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Funding opportunities at KBC

Responsible for credit applications

Godwin De Groef
Office Manager KBC De Haan
Tel 059 24 23 55
Fax 059 24 23 51
E-mail : godwin.degroef@kbc.be

Financing

• Up to 100% of the costs can be borrowed from KBC Bank.
  
There is no condition to own resources
• Is legally, completely under consumer legislation (privacy)

Credit modalities 

The financing is in the form of an overdraft facility (authorised debit balance on an account):

• Loan Amount: determined in function of the credit requirement.
Minimum loan amount is 5,001 euros.
• Maximum duration of the credit: 60 months.
• The line is authorised in joint ownership and is linked to a current account in the name of the student and both parents (ie parents act as solidary debtors).
• Fee: basic tariff for standard overdraft facility - 6%. This means that today you can borrow at 4.27% (= exceptional rate applicable only for such pilot programs and that was established within KBC for training programs provided in a recognized Belgian flying school)
• The interest is calculated quarterly and charged to the current account. The student / parents themselves are accountable for the payment and monitoring of invoices to be paid to the flight school.

Once the student in question graduates and works as a pilot or in other fulltime job, this overdraft facility might be converted into an installment loan on his / her name only, with a fixed term of x number of years (maximum 10 years) and fixed monthly repayments of capital and interest. Rate for this loan is based on the prevailing market rate +
margin of 2% (= also an exceptional tariff agreement within KBC)

Required guarantees

• Both parents are acting as co-borrowers and are therefore jointly liable for the total amount of credit. A wage assignment is required as a basic guarantee.
• A loan balance insurance will be arraged by KBC Insurance covering eventual death of the student, so that the outstanding loan amount is fully refunded to KBC Bank. Annual premium is approximately 150 euros (depending on age)
• An optional Aviabel-policy: insurance Aviabel is the only company in Belgium providing trainees with coverage for failure in his training, due to accident, illness or natural reduction of the sensory faculties, leading to discountinue the training. (www.aviabel.be)

Each application is evaluated individually, depending on the personal situation of the borrower and his / her parents, and might possibly involve deviations from the presented procedure. Thus, a third person can act as co-borrower or additional guarantee could be required for reasons of solvency.

What you need to bring to sign a contract with the bank

Parents should come along.

• Identity
• Payslips (income statement + tax declaration) of the parents
• Contract OAC
• Medical examination
• Credit rating (movable and immovable)
• Proper amount which will be borrowed