₹7 Lakh Personal Loan

A personal loan of ₹7 Lakh can be a practical solution for all financial expenses. These loans come with zero restrictions, so you can use the funds for a variety of reasons.

For instance, a ₹7 Lakh loan with a 3-year tenure at an interest rate of 10% p.a. would result in an EMI of approximately ₹22,587 and a total interest payout of around ₹1,13,133.

Choosing a shorter 1-year tenure would increase the EMI to about ₹61,541 but reduce the total interest to approximately ₹38,493.

This loan type typically features quick approval, minimal documentation and flexible repayment options. You need to select an EMI plan that aligns with your monthly budget, without compromising your long-term financial goals.

Bajaj Markets offers access to a lot of personal loan options from top lenders, such as Kotak Mahindra Bank, YES Bank, and others. Compare multiple loan offers and choose the best one that suits your financial needs:

Your personal loan EMI depends on the repayment tenure you choose. The table below shows how your EMI changes for a ₹7 Lakh loan with a 10% interest rate for different tenures. This will help you plan your repayments effectively:

Refer to the table below to know the fees and charges that various lenders apply to personal loans: 

You can calculate your personal loan EMI using the formula:

EMI = [P x R x (1+R)^N] / [(1+R)^N-1]

Where:

• P = Principal loan amount

• R = Monthly interest rate (Annual interest rate / 12 / 100)

• N = Loan tenure in months

For example, you take a personal loan of ₹7 Lakhs at an interest rate of 10% p.a. for 5 years (60 months). In this case, the EMI will be ₹14,873, the total interest will amount to ₹1,92,376. Therefore, the total amount payable will be ₹8,92,376.

To be eligible for a personal loan of ₹7 Lakhs, you are generally required to meet the following criteria:

• Minimum age of 18 years

• Employment status as a salaried or self-employed individual

• Stable income of at least ₹10,000 per month

• Minimum work experience of 1 year

• A CIBIL score of 750 or higher is preferred
  
  

Alongside this, keep the following documents handy for a smooth loan application process:

Income Proof (Any one of the following):

• Bank statements

• Salary slips for the last 3 months

Address Proof (Any one of the following):

• Aadhaar card

• Voter ID

• Passport

• Utility bills

• Driving licence

Identity Proof (Any one of the following):

• Aadhaar card

• Voter ID

• PAN card

• Driving licence

• Passport

The eligibility and documentation requirements may vary depending on the lender you choose. Ensure to get a complete list of the criteria and documents required before applying for the loan.

To apply for a personal loan, you can follow these step: 

• Click on ‘Apply for a personal loan’

• Fill the application form by entering personal details

• Select a loan amount and tenure 

• Submit the form to complete the application process 

The table below shows the breakdown of EMI payments for the first five months of a ₹7 Lakh loan at 10% p.a. for a 6-month tenure. Over time, the interest component decreases, while a larger portion goes toward repaying the principal, reducing the outstanding balance gradually.

Your CIBIL score, ranging from 300 to 900, is a numeric summary of your financial creditworthiness. Here are how personal loans can affect your CIBIL score and overall profile:

• Pre-approval Impact

When you apply for a personal loan, the lender typically conducts a hard inquiry to assess your credit report. This will be recorded on your credit file and may cause a temporary reduction in your credit score.

• Post-repayment Impact

Repaying a loan on time can boost your credit score, thus showcasing responsible borrowing habits. Consistent, timely payments signal to lenders that you can effectively manage debt, enhancing your creditworthiness.

A personal loan of ₹7,00,000 can fulfil your dreams and needs. It offers financial flexibility to cover a wide range of expenses, including:

• Wedding Expenses

A wedding can be expensive, with costs for the venue, catering, decorations, and photography. A personal loan can help you plan your dream wedding without financial stress. You can also use it for expenses related to guest accommodations, or last-minute bookings. A personal loan of ₹7 Lakhs can make your special day memorable without worrying about money.

• Home Renovation Expenses

If you want to upgrade your home, a personal loan can help. You can use it for painting, remodelling, buying new furniture, or fixing leaks. Instead of delaying repairs due to a tight budget, the loan allows you to improve your home while repaying in small, manageable instalments.

• Education Costs

Higher education can be costly, but a personal loan ensures you or your child don’t miss out on quality learning. It can cover tuition fees, books, accommodation, and exam costs. Whether it's studying abroad or taking a professional course, this loan makes education more accessible without financial burden.

• Medical Emergencies

A personal loan can cover hospital bills, medicines, surgeries, or doctor’s fees. Instead of struggling to arrange money in difficult times, this loan helps you or your loved ones get the best medical care without delays.

• Travel Plans

If you are dreaming of a vacation, a personal loan can make it happen. Whether it's a family trip, international holiday, or adventure getaway, you can use the loan for expenses associated with flights, hotels, sightseeing, and shopping. Instead of waiting for years to save, you can explore new places and make timely repayments later.

• Debt Consolidation

Managing multiple loans and credit card bills can be stressful. A personal loan helps you pay them off, combining all debts into one single one. This reduces your financial burden, improves your credit score, and helps you manage money better by avoiding multiple high-interest payments every month.