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A personal loan is a type of unsecured loan that can be used for various personal expenses such as home renovations, medical bills, travel expenses, etc.  A  personal loan of ₹ 7 Lakh  is available at 10.49% interest rate with minimal documentation and budget-friendly EMIs.

Purpose of a ₹7 Lakh Personal Loan

₹7 Lakh loan can fulfil various fund requirements depending upon your necessity and priority list. However, one of the major advantages of a personal loan is that there is no specific restriction or guideline on the usage of the loan amount. Thus enabling you to spend or use the loan amount as per your requirement and comfort. Some of the purposes that ₹ 7 Lakh personal loan generally serves include -

  • Wedding Expenses

  • Repayment of Debts

  • Education (includes fees and other expenses)

  • Vacation

  • Renovation of the House or Office

  • Medical Emergency

  • Purchase of an Appliance or Household Item

  • Purchase of any Assets

  • Downpayment of any Investment

  • Debt Consolidation

Calculate EMI

Loan Amount
  • Months
  • Years
Rate of Interest

Monthly EMI

at % interest rate for months

Total Amount Payable
Principal Amount
Total Interest
Year Principal Interest Balance

Personal Loan EMI Details for INR 7 Lakhs Loan Amount

Loan Amount (In ₹)

Interest Rate
(in % per annum)

(In Years)

Monthly Installments (EMI In ₹)

7,00,000 10.75 1 61786
7,00,000 10.75 2 32544
7,00,000 10.75 3 22834
7,00,000 10.75 4 18007
7,00,000 10.75 5 15133

Interest Rates for a ₹7 Lakh Personal Loan

The personal loan interest rate applicable is one of the most important aspects of any loan application. The interest rate determines the monthly instalment amount and the total loan value.

Before applying for a ₹7 Lakh personal loan, you can use an EMI calculator for determining a personal loan EMI amount. The EMI calculator will help you assess the monthly instalment amount in correlation to your budget and affordability.

There are many banks, and NBFCs that offer affordable personal loan schemes, but you must carefully select your lending institution. Bajaj Markets has tied up with partners who offer personal loans starting at 10.49% enabling budget-friendly monthly instalments.

Check out the table below to find out the interest rates of some of the partners of Bajaj Markets.

Lending Partners

Interest Rate

Axis Bank

Starts at 10.49% 

Bajaj Finance Limited

Starts at 12% 


Starts at 27% 


Starts at 14% 

SMFG India Credit

12% - 36%

IIFL Finance

Starts at 18% 


Starts at 18% 


Starts at 14% 

L&T Finance

        Starts at 11% 


Starts at 24% 

Muthoot Finance

Starts at 13.75% 

PaySense Partners

Starts at 14% 


Starts at 1.5% p.m.

YES Bank

Starts at 10.70% 

**The interest rates are subject to change with lending institutions' norms and policies.

Eligibility Criteria for a ₹7 Lakh Personal Loan

To avail of the benefit of ₹ 7 lakhs personal loan, there are certain eligibility parameters that one must fulfil to ensure seamless and hassle-free loan approval -

  • You must be a resident of India

  • You must be between 18 -65 years of age

  • You must have a stable source of income

Documents Required for a ₹7 Lakh Personal Loan

You can quickly get your loan application approved with the submission of certain mandatory documents mentioned below -

  • Passport-size photographs

  • Identity Proof - Aadhaar card, PAN card, etc.

  • Address Proof - Passport, Utility bills, etc.

  • Income Proof - Salary slips, bank statements, etc.

How to Apply for a Personal Loan of ₹ 7 Lakhs?

The answer to ‘I need 7 Lakh rupees urgently’ is an online loan application procedure. You can apply online for a personal loan from anywhere at any point in time, even during emergencies. 

Bajaj Markets renders digital application procedure with instant fund disbursal on loan approval.

Follow these quick and simple steps to apply online for a ₹ 7 Lakh personal loan -

  • Click on ‘APPLY NOW’ on this page.

  • Fill in all the personal and professional details in the application form

  • Mention the loan amount and loan tenure 

Once the authentication and verification procedure is completed, the loan amount will be sanctioned.

FAQs on a ₹7 Lakh Personal Loan

The ₹7 Lakh personal loan EMI amount is determined by taking loan tenure and applicable interest rate into consideration.

A stable source of income is one of the eligibility parameters to avail of a personal loan. The minimum salary requirement for a ₹7 Lakh loan is usually ₹15,000, however, it differs with norms and policies of the lending institution.

The ideal credit score to avail of a ₹7 Lakh personal loan is 750 or above, however lending institutions sanction loans to applicants with a low credit score as well. Applicants with low credit scores are charged higher interest rates.

Yes. Many lending institutions offer ₹7 Lakh personal loans without any collateral, however, you must have a stable source of income to prove your repayment capacity.

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