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Yes education loans can indeed cover the cost of obtaining a pilot’s license in India. Financing your pilot training through an education loan is a viable option especially given the substantial expenses associated with such programs.

Understanding the Costs

The cost of pilot training varies based on the type of license and the institution. For instance, obtaining a Commercial Pilot License (CPL) can cost between INR 35 lakh and INR 1 crore encompassing expenses like ground school flight hours simulator sessions training materials exam fees, and accommodation. These costs can be higher when pursuing training abroad.

Education Loan Options in India

Several financial institutions in India offer education loans specifically tailored for pilot training:

  • State Bank of India (SBI): Offers loans for aviation courses including pilot training with flexible repayment options.

  • Tata Capital: Provides unsecured loans up to INR 85 lakh and secured loans up to INR 200 lakh for pilot training, both within India and abroad.

  • Bank of Baroda: Offers the Baroda Gyan Education Loan Scheme which includes provisions for pilot training.

  • Punjab National Bank (PNB): Under the PM Vidyalaxmi scheme PNB has reduced interest rates on education loans making higher education more affordable.

To qualify for an education loan for pilot training, applicants typically need to:

  • Be an Indian national.

  • Have secured admission to a DGCA approved flight training institution.

  • Meet the age and academic qualifications set by the lending institution.

  • Provide collateral, especially for higher loan amounts.

  • Have a co applicant, often a parent or guardian to enhance creditworthiness.

Repayment Terms

  • Loan Amount: Up to INR 1.5 crore for secured loans.

  • Interest Rates: Starting from 9.50%, varying based on the lender and loan type.

  • Repayment Tenure: Up to 15 years with a moratorium period covering the course duration plus 12 months.

Securing an education loan for pilot training is a practical approach to financing your aviation career. It's advisable to compare loan offerings from various banks and financial institutions to find the best terms suited to your needs. Additionally, ensure that the flight training institution you choose is recognized by the Directorate General of Civil Aviation (DGCA) to meet the eligibility criteria for these loans.

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