The State Bank of India (SBI) gives personal loans up to ₹35 lakh. This money can be used for many needs like wedding costs, medical bills, home renovation, or paying off other loans. The best part is, you do not need to give any property as security.
The loan amount, interest rate, and repayment time depend on your income and profile. Before applying, it is important to know the EMI and salary requirement. This will help you check if you can repay the loan without stress.
How EMI is Calculated
EMI means Equated Monthly Installment. It is the fixed amount you pay every month until your loan is fully repaid.
The EMI depends on three things: loan amount, interest rate, and loan tenure. SBI charges an interest rate between 9.60% and 15% yearly. The exact rate depends on your credit score, job type, and relationship with the bank. The loan tenure can be up to 7 years (84 months).
For example, if you take ₹35 lakh at 12% interest for 5 years, the EMI will be higher. But if you take the same loan for 7 years, the EMI will be lower, though you will pay more interest in total.
Monthly EMI Examples
Here is an example of EMIs for a ₹35 lakh loan at 12% interest:
| Loan Tenure | Approximate EMI |
| 3 years | ₹1,16,000 |
| 5 years | ₹77,700 |
| 7 years | ₹59,200 |
These are sample figures. Actual EMI may change based on your profile and exact rate.
Salary Requirement for SBI Personal Loan
SBI has a minimum salary rule for large loans. This is because higher loans mean higher EMIs.
Usually, banks want EMIs to be less than 40% to 50% of your monthly salary. So, if your EMI is around ₹60,000, your salary should be between ₹1,20,000 and ₹1,50,000 per month. This ensures you can pay EMI without affecting your other expenses.
Why Salary is Important
Salary shows the bank your repayment ability. A high salary means financial stability and less chance of default.
People with stable jobs in good companies often get better interest rates and quick approvals. Self-employed people can also apply, but they may need to show more documents.
Other Factors That Affect Eligibility
Apart from salary, these things also matter for your loan:
- Credit score: A high score can get lower interest.
- Existing loans: Too many debts can reduce your chance.
- Age and job: Young and permanent employees are preferred.
- Relationship with SBI: Old customers may get quick approval.
Tips to Manage EMI Easily
Taking a loan of ₹35 lakh is a big decision. You must plan properly.
Choose a tenure that balances EMI and interest. A longer tenure gives lower EMI but higher total interest. Always pay EMIs and bills on time to keep a good credit score. Make a budget and keep an emergency fund for safety.
How to Apply for SBI ₹35 Lakh Loan
You can apply online through SBI’s website or visit a branch. You must fill a form and submit documents like ID proof, address proof, income proof, and job details.
SBI will check your credit score and verify your information. If you are an SBI customer with good credit, approval can be faster.
Conclusion
A ₹35 lakh personal loan from SBI can help in many big expenses. But before applying, check your salary, EMI, and repayment ability. Plan your budget carefully and select a suitable tenure. With the right preparation, SBI personal loan can be a safe and useful option.
Disclaimer
This information is for general use only. It is not financial advice or a loan offer. SBI may change interest rates, loan terms, and eligibility rules anytime. Always confirm details with SBI before applying. Your personal eligibility may be different.
FAQs
What is the maximum SBI personal loan?
Up to ₹35 lakh.
What is the maximum tenure?
7 years.
What is the interest rate?
Between 9.60% and 15%.
Is collateral needed?
No.
How to apply?
Online or at SBI branch.