Join WhatsAppSBI Bank Personal Loan: Sometimes life throws sudden expenses at us a medical emergency, kids’ education, marriage, or even home renovation. Not everyone has big savings ready. And that’s when a personal loan from SBI feels like a helping hand. But the first question that comes in everyone’s mind is Kitni salary par loan milega? How much do I need to earn to get ₹6 lakh approved?”
Minimum Salary Required for SBI Personal Loan
SBI usually looks for a minimum monthly salary of ₹15,000–20,000, but the exact loan approval depends on your job type, repayment capacity, and credit score. For a ₹6 lakh loan, banks generally prefer that your EMI should not cross 40–45% of your monthly income.
That means if your EMI comes to around ₹13,000–14,000 per month, then your monthly salary should be at least ₹30,000 or more for smooth approval.
EMI Calculation for ₹6 Lakh Loan
Now, let’s calculate how much EMI you’ll actually pay. SBI personal loan interest rate usually ranges between 11%–13% per annum. To keep it realistic, let’s take 11% interest for 5 years (60 months).
| Loan Amount | Interest Rate | Tenure | Monthly EMI | Total Interest | Total Repayment |
|---|---|---|---|---|---|
| ₹6,00,000 | 11% | 5 Years (60 months) | ₹13,042 | ₹1,82,520 | ₹7,82,520 |
So, if you borrow ₹6 lakh, you’ll repay around ₹7.82 lakh in 5 years, out of which ₹1.82 lakh is just interest.
Processing Fees and Other Charges
SBI charges a processing fee of around 1.5% of loan amount + GST. For ₹6 lakh, that comes close to ₹9,000 (plus GST). Always keep this in mind before applying, because this is deducted upfront.
A Small Example You Can Relate To
Imagine your salary is ₹35,000 per month. Out of that, around ₹13,000 will go as EMI. You’ll still have ₹22,000 left for household expenses and savings. Manageable, right? But if your salary is only ₹20,000, then paying ₹13,000 EMI will be impossible. That’s why salary matters so much for loan approval.
Conclusion
Getting a ₹6 lakh personal loan from SBI is not too difficult if you have a stable job, good credit score, and a salary above ₹30,000 per month. Your EMI will be around ₹13,000 for 5 years, which is manageable for middle-class families. Just remember to calculate interest and processing fees properly, so you don’t face surprises later.
Disclaimer: This article is only for educational and general knowledge purposes. Loan interest rates and charges may change from time to time. Please confirm all details from the official SBI website or branch before making any financial decision.