loan facility for pilot traning

Asked by amardeep on 10 July 2008 at 9:24 AM.

Answered by Studyplaces India Counselor

You can take education loan for Your pilot training program from any public sector or private sector bank. You can borrow up to Rs 4 Lac without providing any security or margin. You can get a loan amount of Rs 4 Lakhs to Rs 7.5 Lakhs against a third-party guarantee. This loan comes with a five percent margin. The loan amount disbursed is 5 % lesser than the sanctioned amount. You need to arrange for the rest of the money. The third-party guarantee can come from any relation, neighbour or friend standing guarantee for the full amount. Education Loan: Study Abroad Amount of loan sanctioned may vary but usually Rs 7 Lakhs and above are usually sanctioned against fixed deposits, NSC certificates, property worth the loan amount and a margin amount of 15 percent. This loan comes with a five percent margin. The loan amount disbursed is 15 % lesser than the sanctioned amount. You need to arrange for the rest of the money. Also, if a loan below Rs 4 Lakhs comes at x rate of interest, the loan over Rs 4 Lakhs is usually charged one percent higher interest that is x+1. Note: The Reserve Bank of India prescribes the specifics (amount, rate, repayment period) of education loans and the government provides a two per cent subsidy on these loans to the banks. Documents required for education loan Mark sheets of the last qualifying examination for school and graduate study Proof of admission to the course Schedule of expenses for the course Copies of the letter confirming scholarship, if any Copies of foreign exchange permit, if applicable Two passport size photographs Statement of borrower's bank account for the last six months Income tax assessment order not more than two years old Brief statement of the assets and liabilities of the borrower Residence proof For more information please log on PilotTraining. For more information about loan log on: Education Loan.