SBI Personal Loan: Sometimes life throws expenses at us when we least expect them marriage in the family, sudden medical bills, or even just the desire to renovate the house. In such situations, a personal loan from SBI can feel like a real lifesaver. But the big question always comes up: if you want a loan of ₹6 lakh, how much salary should you have, and what will be the monthly EMI? Let’s talk about it in the simplest possible way.
How Much Salary You Need for ₹6 Lakh SBI Personal Loan
Banks, including SBI, usually check whether you can comfortably repay the EMI before giving you the loan. They generally expect that your EMI should not take away more than 40 to 45% of your monthly income. In simple words, if your EMI is ₹12,000, then your salary should be at least around ₹28,000 to ₹30,000.
For SBI personal loans, the current average interest rate is around 11% per year, and the maximum tenure can go up to 5 years (60 months). So if you plan to take ₹6 lakh, your EMI will depend on how many years you choose to repay it in.
EMI Calculation for ₹6 Lakh Loan
Here is the clear breakdown of the EMI calculation:
| Loan Amount | Tenure | Interest Rate | Monthly EMI (Approx) | Minimum Salary Required |
|---|---|---|---|---|
| ₹6,00,000 | 3 Years (36 months) | 11% | ₹19,628 | ₹45,000 – ₹48,000 |
| ₹6,00,000 | 5 Years (60 months) | 11% | ₹13,043 | ₹28,000 – ₹30,000 |
So if you want to repay quickly in 3 years, the EMI will be almost ₹20,000 a month, which means your salary should be at least ₹45,000. But if you stretch it to 5 years, the EMI drops to around ₹13,000, and then a salary of ₹30,000 is generally enough.
Why Planning the EMI Matters
It’s not just about getting the loan—it’s about making sure the repayment doesn’t pinch your pocket too much. Taking a loan is easy, but repaying it with comfort is what keeps peace of mind intact. Think about it, if your EMI eats up half your salary, how will you manage daily expenses, school fees, or emergencies? That’s why choosing the right tenure is important. A longer tenure means lower EMI but higher total interest paid. A shorter tenure means more pressure every month, but less interest overall.
Conclusion
To get an SBI personal loan of ₹6 lakh, your monthly salary should be somewhere between ₹30,000 and ₹50,000 depending on the repayment period you choose. At 11% interest, the EMI will be around ₹13,000 for 5 years, or nearly ₹20,000 if you close it in 3 years. The right choice depends on your comfort—whether you want smaller EMIs or to clear the loan faster.
Disclaimer: This article is only for educational and general information purposes. The salary requirements and EMI calculations are based on current SBI interest rates, which may change in the future. Please verify the latest details from SBI or consult with a financial advisor before making any decision.