I had my application for a proff. studies loan for 45k approved a few weeks ago. I have banked with HSBC for the last 11 years, however my friend has also had his approved for the same value who wasn't a HSBC customer, but has had to open an account with HSBC.
I have also heard that HSBC are considering stopping this loan, they will however honour any approved applications. So get in there now!
When I visited the bank I brought a folder and sectioned it accordingly -
1/Personal Details
- a statement why I am the right candidate for the loan and what qualities I possess that would make me suitable future captain.
- copies of my university grades.
- a letter of recommendation from the flying club that I did my PPL with.
2/Course Details
- course breakdown (in my case EFT's APP)
- EFT's USP's.
- a letter from EFT saying that they would be prepared to accept me on the course.
3/Loan requested and breakdown including dates of loan drawdown. (include evidence of ATPL costs, car hire costs, accommodation costs etc)
4/Details of alternative flying schools showing why EFT was the best choice for me (cheaper, FI role etc etc)
5/Salary scales, I included details of FO starting salaries right upto captain salaries to show future potential earnings, across a variety of airlines (it will raise a few eyebrows if you only include BA and Emirates scales)
I also prepared a series of questions to ask the manager regarding repayment terms, US dollar accounts, loan flexibility, making lump sum payments etc. He seemed impressed by the effort and thoroughness put in to my presentation.
As I do not own property (I am just finishing university) I had to put a charge on my parents property and take life insurance out.
I hope this helps anyone else be successful in obtaining a proff. studies loan, but be quick before its discontinued!
