An INR 7 lakhs personal loan can be a smart financial choice when you're looking to cover significant life expenses, be it a home makeover, higher education, medical treatment, or wedding planning. With online loan applications now more accessible than ever, securing an INR 7 lakhs loan is fast, convenient, and requires minimal paperwork.
Let’s learn how to calculate the INR 7 lakhs personal loan EMI, the eligibility conditions, and other key details to help you make an informed decision.
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.
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.
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.
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.
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.
Personal loans are unsecured, meaning there is no need to pledge assets such as property or a car, reducing financial risk for borrowers.
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.
To apply for a personal loan of INR 7 lakhs, SMFG India Credit has clear eligibility conditions. It is mandatory to check all requirements before you make an application.
Here's what you’ll need:
*Please note that this is only the basic eligibility criteria for an INR 7 lakhs loan. The final eligibility will depend on several factors, including SMFG India Credit’s policy at the time of loan application.
Applying for an INR 7 lakhs personal loan is simple, provided you have the necessary documents in place. These allow the lender to assess your creditworthiness and verify your identity and financial background.
*Please note that additional documents may be requested depending on your individual profile and SMFG India Credit’s policy at the time of application.
Before applying for an INR 7 lakhs loan, it's important to understand the fees and charges involved. SMFG India Credit prioritises transparency, so you have a clearer picture of the total cost of the loan. Reviewing these fees can help you make better borrowing decisions and avoid surprises later.
Here’s a quick look at the common fees and charges:
|
Fees & Charges |
Amount Chargeable |
|
Personal Loan Interest Rate |
Starting at 13%* per annum |
|
Processing Fee |
Up to 5% of the total loan amount + GST |
|
Late Payment Charges |
Up to 3% per month (36% per annum) on overdue amount calculated on a day-to-day basis, payable from the relevant due date till the date of actual payment. |
|
Cheque/ECS/NACH Dishonour Charges (per dishonour of cheque/ECS/NACH per presentation) |
Rs. 300 to 1000 |
|
Loan Cancellation Charges (loan cancelled before the first EMI) |
Rs. 1000 - 2500 |
|
Loan Tenure |
Up to 60 months |
When taking a personal loan, it’s important to ensure that your monthly repayments align with your income and financial commitments. Using an online EMI calculator is one of the easiest ways to estimate your INR 7 lakhs personal loan EMI for different tenures and interest rates.
This helps you make an informed decision, whether you’re opting for a shorter tenure to save on interest costs or planning a longer INR 7 lakhs loan EMI for 5 years to keep monthly payments lower.
Below is an approximate breakdown of EMIs for an INR 7 lakhs loan at a 13% annual interest rate:
|
Loan Amount (INR) |
Interest Rate (p.a.) |
Tenure (Years) |
EMI (INR) |
|
7 lakhs |
13% |
1 |
62,522 |
|
2 |
33,279 |
||
|
3 |
23,586 |
||
|
4 |
18,779 |
||
|
5 |
15,927 |
Disclaimer: These are approximate EMI calculations; actual numbers may vary.
An INR 7 lakhs personal loan is highly versatile and can be used for various financial needs without requiring collateral. Below are some practical uses:
With a personal loan for travel, you can cover all your trip expenses, such as flights, hotels, and more, without disrupting your savings.
A wedding loan can ease the burden of large-scale event expenses like décor, catering, or jewellery.
Fund domestic or international studies through a personal loan for higher education, covering tuition, materials, and travel costs.
A personal loan for home renovation lets you upgrade your space, whether it’s new furniture, flooring, or fittings.
In unexpected situations, a personal loan for medical emergencies helps manage hospital bills and urgent treatments.
Simplify your finances with a debt consolidation loan, which merges multiple EMIs into a single, manageable payment with a potentially lower interest rate.
A personal loan for women supports entrepreneurs or professionals looking to fund business growth, education, or personal goals.
Use a personal loan for shopping to cover large purchases – electronics, appliances, or gadgets – without upfront financial strain.
If you're self-employed, a personal loan for self-employed individuals helps manage working capital or expansion expenses.
SMFG India Credit’s application structure is optimised for a quick and smooth procedure for borrowers:
Whether you're planning a major event or handling an unexpected expense, an INR 7 lakhs personal loan can offer the financial support you need, without compromising your savings. With thoughtful planning and a suitable repayment structure, you can manage large expenses with ease and confidence. Careful preparation can go a long way in making your loan experience stress-free and manageable. Apply online today!
* 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.
The EMI will depend upon your loan tenure and the interest rate.
Example: The EMI for a loan of INR 7 lakhs, assuming a term of 52 months and an interest rate of 13%* per annum, would be INR 17,678.
You can use this personal loan EMI calculator to determine what your EMI will be based on different tenures and interest rates.
If you are a salaried employee, then your monthly income must at least be INR 20,000 if you live in any city other than Mumbai and Delhi, and at least INR 25,000 if you live in Mumbai or Delhi. For self-employed individuals, the minimum annual turnover or yearly profit after taxes will be calculated according to the nature of the profession or domain of work. Please note that the business must have been in existence for at least 3 years.
A CIBIL score ranges between 300 to 900. The closer you are to 900, the better your chances for loan approval (along with other eligibility criteria). The minimum CIBIL score required is 750.
Yes, you can get a personal loan of INR 7 lakhs without collateral, as it is an unsecured loan.
You can take our personal loan for a variety of reasons.
Wedding Expenses
Higher Studies
Exotic Vacations
Hobbies
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