I faced the same problem with my karizma....
There can be 2 reasons for the noise
1..If it is making the noise and the oil container is empty, than probably its making the noise because when the brake pad is touching the disk.... there is no oil and than it creates some noise...So feel the oil as soon as possible. (Do it immediately it may spoil the brake)
2. It can be that the brakes pad are completely worn and makes sound, when brakes are pressed... check the width of your brake pad...(If they are gone may cost you 1050Rs+)
There are two above reasons for the sound...dont worry the worse thing which can happen is you may need to change the brake pad...
It wont spoil your complete brake if you fix it as soon as possible.
If not may affect your disk, and if you have ridden only for 7k...the possibility of brake pad worn is less.






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