What is a Doctor Loan?

A doctor loan is a unique offering designed to help medical professionals meet various planned and unexpected expenses. It is a collateral-free mode of finance, with easy-to-meet eligibility requirements.

You can get a Bajaj Finserv Doctor Loan of up to Rs. 55 lakh by completing an online application that takes just 5 minutes. The loan amount is transferred to you within 48 hours* of your application being approved.

*Terms and Conditions apply

Types of Doctor Loans at Bajaj Finserv

 

Flexi Term Loan

Let's say you get a Rs. 8 lakh loan with a term of 24 months. For the first six months, you pay the EMI on time. At this point, you should have paid back about Rs. 2 lakh plus interest.

Now, you need another 3 lakh rupees. You can take money out of your Flexi Term Loan account by signing in to My Account. Let's say that three months from now, you decide to pay off a part of your loan. Sign in to My Account once more and make the payment.

Your interest has been changed automatically all along, and you are only paying interest on what is now due.

A modern medical practice needs to be flexible and dynamic when meeting its expenses. A Flexi Term Loan is great for such expenses.

 

Flexi Hybrid Loan

This alternative variant performs the same functions as the Flexi Term Loan. The key contrast is that your EMI will only consist of the applicable interest throughout the loan's first period, which may vary based on the loan's tenure.

Click here for a detailed description of how the Flexi Hybrid Loan works.

 

Term Loan

This is a standard doctor loan. You obtain a loan for a specific amount, and the principal and interest are then divided into equal monthly payments.

Foreclosure of your term loan before the end of your loan tenure and partial repayment both carry fees.

Why choose Bajaj Finserv Doctor Loan?

3 unique variants

Choose the loan type that best fits your needs: Term Loan, Flexi Term Loan, or Flexi Hybrid Loan.

No part-prepayment charge on Flexi variants

Repay part of your loan with no additional charges when you choose a Flexi Term Loan or a Flexi Hybrid Loan. Read about Flexi Hybrid Loan

Loan of up to Rs. 55 lakh

Get funds up to Rs. 55 lakh to manage both big and small expenses.

Convenient tenures of up to 8 years

Repay the loan in manageable EMIs with long tenures spanning from 12 to 96 months.

Money in your account in 48 hours*

Get the money in your bank account within 48 hours* or even on the day of loan approval.

No hidden charges

All fees and charges are listed here and in the loan agreement. Please read these carefully before applying.

No collateral needed

You do not have to submit any assets as collateral to get this loan. You do not need a guarantor, either.

End-to-end online application process

Apply for this loan in minutes, at any time that suits your convenience. *Terms and Conditions apply

How to Apply for a Bajaj Finserv Doctor Loan in India?

1.        Click on ‘APPLY on this page to open the online form.

2.       Enter your 10-digit mobile number and verify it with the OTP sent to your phone.

3.       Fill in your basic personal and professional details.

4.       Click on ‘PROCEED’ to visit the loan selection page.

5.       Enter the loan amount that you need and select one of our three doctor loan variants –Term, Flexi Term, and Flexi Hybrid.

6.       Choose the repayment tenure and click on ‘PROCEED’.

7.       Complete your KYC and submit the application.

Our representative will guide you on the next steps. The loan amount will be transferred to your bank account on the successful verification of your documents.

Eligibility Criteria for a Bajaj Finserv Doctor Loan

Any doctor who satisfies the four requirements listed below may apply for our doctor loan. To complete the application procedure, you will also require some basic documents.

 

These criteria are:

    Nationality: Indian

    Age: 25 years to 72 years*

    CIBIL Score: 685 or higher

    Medical registration: Degree to be registered with the medical council

*You should be 72 years or younger, at the end of the loan tenure. 

Documents Required for Bajaj Finserv Doctor Loan

  • KYC documents: Aadhaar/PAN card/passport/voter’s ID
  • Medical registration certificate

 Fees and charges Applicable on Bajaj Finserv Doctor Loan :

 

Type of fee

Applicable charges

Rate of interest

11% to 18% p.a.

Processing fees

Up to 2.95% of the loan amount (inclusive of taxes).

Bounce charges

Rs. 1,500 per bounce.

Penal interest

In case of any delay in payment of the monthly instalments, you will be charged a penal interest at the rate of 3.50% per month on the monthly instalment/ EMI outstanding from the date of default until the receipt of the monthly instalment/ EMI.

Part-prepayment charges*

4.72% inclusive of the taxes on part-payment amount paid.

Stamp duty

At actuals (as per state).

Mandate rejection charges

Rs. 450 per month from the first month of due date for mandate rejected by customer’s bank until the new mandate is registered.

Annual maintenance charges

Flexi Term Loan - 0.295% inclusive of applicable taxes on the total withdrawable amount.

Flexi Hybrid Loan – 0.59% inclusive of applicable taxes on the total withdrawable amount during initial loan tenure and 0.295% inclusive of applicable taxes during subsequent loan tenure.

Foreclosure charges

Term Loan – 4.72% inclusive of applicable taxes on the principal outstanding amount as on the date of such full pre-payment.

Flexi Term Loan and Flexi Hybrid Loan – 4.72% inclusive of applicable taxes on total withdrawable amount (total loan amount that you can withdraw under Flexi variants from time to time as per the repayment schedule on the date of levy of such charges).

 

*Part-prepayment should be more than one EMI.

Repayment tenure

Bajaj Finserv Doctor Loans come with convenient and flexible repayment tenures that range from 12 months to 96 months.

Doctor Loan FAQs

What is the Flexi Term Loan facility?

The Flexi Term Loan facility is a unique financial product that allows you to withdraw and prepay funds as needed from your loan limit. In Flexi Hybrid Loans, only the amount utilised is charged interest, and you have the ability to reduce your EMIs during the initial term.

Where can I find the loan account statement for my doctor loan?

You may access all of the information about your doctor loan on the Bajaj Finserv customer portal, My Account. This includes your loan account statement, repayment plan, and other specifics.

What is the maximum loan amount you can get with a Doctor loan?

Bajaj Finserv offers doctor loans of up to Rs. 55 lakh You can see the doctor loan amount that has been pre-approved for you by providing us with a few basic details. Alternatively, you can apply for a doctor loan by filling out an online form..

What is the difference between a Flexi Hybrid Loan and a Term Loan?

A Flexi Hybrid Loan and a Term Loan are two variants of doctor loans offered by Bajaj Finserv. A Term Loan is similar to a conventional doctor loan in that you borrow the money you require and repay it throughout the loan term. Your payments include both an interest component and a principle component, and the EMI amount remains constant during the term. The Flexi Term Loan provides you with access to a loan limit that you can withdraw and repay at your leisure. You can choose interest-only EMIs for the first half of the Flexi Hybrid Loan's duration. Flexi versions, as the name implies, are more flexible and allow you to decrease the strain of loan repayments..

How do I apply for a loan for doctors?

If you are a pre-approved customer of Bajaj Finserv, enter your name and phone number here to check your doctor loan offer. Applying for a doctor loan is quick and simple, with pre-approved offers of up to Rs. 55 lakh. If you are a new customer of Bajaj Finserv, you may apply for a doctor loan by completing the online application form and providing your KYC and other documentation. Before applying for a doctor loan, make sure you understand the documentation requirements and qualifying conditions.

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