Success in our SKILLS ASSESSMENT process gives our potential APPFO students immediate access to an exclusive loan scheme operated by HSBC - one of the largest banking and financial services providers in the world. The loan scheme is purpose built to meet the needs of student pilots undertaking our APPFO course.
Eligibility requirements for the Professional Studies Loan are:
- Applicants must have resided in the UK for three years
- Applicants must have indefinite leave to remain in the UK
- Applicant or a close family member must own UK residential property to secure the loan
- A cash deposit in an HSBC investment account may also be used as security
Key characteristics and benefits of the scheme for 2008 are:
- £50,000 maximum for self-sponsored students
- £60,000 maximum for airline cadets
- Interest rate is Base Rate plus 2%
- No payments until 6 months after completing training
- 11 year repayment period if required
- No penalties or fees for early repayment
Backed up by the OAA SKILLS SECURITY Guarantee (terms & conditions apply)
The unique HSBC scheme alleviates the pressure of financial concerns during training, allowing students to focus their efforts on achieving the best possible results.
We provide assistance and guidance to successful SKILLS ASSESSMENT candidates wishing to apply for a loan under this scheme as follows:
- We give a thorough briefing about the loan during SKILLS ASSESSMENT
- We provide a Business Plan template prospective students use to apply for the loan
- We review Business Plans and offer feedback to make them more persuasive
- SKILLS SECURITY gives the bank confidence that their financial risk is low
The Business Plan covers the following areas:
- An overview of the fATPL training requirements, industry outlook and OAA graduate employment figures
- Personal details, school qualifications and previous flying experience
- Training budget including estimated living expenses
- Finance schedule including payments to OAA and estimated repayments
- Details of the security the applicant offers
- Potential earnings at representative sample of airlines
- Schedule of applicants existing assets
- Schedule of applicants existing debts
- Contingency plan outlining repayment plans if First Officer employment is delayed
