Banks in the Philippines offering loans for flight education
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Banks in the Philippines offering loans for flight education
Hi guys,
I'm new here and I'm really looking forward to starting a career in aviation. However, before I can even get started, I need to have funds to begin with, and right now, I'm looking at taking out a loan from a bank.
My plan is to go into Omni Aviation, and I've already started inquiring with them. They sent me a price list of their courses, and I'm probably gonna need around P1.8M to be able to go through PPL, CPL, IR as well as ME.
I've tried searching over the internet different banks here in the Philippines and the loans they offer, however, I haven't found any specifically that shoulders flight training, and most of the loans I've looked at require you to have a certain net income and choose a monthly paying scheme (meaning they probably still expect you to be employed after you get the loan in order to pay them off). In addition, I really plan to be a full-time student so that I can just concentrate solely on the training itself.
So does anyone here know of any banks in the Philippines that offer loans that cater specifically to funding tuition fees for flight school?
I really appreciate any feedback you can give me.
Thanks!
I'm new here and I'm really looking forward to starting a career in aviation. However, before I can even get started, I need to have funds to begin with, and right now, I'm looking at taking out a loan from a bank.
My plan is to go into Omni Aviation, and I've already started inquiring with them. They sent me a price list of their courses, and I'm probably gonna need around P1.8M to be able to go through PPL, CPL, IR as well as ME.
I've tried searching over the internet different banks here in the Philippines and the loans they offer, however, I haven't found any specifically that shoulders flight training, and most of the loans I've looked at require you to have a certain net income and choose a monthly paying scheme (meaning they probably still expect you to be employed after you get the loan in order to pay them off). In addition, I really plan to be a full-time student so that I can just concentrate solely on the training itself.
So does anyone here know of any banks in the Philippines that offer loans that cater specifically to funding tuition fees for flight school?
I really appreciate any feedback you can give me.
Thanks!
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Straight A's, (STr8As)
Well, Im not trying to put you down, but you said it yourself , banks need somebody who works and has steady income before they can even give out a loan. More so, a loan for Flight training?
The very first probable question from the bank will be, if you have no Job and you need a Loan, then how can you pay it?
I doubt if there is even an Airline in the Philippines that grants a fly now pay later program.
Well, Im not trying to put you down, but you said it yourself , banks need somebody who works and has steady income before they can even give out a loan. More so, a loan for Flight training?
The very first probable question from the bank will be, if you have no Job and you need a Loan, then how can you pay it?
I doubt if there is even an Airline in the Philippines that grants a fly now pay later program.
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Here we go again....
There is no way the banks will lend you money if you have no capacity to pay - end of discussion, but you have several other options: ( as the saying goes: "There is more than one way to skin a cat" )
1 - Get your parents to borrow for you as they probably have better chances than you if they are capable.( e.g. collateral, sources of income)
2 - Talk to a flying school and work there in lieu of flying hours but be prepared to be treated like **** till you become productive with them.
3 - Work as an OFW or work locally first then get a loan in your name but that precludes studying and flying full-time. That's how I did it and it worked anyway
4 - Marry a girl in a rich family. May I suggest one of the daughters of the Sultan of Brunei
5 - Or rob a bank...... stick 'em up
Bottom line, is do everything ---- Beg, Steal
and borrow as they say
It reminds me of Aviate, Navigate then Communicate
especially during an emergency
goodluck
1 - Get your parents to borrow for you as they probably have better chances than you if they are capable.( e.g. collateral, sources of income)
2 - Talk to a flying school and work there in lieu of flying hours but be prepared to be treated like **** till you become productive with them.
3 - Work as an OFW or work locally first then get a loan in your name but that precludes studying and flying full-time. That's how I did it and it worked anyway
4 - Marry a girl in a rich family. May I suggest one of the daughters of the Sultan of Brunei
5 - Or rob a bank
...... stick 'em upBottom line, is do everything ---- Beg, Steal
and borrow as they sayIt reminds me of Aviate, Navigate then Communicate
especially during an emergencygoodluck
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I Agree with Cessna1052 and HarmonRabb
If you are at least a US Immigrant, you can try getting a student loan from the US GOVT. To pay for u tuition if you study in the states.
In PI i doubt you can get one if you cant prove to them that you can pay them.
Working first is a good idea tho, just so the banks could see that you got the capacity to pay.
Goodluck
Godspeed
If you are at least a US Immigrant, you can try getting a student loan from the US GOVT. To pay for u tuition if you study in the states.
In PI i doubt you can get one if you cant prove to them that you can pay them.
Working first is a good idea tho, just so the banks could see that you got the capacity to pay.
Goodluck
Godspeed
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Hi guys,
Thanks for your responses.
Correct me if I'm wrong but aren't there these types of bank loans that exist wherein they give you the money and then you pay them off once you start working? I've been reading some books and I'm pretty sure that this is one of the options that was given in trying to come up with your funds, albeit in bigger countries probably like the US and UK.
Also, I do have a job at the moment, but with the income per capita her in the Philippines, I really don't find it realistic that I'll be able to raise enough money to fund my education. Although HarmonRabb, you did mention that you worked first and then you took out a loan afterwards. Did you have to continue working for some time after you took out that loan or did you perhaps work and and also study part-time simultaneously?
Thanks once again for all your input.
Thanks for your responses.
