₹7 Lakh Personal Loan

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:

Disclaimer: The details mentioned above are subject to change at the lender’s discretion.

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:

Note: These are approximate values and are meant only for illustration. For actual EMI values, reach out to your lender.

The EMI amount reduces as the tenure stretches. Meanwhile, the total interest charge increases. This leads to a substantial increase in the total repayment costs. Thus, it is essential to carefully pick a tenure that suits your financial needs and preferences.

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

Disclaimer: The mentioned details are subject to change at the lender’s discretion.

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.

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.

Note: These are approximate values and are meant only for illustration. For actual EMI values, reach out to your lender.

Your CIBIL score, ranging from 300 to 900, is a numeric summary of your financial creditworthiness. Here is 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.