Introduction
When unexpected expenses arise—whether it’s medical bills, wedding costs, higher education, or home renovation—personal loans become a go-to option for many. Among the most trusted banks in India is State Bank of India (SBI), which offers affordable personal loans with flexible repayment terms.
In this blog, we’ll break down:
- How much salary you need to qualify for a ₹10 Lakh SBI personal loan.
- The exact EMI calculation for ₹5 Lakh over 7 years.
- Loan eligibility, interest rates, repayment options, and tips to get approval quickly.
This guide is written in simple English so anyone, including US readers curious about Indian banking, can understand how SBI personal loans work.
How Much Salary Do You Need for a ₹10 Lakh SBI Personal Loan?
SBI decides your eligibility based on your monthly salary, repayment capacity, and credit score.
- For a ₹10 Lakh loan, you typically need a minimum monthly income of ₹30,000 – ₹40,000.
- However, if you live in metro cities like Delhi, Mumbai, or Bangalore, the requirement may be slightly higher (₹45,000+).
- Your EMI should not exceed 40–50% of your take-home salary, which is why income plays a big role.
Quick Example:
If your EMI comes to around ₹16,500 (for 7 years at ~11% interest), your monthly salary should be at least ₹35,000–₹40,000 to qualify.
EMI on a ₹5 Lakh SBI Personal Loan for 7 Years
The EMI (Equated Monthly Instalment) depends on loan amount, tenure, and interest rate.
- Loan Amount: ₹5,00,000
- Tenure: 7 years (84 months)
- Interest Rate (Approx): 11% per annum
EMI Calculation: Around ₹8,600 – ₹8,700 per month.
Total Repayment: ₹7.25 Lakh approx.
Interest Outgo: ₹2.25 Lakh approx.
This shows how longer tenures reduce EMI but increase overall interest.
SBI Personal Loan Eligibility Criteria
To apply successfully, you should meet the following:
- Age: 21 to 60 years
- Employment Type: Salaried, self-employed, or pensioner
- Monthly Salary: ₹15,000+ (higher for larger loan amounts)
- Credit Score: 700+ preferred
- Employment Stability: Minimum 2 years of work experience
Key Features of SBI Personal Loan
- Loan amount up to ₹20 Lakh
- Flexible tenure from 1 to 7 years
- Attractive interest rates starting around 10.65%
- Quick processing for salaried and existing SBI customers
- No hidden charges and easy online application
READ MORE HERE:
Tips to Improve Approval Chances
- Maintain a high credit score (750+).
- Keep existing debts low to reduce FOIR (Fixed Obligation to Income Ratio).
- Opt for a longer tenure if you want smaller EMIs.
- Apply online to get instant eligibility checks.
- Add a co-applicant if your income is low.
FAQs
1. Can I get a ₹10 Lakh loan on a ₹30,000 salary?
Not usually. You may need at least ₹40,000–₹45,000 salary for ₹10 Lakh approval.
2. What is the EMI for ₹10 Lakh for 5 years?
At ~11% interest, EMI would be around ₹21,800.
3. Can I prepay or foreclose my SBI personal loan?
Yes, SBI allows part-payment or foreclosure with minimal charges.
4. What is the minimum salary for an SBI personal loan?
₹15,000–₹20,000 per month, but higher loan amounts need higher income.
5. Is SBI personal loan available without collateral?
Yes, it is completely unsecured (no collateral required).
Disclaimer: This article is for general information only. The interest rates and terms mentioned in it depend on the policies of the bank . These may change from time to time. Before taking any type of loan, get complete information from your bank.