Rs. 7 Lakh Personal Loan

Figuring out how to go about borrowing a personal loan can be an overwhelming process. You need to carefully pay attention to every aspect, to ensure you notice everything. This article outlines all the components of obtaining an INR 7 lakhs personal loan. Read ahead to get a better understanding of how this will fit into your financial needs.

Eligibility for Availing INR 7 Lakhs Personal Loan

The applicant's age, minimum monthly income, CIBIL score, debt-to-income ratio, etc. are all eligibility conditions for obtaining an instant INR 7 lakhs loan. It is mandatory to check all requirements before you can make an application.

• Your age must be between 22 (25 for self-employed) and 65.
• You must be either salaried or self-employed.
• Your monthly income must be at least INR 20,000 if you live in cities other than Mumbai and Delhi.
• Your monthly income must be at least INR 25,000 if you live in Mumbai or Delhi.
• Your CIBIL score must be 750 or above.

You can also use this Personal Loan Eligibility Calculator to quickly see if you meet the requirements.

Features and Benefits of an INR 7 Lakhs Personal Loan

Choosing an INR 7 lakhs loan comes with several advantages that make it a reliable and accessible financial solution for individuals in need of funds. Understanding these features can help you make an informed decision about your borrowing options.

• Flexible Loan Tenure: You can choose a repayment period ranging from 12 to 60 months, allowing you the flexibility to manage monthly outflows. Please note that longer tenures can lead to lower EMIs but result in higher interest costs.
• Quick Approval and Disbursal: SMFG India Credit prioritises swift loan processing and quick disbursement post-approval. This fast access to funds is ideal for urgent expenses such as medical bills, education fees, or home renovations.
• Minimal Documentation: The application process requires only essential and basic documents such as KYC for identity and address, income proof, and financial statements, simplifying the paperwork involved. Clear requirement for both salaried and self-employed applicants makes the process straightforward.
• Competitive Interest Rates: Depending on your credit score and eligibility, interest rates can be as low as 13%* per annum, ensuring that the cost of borrowing is affordable.
• No Collateral Required: Personal loans are unsecured, meaning there is no need to pledge assets such as property or a car, reducing financial risk for borrowers.
• Prepayment Options: If you wish to close your loan early, SMFG India Credit also offers convenient prepayment options, along with a nominal prepayment fee.

These features make our INR 7 lakhs personal loans a viable solution for meeting a range of financial goals.

Personal Loan Interest Rates and EMI

Once you have cleared the eligibility criteria, move on to deciding the particulars of your personal loan.

The fundamental components of a personal loan are the loan amount, interest rate, loan term, and EMI. In this example, we're discussing a loan amount of INR 7 Lakhs. Credit score, applicant age, occupation, and repayment capacity are all factors that influence personal loan interest rates. The typical interest rate ranges from 13%* to 33%* per annum. The applicant chooses the loan tenure, and the exact interest rate is calculated based on the loan amount and tenure. The average loan term ranges from 12 to 60 months.

The INR 7 lakhs personal loan EMI with a term of 52 months and an interest rate of 13%, for example, would be INR 17,678. Try out this personal loan EMI calculator to determine what your EMI will be based on your specifications.

Documents Required for Personal Loan

Here are the basic documents required for a personal loan. Make sure to have digital soft copies of these documents all in one place, so that you can save time while applying.

• PAN Card
• Aadhaar Card (Identity proof)
• Passport (Signature proof)
• Electricity bill (Address proof)
• Past 6-month account statements

Apart from the documents listed above, there are additional specific requirements for salaried and self-employed individuals. Visit SMFG India Credit’s website here for the detailed list of documents required for a personal loan.

How to Apply for INR 7 Lakhs Personal Loan?

SMFG India Credit’s application structure is optimised for a quick and smooth procedure for borrowers. After you have gathered all the documents, your personal loan is only a few clicks away, if you pass the eligibility criteria.  

Use “Apply Now” link to begin your application. Enter your mobile number and complete the OTP verification. After that, enter your loan requirements. The next step is to upload your documents, and then wait for an update from SMFG India Credit about the status of your loan approval. 

You can also check out SMFG India Credit’s concise guidelines on how to apply here. Scroll down and click on “How to Apply”, which is the last tab below the “Features & Benefits of Personal Loan” section.

Conclusion

Visit SMFG India Credit's website and go through the personal loan process to learn more. Furthermore, the loan is disbursed within 30 minutes* following loan approval. Because the loan terms are flexible, you can select a loan repayment schedule that best meets your financial circumstances. Visit SMFG India Credit today, for FAQs, tools and calculators, and an overview of obtaining a personal loan.

* Please note that loans are disbursed at the sole discretion of SMFG India Credit. Final approval, loan terms and disbursal process will be subject to SMFG India Credit's policy at the time of loan application. If you are an existing customer and wish to foreclose your loan, please note that foreclosure terms and charges will be applicable as per our policy at the time of loan foreclosure.

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