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All Bank Pilot
Training Loan Scheme
http://www.allahabadbank.com/pilot_loan_scheme.asp
Student Eligibility
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Should be an Indian National.
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Should be between 17-26 years.
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Should have
secured admission to Pilot Training/learning Course at
identified training center (as per list) recognized by
Director General of Civil Aviation (DGCA) and in reputed
Institutes/ Organizations outside India through Entrance
Test/Selection Process.
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No minimum
qualifying marks to be insisted upon.
Studies/
training Abroad
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Courses
offered by reputed Institutes/ Organizations, which have good
track record, recognized by regulatory authority of that
country and course curriculum meets the minimum requirement of
DGCA for obtaining pilot license
Medical
Certificate
Loan Amount
Margin
Project Cost
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Fee payable to
flying Institute/School/Club
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Hostel / boarding
charges
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Charges payable for completing necessary flying hours as
required viz. fuel costs, fuel surcharges, health cover etc.
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Examination/Library/Laboratory Fee
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Purchase
of Books/Pilot Equipments (viz. protractor, navigation
computer, scale, knee board etc.)/Computer (if required for
training course)/ Instruments/Uniforms.
-
Caution
Deposit/ Building Fund/ Refundable Deposit etc. supported by
Bills/Receipts of the Institution.
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Travel
Expenses/Passage Money for studies abroad.
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Insurance premium
for loan amount and for total period of loan.
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Any other expenses required
for completing the course.Note:-In certain cases, the student/
parents pay the Admission Charges/ First Semester Fee from
their own sources or by arranging fund from friends/relatives
to ensure admission within the time frame stipulated by
Educational Institutes and then approach the Bank for Sanction
of Loan with request to reimburse the amount already paid by
them. In such cases the Admission Charges & the first
Installment of Fees already paid by the Applicant(s)may be
considered as eligible expenses for Educational Loan and the
same may be treated as margin or may be reimbursed (Margin
will be taken on prorata basis), if so specifically requested
by the borrower(s).
Rate of
Interest
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PLR+1.25%
(Floating) per annum with monthly rests.
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0.50% rebate will be allowed in case interest is serviced on
monthly basis from the beginning.
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0.25% rebate will be allowed
in case liquid security i.e. FDR/NSC/KVP/LIP on surrender
value etc. of full value of loan amount is provided by the
borrower
Security
- Collateral
security of 100% of the loan amount in the form of Pledge of
FDR/NSC/KVP etc or Equitable Mortgage of House Property.
- Satisfactory
3rd Party Guarantee of 2 Persons of sufficient means and
standing.
-
No guarantee is required in
case of full liquid security (i.e. Pledge of FDR/NSC/KVP
etc.).
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However, in cases where
collateral security is given by third party, personal
guarantee of such third party should be obtained.
 Processing
Fees
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0.25% of Loan amount (Minimum
Rs. 2500/-)
Repayment
Period
- The loan will
be repaid within a maximum period of 5 years after the
commencement of repayment (Principal plus Interest).
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The said repayment of loan
(together with unrealized interest of moratorium period, if
any, and all future interest) will be made in maximum 60
equated monthly installments (EMI).
Moratorium
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A
moratorium period / repayment holiday will be allowed for
“Course Period plus one year” or “Six Months
after getting
Job”, whichever is earlier.
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If
the student is not able to complete the course during the
scheduled course period due to the reason beyond his/her
control, the Sanctioning Authority may, at his discretion,
consider for an extension of time for completion of course for
a maximum period of 1 year subject to rules/ regulations of
the institutions concerned.
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In case of second loan
moratorium will be suitably extended to cover second course
plus one year or six month after getting employment, whichever
is earlier and accordingly total loan will be repaid within a
maximum period of 5 years after the commencement of repayment
Contact Bank
:
General Manager (Planning & Development)
Allahabad Bank , Head Office, 2
N.S. Road Kolkata -700001
Tel.No.033-22319144
Fax No.033-22107425
Email ID
gmpd@cal.allahabadbank.co.in
EDUCATIONAL LOAN (FAQ)
Q. What are the important documents that I need
to provide?
A.
You will need to
furnish the following documents along with the completed
application form. Relevant i nformation
would relate to the guardian and the student both, when the loan
is jointly taken.
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Mark sheet of last
qualifying examination for school and graduate studies in
India
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Proof of admission
to the course
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Schedule of
expenses for the course
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Copies of letter
confirming scholarship, etc.
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Copies of foreign
exchange permit, if applicable.
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2 passport size
photographs
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Statement of Bank
account for the last six months of borrower
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Income tax
assessment order not more than 2 years old
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Brief statement of
assets and liabilities of borrower.
If you are not an existing bank
customer you would also need to establish your identity and give
proof of residence.
Q. Are there any charges or processing fee?
A.
There is no additional charge or processing fee.
Q. Since there is a moratorium period how will my
repayments be determined?
A.
The outstanding interest for the moratorium period will be added
to the loan amount at the time of commencement of the repayment.
The EMI will be determined on this amount at the time the
repayment is to commence.
Q. What is EMI? How is it calculated?
A.
EMI stands for Equated Monthly Instalments. This instalment
comprises both principal and interest components. Your EMI would
be calculated depending on the tenor you choose, to repay your
loan. The EMI would be higher if you choose to repay within a
shorter period as against a longer-term loan. A shorter
repayment period, however, reduces your interest cost over the
term of the loan.
Q. What is the repayment schedule like?
A.
The repayment would begin one year after the
course period or six months after you get a job, whichever is
earlier. You are expected to pay a minimum amount equivalent to
the EMI on a monthly basis. However, you can choose to pay more
than the EMI, and we do not charge any prepayment penalty.
Q. Where can I avail of a SBI educational loan?
A.
The loan is
available from all branches in metro/urban areas as well as
those having personal banking divisions.
WE DO NOT ASSOCIATED WITH ASIA USA [USA]
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