots finance this dream? Well, education loans for pilot training abroad provide the perfect solution. Let's check the details of these loans ahead, keep reading.

Advantages of Applying for an Education Loan for Pilot Training Abroad

Education loans act as a powerful support for your aviation dreams. Let’s discuss the key advantages of applying for an education loan for pilot training abroad.

1. Financial Accessibility to a High-Cost Career Path
   Pilot training is one of the most expensive courses to pursue, especially when you are planning for abroad. This financial support makes education possible for deserving students.
   

2. Exclusive Loan Schemes for this Course
   Many banks offer loan schemes for professional courses like pilot training. For example, SBI Global Ed-Vantage scheme and PNB’s Udaan program provide features such as high loan amounts, longer repayment periods, and competitive interest rates.
   

3. Relief through Moratorium Periods
   Most education loans come with a moratorium period, which means you don’t have to start repaying the loan EMI immediately. You might have to pay serving simple interest.
   

4. Attractive Interest Rates and Subsidies
   Many banks offer competitive interest rates for education loans, and some even provide additional concessions for female students or those from economically weaker sections.
   

5. Tax Benefits Under Section 80E
   One of the biggest advantages of taking an education loan is the tax deduction on interest payments under Section 80E of the Income Tax Act for up to eight years.
   
   All in all, your funding is sorted plus you will receive several benefits. So, going further, let’s check the best options available.
   

Top Lenders for Education Loan for Pilot Training Abroad

Applying for an education loan for abroad studies that requires such a high loan amount is a significant decision that necessitates careful consideration. But before we discuss the available options, you should know as per the RBI norms, Indian Banks and Financial Institutions offer loans for approved courses as per the Aviation Ministry of the respective study destination. Now, let’s look at some of the top lenders.

1. State Bank of India (SBI)

SBI’s Global Ed-Vantage scheme is specifically designed for students pursuing professional courses abroad, including pilot training. It provides secured overseas education loans for all the leading study destinations.

• Maximum Loan Amount: Up to INR 1.5 crore.

• Interest Rates: Starts from 10.15% per annum with concessions for female applicants.

• Repayment Period: Up to 15 years covering the moratorium period.

2. Union Bank of India (UBI)

UBI offers student-friendly loan schemes under their Premier Institute Abroad Studies. The bank offers secured loans for this degree for selected study destinations.

• Maximum Loan Amount: Up to INR 1.5 crores.

• Interest Rates: Starts from 9.50% per annum with concessions for female applicants

• Repayment Period: Up to 15 years covering the moratorium period.

3. Punjab National Bank (PNB)

PNB’s Udaan scheme supports aspiring pilots with affordable secured loans. They accept property pledged by extended family or relatives.

• Maximum Loan Amount: Up to INR 1 crore.

• Interest Rates: Starts from 10.50% per annum with concessions for female applicants

• Repayment Period: Up to 15 years covering the moratorium period.

4. Yes Bank

A private sector bank with flexible and student-centric education loan options, Yes Bank offers secured and unsecured education loans.

• Maximum Loan Amount: Up to INR 40 lakhs for unsecured loans (If parents are government professionals) or up to INR 25 lakhs for unsecured loans

• Interest Rates: Starts from 10.50% per annum.

• Repayment Period: Up to 15 years excluding the moratorium period.

5. ICICI Bank

Known for its hassle-free processing and swift loan approvals. While it offers secured loans based on the value of the property, for unsecured loans it provides a substantial amount as well.

• Maximum Loan Amount: Up to INR 20 lakhs for unsecured loans.

• Interest Rates: Starts from 10.50% per annum.

• Repayment Period: Up to 15 years.

Choosing the right lender from these options can save you both time and money. If you are confused about which option to opt for, then reach out to team Élan for expert guidance. Additionally, fulfilling the eligibility criteria is essential for a smooth loan approval process. So, let’s check that in the next section.

Education Loan for Pilot Training Abroad: Eligibility Criteria

To understand what makes you a strong candidate for securing an education loan for pilot training, meeting the right requirements can significantly boost your chances of approval. Most banks and lenders usually require the following education loan eligibility:

• Nationality: The applicant must be an Indian citizen.

• Age Limit: Applicants aged 18–35 years are eligible.

• Educational Qualification: Completion of 10+2 with Physics and Mathematics is mandatory.

• Admission Proof: Confirmed admission into a recognized pilot training program.

• Cosigner Requirements: A financially sound co-borrower, usually a parent or guardian.

Banks and lenders may have specific additional criteria, so checking with your preferred lender is advisable at this stage. Once everything is sorted, you can start collecting your documents to commence the loan application process.

Education Loan for Pilot Training Abroad: Documents Required

Having the right documents in hand ensures a fast and smooth application process. Given below is a detailed checklist of what you will need.

• Identity Proof: Aadhaar card, PAN card, or passport.

• Address Proof: Utility bills, ration card, or voter ID.

• Academic Records: Certificates and mark sheets from 10th, 12th, and graduation (if applicable).

• Admission Letter: From the training institute.

• Fee Structure: Detailed breakdown of course expenses.

• Income Proof: Salary slips or income tax returns (ITR) of the co-borrower.

• Collateral Documents: If the loan requires collateral then the original sales deed will be required.

• Other Supporting Documents: Loan application form and passport-size photographs.

Ensure all these documents are up-to-date to avoid delays. Once everything is arranged, you can commence the application process by following the steps given in the next section.

Education Loan for Pilot Training Abroad: Application Process

The application process can vary between banks, but these steps are generally consistent.

• Research & Shortlist Financial Lenders: Compare different banks based on interest rates, loan coverage, and terms.

• Prepare Documents: Gather all required documents beforehand.

• Application Submission: Submit your application either online or at a bank branch.

• Verification: The bank verifies your documents and assesses your co-borrower’s financial stability.

• Loan Approval: The bank issues a sanction letter once approved.

• Disbursement: Funds are disbursed directly to the pilot training institute in instalments.

A well-prepared application increases your chances and speed of approval.

By now you know that for pilot training abroad, there are a few specific norms you will need to follow. From choosing a recognized institute to ensuring your eligibility and organizing all the required documents. These details can feel gigantic but don’t worry, you don’t have to complete it alone.

That’s where Team Élan comes in. We have spent years helping numerous students like you turn their aviation dreams into reality by simplifying the application process and helping them get the lowest interest rate on education loans. Whether it’s explaining the fine print, managing the loan application, or handling the nitty-gritty paperwork, we make it all easy for you. Just share your documents with us, and our Experts will take care of the rest.

Your dream is closer than ever. Reach out to Team Élan today, and we’ll help you take flight!