bob Yuva Aviator

• Students admitted to DGCA- or DGCA-recognised Flying Training Organisations (FTOs) / Flying Clubs, Cadet Pilot Programmes and Foreign FTO for CPL, Instrument Rating (IR), Multi-Engine endorsement and associated approved courses.
• Financing of Type-rating costs (A320/B737 etc.).
• Expenses related to Licence conversion i.e. Foreign CPL to DGCA CPL.

Loan designed for financing students pursuing CPL training in India and abroad. Course coverage extends to Class XII (10+2 PCM) pass students pursuing CPL training in India and abroad with confirmed FTO admission, and Cadet Pilot Programme.

• Resident Indian/NRI/ OCI for Study in India.
• Resident Indian/ (OCI who is Residing in India) for Study in Abroad.
• OCI residing Abroad is not eligible for Education Loan for Study Abroad.
• Applicant without a valid OCI card post the cut-off date conversion from PIO will not be considered eligible under this scheme
• Admission Letter / secured admission / seat confirmation from a DGCA-approved FTO/ Foreign FTO approved by National aviation authority/ FTO approval authority of respective country.
• Licences provided by Foreign FTO to be ICAO- compliant.
• Minimum academic entry criteria as per FTO (e.g., 10+2 with PCM / as mandated by the institute).
• Valid DGCA Class 1/2 medical certificate prior to first disbursement.
• Additional documents for Cadet Pilot Programme: valid Letter of Intent (LOI) or Selection Letter from the airline.

• KYC of applicant and co-applicants.
• Academic records.
• Proof of admission.
• Entrance exam result (if applicable).
• Statement of cost of study/ Schedule of expenses.
• Income proof (If applicable).
• Bank account statement for Last 6 months.
• For Cadet Pilot Programme: valid Letter of Intent (LOI) or Selection Letter from the airline.
• Valid DGCA Class 1/2 medical certificate prior to first disbursement.

• Processing Fee of 0.35% of Loan Amount Maximum 25,000/- + GST.
• A non-refundable lump sum of ₹8,500/- + Taxes per property (towards Advocate and Valuer charges), to be taken upfront in all Education Loan accounts wherever property is mortgaged.

Quantum of Finance:

• Minimum - ₹5.00 Lakh.
• Maximum -
  • For conventional CPL Programme through FTO: ₹100.00 Lakh.
  • For Foreign CPL (FTO Programme): ₹150.00 Lakh.
  • Cadet Pilot Programme (India & Abroad): ₹150.00 Lakh.

Margin:

• Any scholarship received by the student is to be treated as margin and the borrower has to deposit the scholarship amount in the bank account.
• Margin may be brought in on a year-to-year basis, as and when disbursements are made, on a pro rata basis.

Moratorium Period:

• Course period + 1 year or after getting the Job whichever is earlier.

Security and Third-Party:

• Up to Rs. 7.50 Lacs: Co-obligation of parent/ guardian/ Spouse (Residing in India) to be obtained. No Security.
• Third party guarantee to be waived for the loan to the extent of limit of Rs. 7.50 Lacs if eligible for Credit Guarantee Coverage (NCGTC) and /or Government Interest subsidy CSIS (Central Sector Interest Subsidy). NCGTC (National Credit Guarantee Trustee Company) coverage allowed in eligible account up to Rs.7.50 Lacs (Loans upto Rs 7.50 Lacs to be mandatorily covered under Credit Guarantee Fund Scheme for Education Loans (CGFSEL) of NCGTC. The premium for the same is borne by the Bank).

For conventional CPL Programme (India) through Domestic FTO having No DGCA Ranking due to Non completion of 18 months(1.5 years): Security coverage should be 1.25 times irrespective of Loan Amount.

Above Rs. 7.50 Lacs:

• For limits up to Rs 80.00 lakh, tangible collateral security equal to 100% of the loan amount and for limit above Rs 80.00 lakh, total security coverage should be 1.25 times.

Repayment Period:

• The loan is repayable in a maximum of 15 years after completion of the moratorium period.
• If the student is not able to complete the Course within the scheduled time, extension of time for completion of Course may be permitted for a maximum period of -2- years.
• If the student is not able to complete the Course for reasons beyond his / her control, sanctioning authority may at his discretion consider such extensions as may be deemed necessary to complete the Course.
• In case of above extension, moratorium period will stand extended accordingly.

Insurance:

• Up to ₹7.50 Lakh: Optional.
• Above ₹7.50 Lakh: Group Credit Life Insurance / life insurance cover of the student (borrower) is mandatory; the premium can be included in the education loan amount.
• Term life insurance policy to be obtained and assigned in favour of the Bank, in the name of the student, for an amount not less than the loan amount, for a tenure covering the course, moratorium and repayment period.
• The premium may be included in the loan amount if requested by the student.

Disbursement:

• Directly to the Institution/Hostel, term-wise/year-wise, in stages as per requirement/demand raised.
• Directly to the book seller/shop for purchase of books, instruments, equipment.
• Where the student does not secure hostel facility with the institute, lodging/boarding charges may be paid directly to the establishment concerned after verifying bona fides, if the student makes his/her own arrangement.
• Reimbursement is permitted anytime during the entire course period.