Education Loan – An Overview

Being one of the booming and popular industries in the world, young aspirants are keen to join the aviation industry and start their career journey with flying colors. Moreover, aspirants can start their career at a very young age that allows them to climb the steps of success quickly in life.

• In India, Government Aviation Colleges offers an array of Aviation Courses like BBA in Aviation Operations, Diploma in Aviation Hospitality and Management, Diploma in ground staff and cabin crew training, Aeronautical Engineering, MBA in Aviation Management, and many more. Aspiring candidates can opt for any of these courses to give wings to their desire to fly high. But every aspirant or their family can’t bear the burden of the costly aviation programs. So, here the question arises, how will those aspirants who are currently going through some sort of financial crisis turn their dreams into the reality of making a promising career in the Aviation Industry? The answer is an "Education Loan".

• Many Aviation Colleges in India offer Education Loan Facilities to the less fortunate candidates so that they can move forward towards their dream without facing any sort of obstacles and can successfully turn their dream into reality. The colleges through their education loan facility are trying to bring a positive difference in the life of those candidates or aspirants who want to reach the summit of success in the Aviation Industry but are unable to do it due to facing some sort of financial crisis.

• Moreover, applying for an education loan through colleges is hassle-free and requires minimal paperwork. Colleges usually work closely with well-known banks like State Bank of India, UBI, PNB, and many more to approve education loans to ensure the security of the applicants.

So aspirants who want to spread their wings and fly high with a successful career in the Aviation Industry but are skeptical about moving forward with aviation Courses due to high course fees can always avail of the education loan facility to fulfill their dreams.

Now I am going to share the necessary steps to avail education loan facility so that you can move forward with your respective courses without facing any financial crisis

• Aspirants after enrolling themselves in a particular aviation college for an aviation program should fill up a loan application form and submit it to the college with all necessary documents. The aviation college will guide them through the process.

• The bank will check if the aspirant has secured admission to a program in that particular aviation college or not. Then they will check the credit history of the co-applicant or guarantor. It is to be noted that all education loans must have a co-applicant, usually a parent, sometimes a sibling or a spouse can also become a co-applicant.

• If the loan amount is less than Rs 4 lakh, the bank will not seek a guarantor or security but if the amount is more than 4 Lakhs up to 7.5 lakhs a third party guarantor is required. The banks ask for collateral like property if the loan amount exceeds 7.5 lakh. Defaults in education loans affect the credit histories of both the borrower and the co-borrower.

• After completion of your course, you will get a moratorium of six months to a year before you start repaying. The repayment has to start one year after you have completed your course. It doesn't matter whether you have started a secured job or not. If you are availing of your first education loan and if you can repay it within your given period you can build good credit histories.

This is all you want to know about an education loan that you can opt for to turn your dreams into a reality of soaring high with success in the aviation industry.

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