HSBC loan proposal and references

[ikea]

Hey, im currently working on my report which I hear is important to show to the bank agent/manager when applying for the professional studies loan, in my case 20k GBP.

I am going for the Pro Pilot course in Naples F.C. I am writing a report, but need some evidence to back up what im saying.

Does anyone know where I can ge some facts and figures on pilot recruitment? Or pass rates for the ATPL ground school. Also perhaps some literature supporting the integrated approach.

Its the first time ive ever had to do this sort of thing, and im a little apprehensive :ugh: Im following what others have said about their loan application. Just im wondering how I back up what i say ( i could be telling b.s. for all the manager knows!)

[EGAC_Ramper]

One thing I found helpful in my application which has to be said for considerably more,was to print of sheets from www.ppjn.com as this both shows current recruiting and the airlines payscale for FO's joining aswell as future earnings once established in the industry.Also 'd sugest including the Naples brochures etc in your business report to the bankso they can see it for themselves aswell as getting an "acceptance" letter from Naples regarding your future training.

Regards:ok:

[BigGrecian]

I'm going to have to say use the search function!
Here is a link which may help:
Easiest 35K I ever borrowed (http://www.pprune.org/forums/showthread.php?s=&threadid=145989)

[ikea]

that post is over 5 moths old, and ive read it in detail, thanks anyway

[Benix]

I got the news last week that my application for 30k has been accepted. I can only echo what EGAC has said with ref PPJN. I used it as a source of info for both potential earnings and present/upcomming recruitment oppertunities. That seemed to be acceptable without any offical proof from the airlines directly. Other info I added was some stats for BAA airports showing traffic figures for the last year and expansion plans for various airlines from their websites. EZY and RYR do some presentations which hold lots of related info (if you can believe anything that RYR say in theirs ;)) With regards to Naples I'd definitely explain the reasons why you have chosen them and what they have over the competition. Include any stats that you can about Naples, including pass marks, and obviously a complete finance plan of all projected expenditures. Good Luck!

[BigGrecian]

that post is over 5 moths old

The points in it are just as valid today as they where then - HSBC haven't and are unlikely to change the process and as each decision is made in branch it will prob be valid in a year or so as well!

I wish all you the best at the bank! (and of course the training from there on in!)

[EGAC_Ramper]

BigGrecian

Was actually in detailling the finalities of my loan for modular training,and was informed the HSBC are actually stopping the "Professional studies loan" as we know it.Supposedly to bring something with less work involved which would have been nice:rolleyes:

[flaps now]

Hi

Just had my load with HSBC approved. :ok: The thing to do is go prepared and show that you know what your talking about. When you put your figures forward, make sure you have hard copies to back up your figures. Be honest with them and you should be fine.

I found them to be very helpfull. The lending criteria seems to be a little 'vague' and the end decesion is left to the branch manager so basically you need to convince them your an acceptable risk. Look smart, go prepared and be honest.

Good luck

[SmilingKnifed]

I'd echo FlapsNow's views about how to sell yourself. Bear in mind that security on any loan above 15K GBP (No pound sign on this poxy yank computer!) is becoming more likely (it was in my case).

[EGAC_Ramper]

From my personal dealings they seem to vary the point at which security is demanded.My case over £20k they wanted security.

Also another word of advice is get the application done ASAP,Well in advance of your proposed course start so you arn't left in the lurch.I started my application 6months before my course and was told they had 1 student joinging Oxford's APP asking for the money 2 weeks before his course commenced!!:rolleyes: Surprised got through selection tests with common sense like that!! LOL:D


Regards:ok:

[Funkie]

Ikea,

I would echo the comments made by BigGrecian and flaps now.

I’ve just completed the application process and have successfully secured £37k, which is unsecured. The security is based upon your risk to the bank. In other words, what do you earn now? If you earn enough to pay back the loan from a current salary and are not successful in getting a flying job – then security should not be an issue. Let’s face it, what are they interested in – getting their money back, nothing else.

Produce a plan that you will be proud of and want to show them. Give details about you, your motivation, what’s you have done so far (PPL, Aptitude tests….etc), the course (read LASORS) exams – be detailed.

Do not try and bullsh!t the person you will meet. Chances are that they will now some details about the required training and have been through this process with others beofre Also, the fact that you’re lying will stick out like a sore thumb. – Be honest.

Do you have an account with the HSBC? If not, you’ll have a six month wait after you open an account, before you can apply. If you don’t have an account, open one tomorrow!

Wear a suit, polish your shoes and have a shave.

Good luck.

Now – to put the cat amongst the pigeons! During the my application, I was informed that they, as in the HSBC, are reviewing their position with regard to the PSL. These loans are proving to be very risky for them. Also, as has already been stated, it’s a very time consuming process.

