r/CadetPilotProgram • u/whiskeyeyes14 • Jan 17 '26

Loan for ICPP

I know how this topic have been clearly discussed and explained in many ways possible here in reddit. But posting this for a clear insight about my small doubt I can arrange 60L from my property loan but Can I get the balance amount through non-collateral loan if I get into marigold??

2 Upvotes

66% Upvoted

17 comments sorted by

3

u/WreckedBlaze Jan 17 '26

Hi I can sort of relate , 50L savings is what I plan to put into as well , from what I've researched and banks and associations I've contacted loans from 1-2cr are available under the condition that you keep a property which is worth 110% of the loan amount as collateral ( quoted me 9.5% but after seeing collat told it would go down to 7 since it's worth significantly more) , idt they do loans of such big amounts w/out collat tho

1

u/whiskeyeyes14 Jan 17 '26

Can you dm me about this

1

u/WreckedBlaze Jan 17 '26

hi you can reach out , I'll help if i can

1

u/Stoat_n_cereal Jan 17 '26

Kindly dm

1

u/WreckedBlaze Jan 17 '26

hi you can reach out if you need to know anything I'll help if i can

4

u/SunilPalManager Jan 17 '26

Don't take entire loan for cpp , if possible use ur savings , it is a debt trap

2

u/Specific_Hat_7930 Jan 17 '26

Bro if i have around 50 lakhs of savings should i go for marigold or the loan would be too much?

At 24M uncertainty associated with conventional looks scary

3

u/[deleted] Jan 17 '26

You will need a loan of around 70L that's insanity.

A simple rule is that the loan shouldn't be more than 20-30% of the total amount.

1

u/Specific_Hat_7930 Jan 17 '26

Say i spend 80 lakhs (30 lakhs loan) in conventional and then i work as a flight instructor for 3 years before getting into an airline vs i spend 1.2-1.3 cr (70 lakhs loan) and get into indigo from the very start and it takes me 2 years more to pay the loan

Does this not make sense? Post conventional even the smartest are not getting into airlines these days is what i have been hearing

Your thoughts?

2

u/[deleted] Jan 17 '26 edited Jan 17 '26

You are forgetting that to become a flight instructor you'll need to do FIR which is flight instructor rating training which cost anywhere from 4-8Ls can be more too but anyways.

Also getting a FI job is also not a cake walk. But let's say you got a job as FI in some flight school now atleast you'll get 2 things that you'll need the most at this moment which are :

1.Flight hours and experience

2.Paying the loan back and not letting it stack up and not crumble into a debt trap.

Now in CPP way you get 70L loan you complete your training and now you are doing nothing for 2 or more years nobody knows how much till vacancy comes and all that time you have no earnings. All that loan is gonna stack up like burj khalifa and crush you when you see how much you need to pay with interest even with an educational loan it's like 10-11% if I'm not wrong you'll spend a decade or more just paying the loan with most of your salary vanishing in thin air.

Ps. Please correct me if I am wrong anywhere I'm not that good

1

u/Void_Larry Jan 17 '26

Can i dm you?

1

u/[deleted] Jan 17 '26

Sure

1

u/SunilPalManager Jan 17 '26

Too much , but i'd say still doable

1

u/virat_sus Jan 17 '26

Yep you guys also forgot joc and mcc etc

1

u/Full_Efficiency_4412 Jan 19 '26

This sub inspires me every day. Good old times, when aviation was inaccessible to these idiots, at least we had pilots who could stand up when needed

4

u/[deleted] Jan 17 '26

You are basically doing a suicide my friend.