Calculate Personal Loan EMI

`
50,00030,00,000
Months
12 Months60 Months

Assuming annual interest rate of 13

Calculated EMI*   6,642  Apply For Loan

Loans Upto ` 30 Lakh*

Quick Disbursal

Minimal Documentation

Flexible Tenure

INR 7 Lakhs Personal Loan

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.

Features & Benefits of an INR 7 Lakhs 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.

Eligibility Criteria for an INR 7 Lakhs Personal Loan

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:

  • Age
    You must be between 22 (25 for self-employed) and 65. Note that the age should not be more than 65 at loan maturity.
  • Employment Type
    Salaried professionals in private or government organisations and self-employed individuals can apply for an INR 7 lakhs personal loan.
  • Minimum Income
    Your monthly income must be at least INR 25,000 if you live in Mumbai or Delhi (INR 20,000 for any other Indian city). If you’re self-employed, you must meet the minimum threshold for annual turnover or yearly profit after taxes, depending on the nature of the industry or domain of work.
  • Credit Score
    A CIBIL score of 750 or higher is mandatory.
  • Work Experience
    Salaried applicants must have at least 1 year of total work experience, with 6 months in the current role. Self-employed applicants must have been running a business for at least 3 years.
 

*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.

Documents Required for Personal Loan of INR 7 Lakhs

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.

Essential documents include:

  • PAN card
  • Identity Proof - Aadhaar card, passport, voter ID, or driving licence
  • Address Proof - Aadhaar card, utility bills, passport, or rental agreement
  • Bank statements for the past 6 months

For Salaried Individuals:

  • Last 3 months’ salary slips
  • Form 16 or ITR

For Self-Employed Individuals:

  • ITRs and financials (balance sheet and profit and loss account, income computation) for the last 2 years
  • Business Proof - Registration certificate, GST number
 

*Please note that additional documents may be requested depending on your individual profile and SMFG India Credit’s policy at the time of application.

Fees and Charges for an INR 7 Lakhs Personal Loan

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

INR 7 Lakhs Personal Loan EMI Options for 1-5 Year Tenures

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.

Uses of an INR 7 Lakhs Personal Loan

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:

Travel or Vacation

With a personal loan for travel, you can cover all your trip expenses, such as flights, hotels, and more, without disrupting your savings.

Wedding Expenses

A wedding loan can ease the burden of large-scale event expenses like décor, catering, or jewellery.

Higher Education Expenses

Fund domestic or international studies through a personal loan for higher education, covering tuition, materials, and travel costs.

Home Renovation or Improvement

A personal loan for home renovation lets you upgrade your space, whether it’s new furniture, flooring, or fittings.

Medical Emergencies

In unexpected situations, a personal loan for medical emergencies helps manage hospital bills and urgent treatments.

Debt Consolidation

Simplify your finances with a debt consolidation loan, which merges multiple EMIs into a single, manageable payment with a potentially lower interest rate.

Supporting Women’s Goals

A personal loan for women supports entrepreneurs or professionals looking to fund business growth, education, or personal goals.

Purchasing Big-Ticket Items

Use a personal loan for shopping to cover large purchases – electronics, appliances, or gadgets – without upfront financial strain.

Small Business or Startup Funding

If you're self-employed, a personal loan for self-employed individuals helps manage working capital or expansion expenses.

How to Apply for an INR 7 Lakhs Personal Loan from SMFG India Credit

SMFG India Credit’s application structure is optimised for a quick and smooth procedure for borrowers:

  1. Enter a Few Key Details
    Provide essential details such as your mobile number, PAN, pincode, and employment type (salaried or self-employed) to proceed.
  2. Verify Your Mobile Number
    Authenticate your mobile number by entering the 6-digit OTP sent to your device.
  3. Add Personal Information
    Submit your email address, date of birth, gender, and annual household income. Ensure that you verify your email ID.
  4. Provide Employment Information
    For salaried applicants, input your employment details in this step.
  5. Submit Bank Statement
    Kindly upload your bank statement or share it via Net Banking or an Account Aggregator. Based on the submitted details, we'll generate a loan offer (applicable only to salaried individuals).
  6. Verify Your Identity
    Complete identity verification by taking a selfie and submitting address details through CKYC, Offline Aadhaar XML-based KYC, or DigiLocker.
  7. Provide Your Bank Account Details
    Enter your bank account information for verification purposes.
  8. Enter Additional Details
    Fill in the ‘Additional Details’ section with information including the purpose of the loan, marital status, father’s name, and mother’s maiden name.
  9. Set Up E-NACH for Re-payment
    Choose your preferred mode of re-payment, either debit card or internet banking, and finalise the E-NACH setup.
  10. Digitally Sign the Loan Agreement
    Review the loan agreement thoroughly, sign it digitally to acknowledge the terms and conditions, and validate the 6-digit OTP sent to your registered mobile number to complete the process.
    Following these simple steps will bring your financial objectives within closer reach.

Get Your INR 7 Lakhs Personal Loan – Quick, Easy, Reliable

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!

Apply for Personal Loan

Page also available inहिन्दी - Hindi

* 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.

FAQs

What is the EMI amount for a loan of INR 7 lakhs?

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.

What is the minimum salary for an INR 7 lakhs loan?

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.

How much credit score do I need for an INR 7 lakhs personal loan?

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.

Can I get an INR 7 lakhs loan without collateral?

Yes, you can get a personal loan of INR 7 lakhs without collateral, as it is an unsecured loan.

What is the interest rate levied on an INR 7 lakhs personal loan?

Our personal loan interest rates start from 13%* per annum, with the final rate tailored to your credit profile and eligibility.

What is the processing time for an INR 7 lakhs personal loan?

SMFG India Credit is committed to fast loan processing, but the exact time can vary depending on eligibility, documentation accuracy, and whether the application is submitted online or offline.

Can I avail INR 7 lakhs loan without income proof?

No, income proof is mandatory to apply for an INR 7 lakhs personal loan. It enables the lender to evaluate your repayment capacity and financial stability.

Can I avail INR 7 lakhs loan without documents?

No, an INR 7 lakhs loan cannot be sanctioned without basic documents such as identity proof, address proof, and income proof.

What are the eligibility criteria for an INR 7 lakhs personal loan?

To qualify for an INR 7 lakhs personal loan, you typically need to fall within the lender’s age limits and meet minimum requirements for income, work or business experience, and credit score. Click here to view SMFG India Credit’s detailed eligibility criteria.

How long does it take to get approval for an INR 7 lakhs personal loan?

An initial decision is usually provided within minutes when you apply online with SMFG India Credit. However, the final approval and disbursement durations can differ based on eligibility, document accuracy, and the chosen application method (online or offline).

What is the repayment tenure for an INR 7 lakhs personal loan?

SMFG India Credit offers repayment tenures ranging from 12 to 60 months for an INR 7 lakhs personal loan, giving you the flexibility to select a tenure that aligns with your monthly income and cash flow needs.

How to get a loan of INR 7 lakhs?

You can apply by completing the online application, uploading the required documents, and waiting for approval. The process is simple and designed for quick turnaround.

Can I get an INR 7 lakhs personal loan instantly?

If you meet the eligibility criteria and submit accurate documents, you may receive fast approval and disbursal. However, offline applications or higher-value loan requests may take longer to process.

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Reasons to buy

You can take our personal loan for a variety of reasons.

Wedding Expenses

Wedding Expenses

Higher Studies

Higher Studies

Exotic Vacations

Exotic Vacations

Hobbies

Hobbies

 

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