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Read about the different education loan options for pilot training. Learn about education loan options, eligibility criteria, documents required, and scholarships available.Education Loan for Commercial Pilot License
Many people aspire to be commercial pilots, but the costs of commercial pilot training can be prohibitively expensive. A pilot training program generally costs between INR 30 Lakh to INR 50 Lakh annually, depending on the institute and country. Fortunately, several education loan options are available to help aspiring pilots finance their training. Keep reading this blog to understand the different education loan options available for commercial pilot license training programs along with top institutes in India and abroad.
If you want to be a pilot in India, you may face the daunting task of paying for your training. The average cost of obtaining a commercial pilot license from a DGCA-accredited flight training school is between INR 35 and INR 40 Lakh. However, with an education loan for commercial pilot training in India, you can pursue your dreams without worrying about finances.
More than 90% of aspiring pilots in India rely on education loans to fund their training. With the increasing global demand for pilots, now is an excellent time to take advantage of this financial opportunity. Pilot training loans make it easier to realize your dream of flying. You can borrow up to INR 1.5 crores. They allow you to repay in a way that is convenient for you, assisting you in your goal of becoming a pilot.
Accepted collateral includes liquid security such as a life insurance corporation policy, a fixed deposit, government bonds, or immovable property such as non-agricultural land, agricultural land, a house, or a flat.
Feature | Description |
---|---|
INR 1.5 Cr |
|
Starting from @ 9.50% |
|
Course Duration + 12 Months |
|
15 Years |
|
5% - 15% |
|
Parents, Parents in law, Siblings, Spouse |
Below are listed the top 10 institutes for pilot training courses in India.
Institute | Annual Fee Structure |
---|---|
Adventure Flight Education Private Limited, Bangalore |
INR 32.8 Lakh |
Indira Gandhi Rashtriya Uran Akademi (IGRUA) |
INR 45 Lakh |
Madhya Pradesh Flying Club (MPFC) |
INR 35.4 Lakh |
National Flying Training Institute (NFTI) |
INR 36.4 Lakh |
Ahmedabad Aviation & Aeronautics Ltd. (AAA) |
INR 23.3 Lakh |
Bombay Flying Club |
INR 36.9 Lakh |
Rajiv Gandhi Aviation Academy |
INR 20 Lakh |
Government Flying Training School |
INR 25 to 35 Lakh |
OFAA – Orient Flights Aviation Academy |
INR 38.5 Lakh |
Indian Aviation Academy |
INR 15 to 20 Lakh |
To enroll in pilot training in India, applicants must fulfill the following eligibility criteria -
Pursuing pilot training in India involves a combination of physical and mental excellence, education, financial resources, and a strong passion for aviation. Before embarking on this journey, aspiring pilots must carefully consider the following prerequisites.
The average cost of pilot training abroad in countries such as the United States, the United Kingdom, Canada, and Australia ranges between INR 40 Lakh and INR 80 Lakh, but with education loans, aspiring pilots can borrow up to INR 1.5 cr to cover their training costs. Education loans for pilot training abroad are a wise financial decision for aspiring pilots because they offer flexible repayment options, direct loan disbursement to the training academy, and the ability to study at top aviation schools around the world.
Feature | Description |
---|---|
INR 1.5 Cr |
|
Starting from @ 10.9% |
|
Course Duration + 12 Months |
|
15 Years |
|
5% - 15% |
|
Collateral Value |
1.33 x Loan Amount |
Parents, Parents in law, Siblings, Spouse |
Below are listed the top 10 institutes from across the world to study pilot training.
Institute | Average Annual Fee Structure |
---|---|
Aerosim Flight Academy |
INR 49.96 Lakh - INR 74.94 Lakh |
CTC Aviation |
INR 63.14 Lakh - INR 84.18 Lakh |
Singapore Flying College |
INR 43.76 Lakh - INR 93.77 Lakh |
Olympus Aviation Academy |
INR 45.1 Lakh - INR 90.18 Lakh |
Ardmore Flying School |
INR 31 Lakh |
Western Michigan University Aviation College |
INR 7 Lakh - INR 18 Lakh |
Ohio State University Aviation College |
INR 30 Lakh - INR 34 Lakh |
Oxford Aviation Academy |
INR 19.5L - INR 20 Lakh |
University of New South Wales Aviation |
INR 29.30 Lakh |
United States Air Force Academy |
No monetary cost. Pilots have to serve in the U.S. Air Force or Space Force. |
To help you choose the right education loan for your CPL, here’s a comparison of major lenders and their education loan options.
