Apply ₹7 Lakh Personal Loan Online with Quick Approval

Get ₹7 Lakh Personal Loan in Minutes

Apply online with quick approval, flexible tenure, and competitive interest rates.

Apply Now

What is a Personal Loan of 7 Lakh?

A Rs 7 Lakh personal loan is financial aid for borrowers who need urgent funds to meet various requirements. Several banks in India allow customers to borrow up to 7 Lakh. The personal loan interest rates are competitive, ranging from 9.95% to 9.99%. This range can extend up to 24%. The rates depend on the customer’s creditworthiness. Use a personal loan of ₹7 lakh to fund your vacation, hospital bills, wedding expenses, tuition fees, and more.

• These are unsecured loans, meaning you don’t need to pledge any assets as security.
• Get quick disbursement of the loan amount by applying through Urban Money.

What are the Benefits of taking a ₹7 Lakh Personal Loan?

A ₹7 lakh personal loan offers a range of features and benefits to help borrowers meet their financial needs. Here are some of the key advantages to consider:

• Flexible Usage: The loan can be used for a variety of personal needs such as debt consolidation, home renovation, education, medical expenses or any other financial requirement.
• Quick Approval and Disbursement: With a streamlined application process, eligible borrowers can receive fast approval and quick disbursal of funds.
• No Collateral Required: Most personal loans are unsecured, meaning you don’t need to provide any assets as security.
• Competitive Interest Rates: Borrowers with good credit can access attractive interest rates. Comparing lenders helps you secure the best rate.
• Improve Credit Score: Timely repayment reflects responsible borrowing and can positively impact your credit score.

How to Calculate ₹7 Lakh Personal Loan EMI?

A personal loan EMI calculator is a convenient tool that helps you determine your monthly instalments without the need for complex manual calculations. Instead of figuring out the numbers yourself, you can use online EMI calculators available on Urban Money. To calculate the EMI (Equated Monthly Instalment) for a personal loan of ₹7 lakhs, we need to consider the loan amount, interest rate, and loan tenure.

Assuming an interest rate of 10% per annum and a loan tenure of 5 years (60 months), here’s how you can calculate the EMI using the formula:

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

Where:

• P = Loan amount (principal)
• R = Monthly interest rate
• N = Loan tenure in months

Let’s plug in the values and calculate the EMI:

Loan amount (P) = ₹7,00,000
Interest rate (R) = 10% per annum (converted to monthly interest rate = 10/12/100 = 0.008333)

Loan tenure (N) = 60 months

EMI = [7,00,000 x 0.008333 x (1+0.008333)^60] / [(1+0.008333)^60-1]

Using a calculator or spreadsheet, the calculated EMI for a ₹7 lakh personal loan with the given parameters will be approximately ₹14,000.

What are the Eligibility Criteria for a ₹7 Lakh Personal Loan?

Before applying for a ₹7 lakh personal loan, it’s important to know the basic requirements that lenders usually look for. These include:

• Age: Between 21 and 60 years old
• Income: A steady and verifiable income is necessary to show that you can comfortably manage monthly instalments.
• Credit Score: A good credit score of 750 and above
• Citizenship: Generally, banks consider the applicant to be of Indian origin.

Get ₹7 Lakh Personal Loan in Minutes

Apply online with quick approval, flexible tenure, and competitive interest rates.

Apply Now

What are the Documents Required for a ₹7 Lakh Personal Loan?

Before you apply for a ₹7 lakh personal loan, it’s important to have all the necessary documents in order. Lenders require these to verify your identity, address, income, and, in some cases, collateral. Being prepared with the right paperwork not only speeds up the approval process but also ensures a smoother and hassle-free experience.

Proof of Identity

• Passport
• Driver’s licence
• Government-issued ID card with photograph and signature

Proof of Address

• Utility bill
• Bank statement
• Any official document showing current address (dated within the last 3 months)

Proof of Income

• Salary slips
• Tax returns
• Documents showing monthly income, including gross earnings and deductions

Collateral (if required)

• Ownership documents of the asset being offered, such as a car, house, or other valuable property

How to Apply for a ₹7 Lakh Personal Loan through Urban Money?

Applying for a ₹7 lakh personal loan is straightforward, especially if you want to manage larger expenses such as home renovations, medical treatment, or debt consolidation.

Steps to apply for a ₹7 Lakh Personal Loan:

• Visit Urban Money’s website and select the personal loan tab from the main menu.
• You will have the option to check your eligibility criteria
• Compare lenders for interest rates, processing fees and repayment options
• Select the lender that best suits your requirements
• Click on “Apply Now” or “Get Loan”
• Fill in your details
• Submit the application and verify your mobile number via OTP
• A representative from Urban Money will contact you for verification
• Once approved, the loan amount is disbursed directly to your bank account, usually within 24-48 hours

*Using an online application ensures quick processing, transparency, and convenience for accessing larger personal loans like ₹7 lakh.

Get ₹7 Lakh Personal Loan in Minutes

Apply online with quick approval, flexible tenure, and competitive interest rates.

Apply Now