I m using Lenovo a7000, and I updated it to marshmallow. To increase memory for apps I formatted my SD card as internal memory. Phone started crashing so I decided to factory set it. I removed the memory card and factory restored the phone. When I reinserted the memory card it told me to format the SD card to make it work. Connected my SD card to PC, which also says to format SD card. I have a lot of data in it. Is there a way to save my data?
No... You have factory reset the device which deleted the unlock key that would have given you any hope of recovering this data. The data was encrypted and unlock code was stored on the device, which you factory reset and erased everything. Your SD card was "internal storage" which was erased, the fact it was removed from the device isn't relevant because even technically the data is there it isn't recoverable by any means.