Lender | Maximum Loan Amount | Rate of Interest | Repayment During Course |
---|---|---|---|
Up to INR 1.5 Cr |
8.55% - 10.55% |
Nil |
|
Up to INR 30 Lakh |
10.60% - 10.10% |
Nil |
|
Up to INR 1.5 Cr |
10.5% - 11.5% |
Simple Interest |
|
Up to INR 50 Lakh |
11% - 11.5% |
EMI |
|
Up to INR 50 Lakh |
10.5% - 11% |
Simple Interest |
|
Up to INR 50 Lakh |
11.5% - 12.5% |
EMI |
|
Up to INR 50 Lakh |
10.25% - 10.75% |
EMI |
|
Up to INR 50 Lakh |
12% - 12.5% |
EMI |
To help make your decision easier when choosing the best education loan for a CPL, we will discuss the two most prominent lenders: BOB and Tata Capital. These two lenders are known for offering education loans specifically for pilot training, providing attractive loan amounts, competitive interest rates, and flexible repayment options.
The Bank of Baroda provides aspiring pilots with a loan amount of up to INR 1.5 crore, which covers the significant costs associated with CPL training. The interest rate on these loans ranges from 8.55% to 10.55%, making BOB one of the more affordable lenders for CPL aspirants. BOB covers 100% of the expenses, meaning that it covers all the expenses related to this course. Additionally, during the moratorium period, students also enjoy a full deferral on repayments, meaning they won’t have to start paying back the loan until after the completion of their course.
Eligibility Criteria:
Tata Capital offers an education loan of up to INR 50 lakh for students aiming to complete their CPL training. The interest rate for Tata Capital loans ranges from 12% to 12.5%. Tata Capital can finance the student’s entire course cost through the loan. Repayments during the moratorium period are structured as Equated Monthly Installments (EMIs), which means students must start paying a fixed amount each month even during their studies.
When choosing an education loan lender applicants must consider the following factors -
To apply for a CPL Education Loan, applicants need to follow the steps mentioned below -
Step 1 - Check your education loan eligibility.
Step 2 - Complete the application form
Step 3 - Submit the required documents
Step 4 - The lender will verify your documents and approve or deny your application.
Step 5 - The lender will provide you with the sanction letter and disburse the loan amount.
Documents required for pilot training are different for public and private banks or financial institutions in India. Some of the commonly required documents are:
The cost of pursuing courses in aviation comes with a high cost. To cater to these high costs education loans and scholarships are the best possible option.
Below are some scholarships available for commercial pilot training courses -
Choosing the right lender for your Commercial Pilot License loan depends on several factors, including interest rates, moratorium periods, and collateral requirements. Both Bank of Baroda and Tata Capital offer competitive loan options, but understanding the fine print is essential for making the best decision. If you are wondering how to choose the best lender for your education abroad then connect with GyanDhan today. Our team of experts will carefully evaluate your profile and compare different lenders for you. Further, you can explore these options carefully and pick the one that aligns with your financial situation and educational goals. Check your loan eligibility to start now.
Yes, you can get an education loan for a CPL course. Many banks and financial institutions in India offer loans specifically for pilot training. These loans typically cover tuition fees, flying hours, and other related costs. Banks like Bank of Baroda, IDBI, Axis Bank, and Tata Capital offer education loans for CPL courses, with varying loan amounts and interest rates.n
Yes, there are some scholarships available for commercial pilot training, though they are limited. Some aviation academies and government organizations offer merit-based or need-based scholarships for aspiring pilots. Indira Gandhi Institute of Aeronautics (IGIA) offers merit-based scholarships to high-performing students. Rajiv Gandhi Aviation Academy offers partial scholarships to deserving candidates. Additionally, some international aviation scholarships are available if you're pursuing training abroad, such as the Captain Chris Wilson Scholarship and the Air League Trust Flying Scholarship.
Yes, you can get student loans for pilot training in India from various banks and NBFCs. Education loans for CPL are available from lenders such as Bank of Baroda, Axis Bank, IDBI, Tata Capital, Avanse, and Credila. These loans cover course fees, flight hours, and even living expenses, depending on the lender and loan amount. Be sure to check the lender's eligibility criteria and repayment terms before applying.
Yes, you can get a ₹50 lakh education loan for CPL from several lenders in India. Tata Capital and Avanse offer loans up to ₹50 lakh for CPL courses. IDFC First Bank, Credila, and AUXILO also provide loans in the range of ₹50 lakh with varying interest rates. However, keep in mind that loan approval may depend on factors such as collateral, the co-applicant’s income, and the recognition of the aviation school. Some lenders may also finance beyond ₹50 lakh, such as Bank of Baroda, which offers loans up to ₹1.5 crore for CPL training.
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