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
| Year | Principal | Interest | Balance |
|---|
Personal Loan EMI Details for INR 7 Lakhs Loan Amount
Loan Amount (In ₹) |
Interest Rate |
Tenure |
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 |
Starts at 10.49% |
|
Starts at 12% |
|
Starts at 27% |
|
Starts at 14% |
|
12% - 36% |
|
Starts at 18% |
|
Starts at 18% |
|
Starts at 14% |
|
Starts at 11% |
|
Starts at 24% |
|
Starts at 13.75% |
|
Starts at 14% |
|
Starts at 1.5% p.m. |
|
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
Your CIBIL score should be 750 or above
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.
Also Check Other Instant Personal Loan Options |
|
Quick Links
- Personal Loan
- Personal Loan EMI Calculator
- Personal Loan Eligibility Calculator
- Personal Loan Interest Rates
- Overdraft Loan
- Personal Loan on Aadhaar Card
- Hybrid Flexi Loan
- Track Personal Loan Application Status
- Personal Loan Without CIBIL Score
- Personal Loan on PAN card
- Persona Loan Documents
- Travel Loan
- Personal Loan for Medical Emergencies
- Pre-approved Personal Loan
- Marriage Loan
- Personal Loan Top up
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Personal Loan by City
- Personal Loan in Bangalore
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- Personal Loan in Delhi
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- Personal Loan in Pune
- Personal Loan in Mumbai
- Personal Loan in Kolkata
- Personal Loan in Coimbatore
- Personal Loan in Jaipur
- Personal Loan in Ahmedabad
- Personal Loan in Indore
- Personal Loan In Gurgaon
- Personal Loan in Nagpur
- Personal Loan in Madurai
- Personal Loan in Surat
- Personal Loan in Trivandrum
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.
