State Bank of Mysore

Trusted Service


To finance individuals who opt for training which require skills needed to join a job/profession. Such courses are generally for durations of up to one year, and are currently not covered under Education Loan.

Courses Eligible- Higher Studies
The scheme is in the form of personal loan secured by Mortgage of Immovable property/Govt. securuties, public sector bonds, NSCs/KVPs/RBI Relief Bonds/Bank's TDR/LIC policies etc., The details of the scheme are given below

Name of the scheme GAGAN MITRA
Eligibility Individuals who undertake a course for training / skill development. Initially this scheme will be restricted to persons joining Commercial Pilot Training courses and Airhostess Training courses in India and abroad, From institutes recognised by the Ministry of Civil aviation / DGCA.
Nature of facility Term Loans with the applicant and Parent / Guardian / Spouse as co-borrowers.

i) Applicant- Minimum 18 years

ii) Co-borrower - Maximum 60 years

Quantum of Loan Maximum of Rs. 20.00 lacs.
Repayment 36 months in equated monthly instalments commencing from one month after date of completion of course. No penal charges would be levied in case of early repayment of loan by borrowers. Accrued interest during the moratorium to be added to the principal.
Interest Type of security Rate of interest %
1 1 Land / Building 0.25% above SBMPLR i.e., 14.50 P.a.
2 Bank's TDRs / STDRs 1% above the rate of interest payable on deposits.

Govt. Securities / Public Sector Bonds / NSCs / KVPs / RBI / Relief Bonds, LIC Policy

0.75 % below SBAR - 13.50%
Processing fee 0.50% of the loan amount to be recovered upfront.

i) Equitable Mortgage of non-encumbered residential house / flat, non-agricultural urban immovable property, commercial or inustrial property in the name and possession of the borrower/co-borrower, i.e., either self-occupied or vacant. Where equitable mortgage is not feasible and the customer is willing to execute a Registered mortgage deed, it can be accepted. OR

ii) Security in the form of Govt. securities / Public sector Bonds / NSCs / KVPs/RBI Relief Bonds / LIC Policy / TDRs of the Bank.

Sl. no Type of security Rate of interest <--Click here for details
1 Land / Building
2 Govt. securities, Public sector Bonds, NSCs, KVPs, Bank Deposits, RBI Relief Bonds
3 LIC Policies
Insurance The property being mortgaged would be insured against the risk of fire / earthquake/lighting/floods etc., in the joint names of the borrower/co-borrower and the Bank for the full market value of the property.
Qualification The minimum qualification required for the above course will be 10+2 and should have secured admission to the training.
Period of course The institutes do not specify period of training. However, the minimum required flying hours should be completed within a miximum of three years. (Which differs from country to country). The License can be procured within a period of 3 years if studied in India and within a period of 2 yaers if studied abroad. In case of Air Hostess training, the period of course is one year.

Contact your nearest Branch of State Bank of Mysore or

Chief Manager
State Bank of Mysore
Personal & Services Banking Department
H .O.: K.G.Road, Bangalore - 560009, INDIA
Phone: 91 80 22353901 to 22353909 ; 22353473.extn.380
91 80 22353467 Fax: 91 80 22283684
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