Q: What is the total amount of loan that I will get? Will the loan include my fees for
coaching & flying both? |
| Ans: The total amount of loan would be as per the net expenses that you undertake on your training . All related activities ground subjects coaching, flying training , travel etc are included. Thus the loan amount can vary anywhere between 15 to 20 lac depending on your actual expenses. |
| Q: Will the loan be given to me or directly to the training institution? |
| Ans: The loan will be allocated directly in the name of the training institute. The transfer would happen in the form of a demand draft. |
| Q: Do I have to give a security? If yes, of what kind? |
Ans: If you are taking a loan of an amount less than 4 lac the security may not be required
For all loans above 4 lacs security is definitely required. The security can be any of the following . |
| 1. Freehold Property |
| 2. F.D. |
| 3. N.S.C. |
| 4. K.V.P. |
| 5. LIC |
| 6. Govt. Bonds |
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| Q: What is the loan amount of the security ? |
| Ans: Not more than 50% of the assessed value of the property and not more than 80% of the value of transferable securities will be allocated towards the loan. |
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Q: My relative / friend has a property of his own. Can I get as loan on that?
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Ans: You can get a loan . In that case the person who owns the property will have to act as a guarantor. All bank rules will apply for that approval . The repayment of the loan will be repaid by the student himself.
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Q: What will be the mode of repayment?
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Ans: The repayment would be done in the form of monthly instalments.
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Q: After what time would I have to start making the repayment?
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Ans: The repayment will have to be done 3 years after the approval of the loan.
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Q: What is the rate of interest?
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Ans: The bank will charge the rate of interest @12.5% on reducing amount.
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Q: What is the loan repayment period?
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Ans: The loan repayment would be 7 years. The student shall have to repay the loan in form of equal monthly installments.
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Q: Suppose I don't get a job for a few months after getting CPL. What would be the procedure of repaying the loan.
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Ans: Your parents are co-borrowers of the loan and are liable to repay the loan in case of your not being in a healthy financial position.
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Q: How would the communication between myself bank and flying training institution happen?
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Ans: As mentioned earlier all payments would be made in the name of the institution,when the details of an institution regarding the same would be sent to the concerned bank. This institution would not only include the approx. cost of the students course but also a verification of the CFI's authorized signatory's sign. All further payments from the bank would be made to the training institute itself after a confirmation from the training institute regarding the students actual expenses incurred. The bill will have to be accompanied by a request from the students side of a release of the payment.
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Q: Will there be any extra charges for assessing property onside Delhi?
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Ans: The banks assessor will assess an outstation property with an additional charge of Rs. 5000.00 approx.
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Q: What are the document requirements?
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Ans: Attested photocopies of the following documents.
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| 1. Proof of age |
| 2. Proof of address |
| 3. Parents employment details including form 16/ITR |
| 4. Security details. |
| 5. Admission Letter |
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