Correct me if I'm wrong but aren't there these types of bank loans that exist wherein they give you the money and then you pay them off once you start working? I've been reading some books and I'm pretty sure that this is one of the options that was given in trying to come up with your funds, albeit in bigger countries probably like the US and UK.
Also, I do have a job at the moment, but with the income per capita her in the Philippines, I really don't find it realistic that I'll be able to raise enough money to fund my education. Although HarmonRabb, you did mention that you worked first and then you took out a loan afterwards. Did you have to continue working for some time after you took out that loan or did you perhaps work and and also study part-time simultaneously?
Thanks once again for all your input.
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Correct me if I'm wrong but aren't there these types of bank loans that exist wherein they give you the money and then you pay them off once you start working?
Although HarmonRabb, you did mention that you worked first and then you took out a loan afterwards. Did you have to continue working for some time after you took out that loan or did you perhaps work and and also study part-time simultaneously?
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What is your background sTr8As? What sort of work are you doing at the moment?
My friend is currently looking for candidates to fill up a ground staff position in a foreign airline. Might improve your chances of saving or taking a loan. See if things fit in. PM me for your reply and will forward to my friend.
My friend is currently looking for candidates to fill up a ground staff position in a foreign airline. Might improve your chances of saving or taking a loan. See if things fit in. PM me for your reply and will forward to my friend.
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Philippines is not immune from the problem of people who borrow money and don't pay it back.This is a very profitable occupation.Also the passing of a training course is probably not guaranteed, nor is employment after qualification.
Of course the banks know this.
The solution is if you can provide good collateral whose present value is substantially greater than the value of the proposed loan.
Of course the banks know this.
The solution is if you can provide good collateral whose present value is substantially greater than the value of the proposed loan.
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Dear everyone,
Thanks for your replies.
Also, thanks HarmonRabb, I guess I'll really have to think about not being able to study full-time but rather work and study part-time. Anyway, according to the website of the school I'm planning to go to, they're open on weekends, so I'll just have to think about going that route. Darn, I was really looking forward to handing in my 30-day notice.
Well thanks once again. I feel that I've learned a lot about this topic from you guys.
Thanks for your replies.
Also, thanks HarmonRabb, I guess I'll really have to think about not being able to study full-time but rather work and study part-time. Anyway, according to the website of the school I'm planning to go to, they're open on weekends, so I'll just have to think about going that route. Darn, I was really looking forward to handing in my 30-day notice.
Well thanks once again. I feel that I've learned a lot about this topic from you guys.
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sTr8As,
Omni is open 7 days a week nearly 365 days a year and the instructors and the owner (Capt. Ben ) are really friendly and professional. Go for it.
I never worked for them but I visited them a few times while I was in the Phils. and flew their Cessnas.
Handing in your resignation is not a good idea till you save some more money to support you while working as an instructor (not unless you have money of course).
That means stay with your job until you get your CPL/ME/IR (Commercial/Multi-Engine/Instrument Rating) and maybe even up to the point when you get a paying job to pay the loan and support you while you build up your hours to a marketable level.
In regards to a job - why don't you see what Pack1 has to offer. It might be a door opening for you in the airline. You have a better chance of flying for them in the end than someone who works for a different company and industry. Just a suggestion.
Good luck and safe flying
"Bandits 6 o'clock " -- HR
Omni is open 7 days a week nearly 365 days a year and the instructors and the owner (Capt. Ben ) are really friendly and professional. Go for it.
I never worked for them but I visited them a few times while I was in the Phils. and flew their Cessnas.
Handing in your resignation is not a good idea till you save some more money to support you while working as an instructor (not unless you have money of course).
That means stay with your job until you get your CPL/ME/IR (Commercial/Multi-Engine/Instrument Rating) and maybe even up to the point when you get a paying job to pay the loan and support you while you build up your hours to a marketable level.
In regards to a job - why don't you see what Pack1 has to offer. It might be a door opening for you in the airline. You have a better chance of flying for them in the end than someone who works for a different company and industry. Just a suggestion.
Good luck and safe flying
"Bandits 6 o'clock " -- HR
Last edited by HarmonRabb; 3rd Dec 2008 at 23:12.
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Thanks again HarmonRabb for your advice. I've already come to accept the fact that I might indeed be staying in my company for a while. Anyway, I'm already thinking of calling up different banks to check out and see what kinds of loans they offer.
Actually, I have been keeping in touch with pack1 through PM. If things work out then I just might go for it.
Either way, I really feel that I'm inching closer towards taking my first step in reaching my goals.
Thanks again for all your help.
Actually, I have been keeping in touch with pack1 through PM. If things work out then I just might go for it.
Either way, I really feel that I'm inching closer towards taking my first step in reaching my goals.
Thanks again for all your help.
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Omni is a very good set up and they are all nice incl old Capt BenHur ex PAL, problem though is they fly old US trainer planes that was bought cheap in the States and MOGAS not AVGAS. Engine manufacturer do not approve this but its all about saving money.. Check Lycoming on the web or ask Victor of CA what they say about MOGAS.
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hi sTr8As,
I would like to know if you eventually found a bank in the Phils that can offer you a loan given that you are going to study and will not be able to pay until you finish studying?
Im currently looking for a bank in the Phils who has that feature as well coz im planning to study.
Thanks!
I would like to know if you eventually found a bank in the Phils that can offer you a loan given that you are going to study and will not be able to pay until you finish studying?
Im currently looking for a bank in the Phils who has that feature as well coz im planning to study.
Thanks!
