2 unique variants of our pharma loan
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Flexi Term Loan
Consider that you take a Rs. 4 lakh loan with a period of 24 months. For the first six months, you make timely payments of your EMIs. By this point, you would have paid back around Rs. 1 lakh including interest.
You now require an extra Rs. 2 lakh. To withdraw funds from your Flexi Term Loan account, sign-in to My Account, our customer portal. Let's assume, you decide to pay off a portion of your loan in three months. Sign-in to My Account once again and make the payment.
Your interest is automatically adjusted all through, and you pay interest only on the outstanding dues along with the applicable principal if any.
A Flexi Term Loan is an ideal solution to meet fluctuating business expenses.
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Term Loan
This is a conventional loan. You can take out a loan for a specific amount of money. The loan is split into equated monthly instalments over the tenure opted, and it covers both the principal and interest.
If you repay your Term Loan before the end of the loan tenure, there is a charge for prepayment.
Features and benefits of our pharma loan
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Features and benefits of our pharma loan
Watch this video to know everything about our pharma loan
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2 unique variants
We have 2 unique variants – Term Loan, Flexi Term Loan. Choose the one that suits your needs.
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No part-prepayment charge on Flexi variants
With Flexi Term Loan, you can borrow as many times as you need and part-prepay without any charges.
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Loan of up to Rs. 7 lakh
Manage your small/ large expenses with a loan ranging from Rs. 2 lakh to Rs. 7 lakh through an end-to-end online loan application process.
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Convenient tenures of up to 5 years
We provide longer repayment tenures of up to 60 months so that you can pay off your loan with ease.
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Money in your bank account in 48 hours*
In most cases, your pharma loan will get credited to your bank account within 48 hours of approval.
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No hidden charges
All the fees and charges for your pharma loan are mentioned clearly on this page and in your loan documents.
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No collateral required
You do not need to give any collateral or security such as property or gold ornaments to get our pharma loan.
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Online application process
You can apply for our pharma loan anytime, from the comfort of your home or from wherever you are.
*Terms and conditions apply.
Eligibility criteria and documents required
Any pharmacy owner can apply for our pharma loan, as long as you meet the basic criteria mentioned below. You will also need a few documents to complete the loan application process.
Eligibility criteria
- Nationality: Indian
- Business vintage: At least 3 years
- Age: 28 years to 72 years*
- CIBIL Score: 685 or higher
- Owner, or one of the partners (in case of joint ownership), to have a pharmacy degree from a recognised educational institution
- Pharmacy ownership with at least 80% medicine stock
*Higher age limit is applicable at the time of loan maturity.
Documents
- KYC documents – Aadhaar/ passport/ voter’s ID/ driving license/ Letter from NPR/ NREGA job card
- PAN card
- Proof of business ownership
- Other financial documents as required
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Did you know?
You can lower your EMI amount by choosing a longer loan tenure of up to 60 months.
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Did you know?
With Flexi Term Loan, you can withdraw funds multiple times from your assigned loan limit.
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Did you know?
With pharma loan, you experience the ease of an end-to-end online application process
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Did you know?
No collateral such as a guarantor or gold ornaments is needed to get a pharma loan.
Applicable fees and charges
Types of fees |
Charges applicable |
Rate of interest |
11% - 22% per annum |
Processing fee |
Up to 2.95% of the loan amount (inclusive of applicable taxes) |
Flexi fee |
Term Loan: Not applicable Flexi Hybrid Loan (as applicable below) Up to Rs. 1,999/- (inclusive of applicable taxes) for loan amount less than Rs. 2,00,000/- Up to Rs. 3,999/- (inclusive of applicable taxes) for loan amount from Rs. 2,00,000/- to Rs. 3,99,999/- Up to Rs. 5,999/- (inclusive of applicable taxes) for the loan amount from Rs. 4,00,000/- to Rs. 5,99,999/- Up to Rs. 6,999/- (inclusive of applicable taxes) for the loan amount from Rs. 6,00,000/- to Rs. 9,99,999/- Up to Rs. 7,999/- (inclusive of applicable taxes) for the loan amount of Rs. 10,00,000/- and above *The Flexi charges will be collected upfront from the loan amount |
Prepayment charges |
Full prepayment Foreclosure can be processed post clearance of first EMIs.
Part prepayment
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Annual maintenance charges |
Term Loan: Not applicable Flexi Hybrid Loan: |
Bounce charges |
In case of default of repayment instrument, Rs. 1,500/- per bounce will be levied. |
Penal interest |
Delay in payment of monthly instalment shall attract penal interest at the rate of 42% per annum applicable on the monthly instalment outstanding, from the respective due date until the date of receipt of the monthly instalment. |
Stamp duty (as per respective state) |
Payable as per state laws and deducted upfront from the loan amount |
Mandate rejection service 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 |
Broken period interest/ pre-EMI interest |
Broken period interest/ pre-EMI interest shall mean the amount of interest on loan for the number of day(s), which is(are) charged in two scenarios: Scenario 1 – More than 30 days from the date of loan disbursal till the first EMI is charged: In this scenario, broken period interest is recovered by the following methods:
Scenario 2 – Less than 30 days from the date of loan disbursal till the first EMI is charged: In this scenario, interest is charged only for the actual number of days since the loan was disbursed. |
| Instalment default charge | Rs. 450 per month from the first instalment due date for mandate rejected by customer’s bank until the new mandate is registered. |
| Cash collection handling charges | Rs. 177 (inclusive of applicable taxes) will be charged if customer opts to make payment in cash when the collection is done by the collection agents. This fee is charged only once per month, regardless of the number of payments made against multiple LANs. |
| Cash deposit charges | Customers will incur a cash deposition charge of Rs. 50 (Inclusive of Applicable taxes) when making cash payments at our branch offices. |
| PG facility charges | Rs. 11 (Inclusive of Applicable taxes) will be charged for utilizing the payment gateway to make part or full payments towards the loan through digital properties. |
Frequently asked questions
You just need to visit our customer portal - My Account or open Bajaj Finserv app on your mobile. You can find your pharma loan details such as loan account statement, repayment schedule, and more on this portal.
The interest rates for the pharma loan from Bajaj ranges from 11% to 22% per annum.
Bajaj Finance provides pharma loans up to Rs. 7 lakh. You can fill in a few details and share the necessary documents to apply online for a pharma loan.
A Term Loan is a regular loan. You will have to pay fixed monthly instalments over a fixed tenure. Your instalment amount will include a principal component and an interest component.
A Flexi Term Loan provides you with a limit from which you can withdraw funds as per your requirement, and make timely repayments applicable only on the outstanding amount.
You should have a business vintage of minimum 3 years to be eligible for a pharma loan.
