How To Finance Your Career In Commercial Pilot
‘No pain no gain’, is a time tested old age adage. Even today also it holds a firm ground. This adage applies validly also to the aviation industry. It is true that the career of a Commercial Pilot is an extremely flourishing one. A commercial pilot receives worldwide exposure while flying on national and international routes and for this adventurous and interesting job a pilot draws an astonishing salary. A fresher commercial pilot gets a starting salary of a minimum of 1 to 1.5 Lacs per month. With experience, a Commercial Pilot Flying on international routes garners an average salary of 5 to 6 lacs per month.
Well as we know no rose comes without thorns. To this rosy picture, there is another side of the coin also. The expenditure on the training of commercial pilots is skyrocketing.
On average, the expenses meted out by candidates for receiving commercial pilot training stands whooping around 25 to 50 lacs.
Due to the high cost involved in the training of commercial pilots, so far this course was done by only those candidates who come from an affluent background. But with the ease of getting educational loans from banks and other Financial Institutions, now candidates from the middle class are also fulfilling their dreams to become commercial pilots.
The student should decide in the very beginning whether he wants to get the PPL (Private Pilot License) or CPL (Commercial Pilot License). The cost of training in becoming a CPL is much higher than the PPL. The commercial pilot needs to upgrade his or her flying skills constantly to stay afloat in their career. If a commercial pilot changes his or her job from one airline to another then he or she is required to receive a few months of training to fly a different kind of Aircraft if any.
Education Loan for Commercial Pilot Training
Nowadays there are many private as well as public sector banks that are ready to lend education loans to students for a commercial pilot course. Many private flying Aviation academies providing commercial pilot courses have made collaboration with banks to help students get bank loans easily for their study. A student is advised to consult the financial office of their academy to receive educational loans or other financial aids offered by the academy.
Some of the Nationalised banks from where a student can get an education loan for commercial pilot study are - Syndicate Bank, State Bank of India, Punjab National Bank, Canara Bank, State Bank of Jaipur and Bikaner.
A student must check his/her eligibility for an education loan from the Nationalised ?banks. The bank, first of all, verifies the college in which a candidate has enrolled himself for the course. The college should be approved by DGCA (Directorate General of Civil Aviation). A candidate should be a citizen of India and preferably, should be in the age group of 16 to 35 years.
A bank usually grants a 15 lacs education loan to candidates for pursuing his or her course in India and a 20 lacs education loan to candidates who want to pursue their course outside India.
Following expenses are covered under the education loan -
- Fee for the course.
- Hostel fee.
- Examination fee.
- Refundable deposit.
- Expenses of books, instruments or equipment required by the college.
- Expenses of travelling abroad.
- Any other charges.
Documents required while applying for the education loan –
- Admission letter from the college.
- Completely filled application form by the candidate.
- Program or tuition fee charged by the college per semester or per year.
- The complete academic record of the candidate. Mark sheet and certificates of class 10th and other qualifying examinations should be submitted to the bank by the candidate.
- An affidavit should also be submitted by the candidate stating that he or she has not taken any other bank loan.
- Address proof and ID proof should also be submitted to the bank. PAN card, voter ID, Aadhar card, driving license etc. will be considered as ID proof.
- Bank will also submit post loan documents - postdated security checks, loan agreement paper and SI/ECS mandate as applicable.
Once a student achieves his goal of becoming a commercial pilot, the education loan amount can be repaid easily. A commercial pilot enjoys a respectable career and status in society.