Funkie

[EGAC_Ramper]

Do you have an account with the HSBC? If not, you’ll have a six month wait after you open an account, before you can apply. If you don’t have an account, open one tomorrow!

I'm cautious of this,as with my own circumstances I had banked with the Woolwich.As part of the PSL yes I did have to transfer my Bank account to the HSBC but certainly did NOT have to wait 6months before applying.In fact my application for the professional studies loan was done before my account was transferred.Then during the process it was swtiched without a hitch.:D

AGAIN though get it sorted ASAP well in advance of your proposed course start date!


Regards:ok:

[Benix]

agree with EGAC here. I had never banked with HSBC before in my life. The Bank was happy to set up new account and transfer money in one lump sum (which was my choice) at the same time. Took me about 5 weeks from interview to getting the money and account in my hands. :p

The £30k i got was unsecured and with no guarantor either. My situation when I applied - I had just finished atpl theory and holding ppl/imc/nt and 170TT and only working in a part time job earning about £80-100 a week. So their decision to give it to me unsecured was definitely not due to my present financial situation!

There seems to be a lot of local variations between branches. I first dropped into my local village branch and they had never even heard of the loan, I then phoned the local business centre in a near by town and arranged it all without a hitch. Got an interview arranged in 3 days. Was in the interview for 30 mins and 15 mins of that was filling in the application form. Then had a phone call 4.5hrs later saying I had been sucessful. I was very surprised as I had read stories on pprune of people having a 2 hr grilling and having to wait a week for a result.

The most annoying thing has been the Life Insurance. I had to have 2 meetings to get that arranged and fill in a beefy form including usual medical questions and another specialised avaition form that came through the post a week later to fill in and send back. Has been multiple time more difficult to arrange 30k worth of life cover over 11years than the damm loan its self :*

Unlike a normal loan, which is mostly referenced to your current finacial sisuation, this loan is very much down to interviewers/managers discression so making an impression is very important. I spent 2 weeks creating my 30 page business plan that I submitted that included info on my chosen FTO, course structure, full break down of all costs, potential earnings, state of the industry currently, future plans of various airlines, my contingency plan if it all goes tits up and a few appendices proving I wasnt making up all my figures ;). I tuned up for the interview suited and booted with 2 copies of the doc for them to keep and basically let that do the talking with me on call to explain sections and answer any questions that came up.

Hopefully if they do streamline the process there will be less variation between branches which can only be a good thing. In the meantime I'd find a large branch, do your homework and go in smart and confident and give it your best shot! :ok:

[ChocksAwayUK]

Well, i've just been refused a 27K loan from HSBC purely on the grounds that i don't bank with them.. hmmmph.

This leaves me in a spot of bother so can anyone advise me of any branches in the London that have awarded the loan to non-HSBC account holders? Or do i have any other options?

[BigGrecian]

Part of the terms of the loan is you MUST bank with them or MOVE your primary bank account to them. Try another branch and tell them that you will move your bank account or even better move it beforehand.

Good Luck!

[ScotsRocket]

Took 8 months for my HSBC loan to come through! I joined HSBC last June and my loan application was approved right away. Like the previous posts said 'you got to sell yourself'. I had my PPL and was only two exams away from finishing my ATPL's so I had already spent a considerable amount of my own money and time which showed commitment (or insanity!!) which the bank liked. I guess they want to evaluate how much of a financial gamble they're gonna take with you which is understandable

Hope this helps,

All the best, ScotsRocket

[ChocksAwayUK]

Thanks chaps..

I wish they'd said when i applied a year ago that they require some banking history with them (it's taken a year to get an answer thanks to the most incompetent branch manager I could have hoped for). If they had then I'd be fine.

As it is I need the cash in a couple of months so i'm looking at another option. So, if anyone with experience could tell me if I'm overlooking anything in this seems-to-easy-to-be-true plan then let me know. It seems Northern Rock offer a loan of up to 25k with very little hassle and a very low APR (5.7%):
http://www.northernrock.co.uk/loans/

The only drawbacks i can see are that 25k is 2k short of what i may need and that the loan requires repayments straight away..... The extra 2k and, say, a year of payments will come to 4.5k which i'll manage from savings/bankofmumanddad/gfriend etc so this could be a viable option.

So, 2 points to this post:1) Am i overlooking something? 2) Maybe this'll help somone else.

Thoughts appreciated.

[cosworth211]

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! :ok:

[cosworth211]

A career development loan can be obtained from Local Education Authority, number's in the phone book. Its limited to £8k, and is limited to commercial licenses (ie not PPL)