Success in our SKILLS ASSESSMENT process gives our potential APPFO students immediate access to a bespoke loan scheme operated by BBVA London who are part of a large financial global group with some 35 million customers in 35 countires world wide. The loan scheme is purpose built to meet the needs of student pilots undertaking our APPFO course.
Eligibility requirements 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. The maximum debt to home value ratio is 60%
- Other security such as cash deposit maybe used in certain circumstances
Key characteristics and benefits of the scheme are:
- £60,000 maximum loan for self-sponsored students
- Interest rate is LIBOR (3 months) plus 2.25%
- No payments is required for the 18 months from the commencement of training
- 10 year repayment period if required
- There can be a reduction of up to 20% of the loan balance for the first 5 years without charge. After 5 years the loan can be repaid in full without any additional charges.
Backed up by the OAA SKILLS SECURITY Guarantee (terms & conditions apply)
The BBVA 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 ATPL 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
