Frequently asked questions
For instance, you are a practising doctor with the required experience and fulfil the other eligibility parameters. In that, you can avail of a personal loan or business loan of up to Rs. 55 lakh (Inclusive of Insurance Premium, VAS Charges, Documentation Charges, Flexi fees and Processing Fees) without pledging any collateral. However, you can opt for a loan against property of up to Rs. 5 Crore for bigger expenses.
Bajaj Finserv provides both secured and unsecured credit facilities with flexible repayment terms. You can repay an unsecured business or personal loan for doctors over 96 months, whereas a secured loan such as a loan against property has a repayment tenor of up to 216 months.
Bajaj Finserv offers both fixed and floating rates of interest. However, the type of rate of interest depends upon the loan type you wish to avail of.
You can repay your Bajaj Finserv Doctor Loan through NACH (National Automated Clearing House).
To apply online for a doctor loan, you have to follow the steps given below:
- Click on the ‘APPLY ONLINE’ button to open the application form
- Fill in your name and contact number to get an OTP
- Share the OTP and proceed with filling in your personal and professional information
- Submit your application
Our representative will connect and guide you on the next steps.
Yes, you can make part-payments on your doctor loan up to six times in a calendar year after your first EMI is paid off. If you have selected the Flexi facility, you can prepay your loan without paying any additional cost.
If you have opted for a doctor loan in a Flexi format, you do not have to pay any additional charge on part-prepayment. You will be charged 4.72% (inclusive of applicable taxes) on the prepaid amount for a regular term loan.
If you are a regular term loan borrower, you have to pay a fee of 4.72% (inclusive of applicable taxes) on the outstanding loan amount on the date of such full prepayment as a foreclosure fee. For Flexi customers, a foreclosure fee of 4.72% (inclusive of applicable taxes) of the total withdrawable amount on the date of such full prepayment is applicable.
With a Flexi loan, you have the facility to withdraw multiple times from the sanctioned limit as per your needs. However, you are charged interest only on the amount utilised and not the entire loan limit. You can also choose to pay interest-only EMIs for the initial tenor and lower your monthly instalment by up to 45%*. A term loan is usually repaid in monthly EMIs that include both interest and principal.
You can prepay the loan when you have a surplus amount, but there is no option for multiple withdrawals with a term loan.
*Terms and conditions apply
You can use your loan against property for multiple uses, such as expanding your clinic, refinancing your home loan or even consolidating your other ongoing debts. If you are a medical practitioner, you can easily avail of a loan against property of up to Rs. 5 Crore at affordable rates based on your eligibility.
If you and your relative own a property, you can still avail of a loan against that property. However, all the co-owners of that property need to become co-applicants for the loan.
A personal loan for doctors comes with no end-use restriction and can be used to fulfil multiple expenses. You can use these funds for any of your personal financial goals, such as higher education, children’s marriage or even for travelling.
With the Bajaj Finserv Doctor Loan, you can be assured of 100% transparency and zero hidden charges. A nominal processing fee of up to 2.95% of the loan amount (Inclusive of applicable taxes) is charged on a doctor loan. Read here to know more about the fees and charges.
The minimum turnaround time for the issuance of a foreclosure statement is around 12 working days.