⁷ In Him we have redemption [that is, our deliverance and salvation] through His blood, [which paid the penalty for our sin and resulted in] the forgiveness and complete pardon of our sin, in accordance with the riches of His grace

⁸ For it is by grace [God’s remarkable compassion and favor drawing you to Christ] that you have been saved [actually delivered from judgment and given eternal life] through faith. And this [salvation] is not of yourselves [not through your own effort], but it is the [undeserved, gracious] gift of God;