Bank Loan

All Bank Pilot Training Loan Scheme

   http://www.allahabadbank.com/pilot_loan_scheme.asp

   Student Eligibility

• Should be an Indian National.

• Should be between 17-26 years.

• 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.

• No minimum qualifying marks to be insisted upon.

Studies/ training Abroad

•  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

• A medical certificate of fitness from Doctors designated by the DGCA / appropriate authority acceptable to training centers will be obtained before disbursement of loan

Loan Amount

• Need based finance subject to repaying capacity of the parents / students with Maximum Rs. 25.00 lacs for classroom and flying training in India and abroad.

• Second Loan may be sanctioned in case of cost escalation during the course of study. However, quantum of loan will remain within the maximum limit.

Margin

• 25.00% of project cost

Project Cost

• Fee payable to flying Institute/School/Club

• Hostel / boarding charges

•   Charges payable for completing necessary flying hours as required viz. fuel costs, fuel surcharges, health cover etc.

• Examination/Library/Laboratory Fee

•  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.

• Travel Expenses/Passage Money for studies abroad.

• Insurance premium for loan amount and for total period of loan.

•  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

• PLR+1.25% (Floating) per annum with monthly rests.

•   0.50% rebate will be allowed in case interest is serviced on monthly basis from the beginning.

• 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.).

• However, in cases where collateral security is given by third party, personal guarantee of such third party should be obtained.

Processing Fees

• 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).

• 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

•   A moratorium period / repayment holiday will be allowed for “Course Period plus one year” or “Six Months after getting Job”, whichever is earlier.

•  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.

• 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

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