Frequently asked questions

What is the range of loan amounts I can avail of?

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.

What is the range of tenor available with these loans?

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.

Is the rate of interest charged on the credit facility fixed or floating?

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.

What is the mode of repayment?

You can repay your Bajaj Finserv Doctor Loan through NACH (National Automated Clearing House).

What do I need to do to avail of a doctor loan online?

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.

Can I make part-payments on my doctor loan?

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.

Are there any foreclosure and part-prepayment charges?

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% plus 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% plus 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% plus taxes of the total withdrawable amount on the date of such full prepayment is applicable.

What is the difference between a Flexi loan and a term loan?

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

What is the end-use of the loan against property which BFL can sanction?

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.

Can I take a loan against the property that my relatives and I jointly own?

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.

What is the end-use of personal loans for doctors?

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.

What are the fees and charges which I incur during loan processing?

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.

What is the TAT (Turn Around Time) for the foreclosure statement?

The minimum turnaround time for the issuance of a foreclosure statement is around 12 working days.

Read More Read Less