How to Make a Part-Prepayment on Your Doctor Loan

Part-prepayment lets you repay a portion of your doctor loan before the scheduled end of its tenure. It reduces the outstanding balance, subject to your loan terms and how Bajaj Finance applies the payment. Before proceeding, check your loan variant, applicable charges and repayment conditions.

• Bajaj Finance offers Term Loan, Flexi Term (Dropline) Loan and Flexi Hybrid Term Loan variants.
• Published doctor loan guidance lists part-prepayment charges of up to 4.72% of the principal amount prepaid for Term Loans, inclusive of applicable taxes. No part-prepayment charge is listed for the two Flexi variants.
• Use the Bajaj Finance My Account portal or app to review your loan details and check available repayment options.
• Confirm whether the payment will change your EMI, remaining tenure or both.
• Retain the transaction reference and verify the updated loan balance.

Check the terms applicable to your account before paying. Continue your scheduled EMIs until Bajaj Finance confirms any changes to your repayment obligations.

Part-prepayment of a doctor loan means repaying a portion of the outstanding loan before the scheduled end of the tenure. The payment reduces the outstanding balance, subject to your loan agreement and the lender's payment-allocation process. Unlike foreclosure, part-prepayment does not close the loan. You continue repaying the remaining balance according to the applicable repayment terms. Doctors may consider this option when they have surplus funds and want to reduce their outstanding borrowing.

Bajaj Finance offers three doctor loan variants: Term Loan, Flexi Term (Dropline) Loan and Flexi Hybrid Term Loan. The applicable part-prepayment conditions and charges depend on the loan variant. Before making a payment, check your outstanding balance, existing dues, and applicable conditions. Confirm how the payment will be applied and whether it can change your EMI or remaining tenure. This helps you assess the financial implications before committing funds.

How can you make a part-prepayment on your doctor loan?

You can review your doctor loan details through the My Account portal or the Bajaj Finance app. However, the exact part-prepayment process may depend on your loan variant and the options available for your account.

Follow these steps to get started:

1. Sign in: Open the Bajaj Finance My Account portal or the app. Enter your registered mobile number and complete the requested verification.
2. Select your doctor loan: Open your loan account through the available service or loan details section.
3. Review your balance: Check the outstanding amount, repayment schedule, and any existing dues.
4. Confirm part-prepayment eligibility: Check whether the option is available for your loan variant. If the option is not displayed, contact Bajaj Finance through an official support channel.
5. Check the applicable charges: Confirm the amount you can pay, any applicable charges, and how the payment will be adjusted against your loan.
6. Follow the confirmed payment process: Use the authorised payment method and instructions provided for your loan account.
7. Save the confirmation: Retain the payment receipt or transaction reference and check your loan account for the updated balance.

Do not select a regular EMI, advance EMI or foreclosure option as a substitute for part-prepayment. Each option serves a different purpose. If the portal or app does not show the required facility, confirm the process with Bajaj Finance before transferring the amount.

Part-prepayment charges depend on your doctor loan variant and the applicable loan terms. Bajaj Finance's published doctor loan guidance lists different conditions for Term Loans and Flexi variants.

The published rate is an upper limit for the specified Term Loan charge, not a confirmation that every borrower will be charged that amount. Your loan agreement, applicable product terms and current fee schedule determine the charge for your account.

Example calculation: Suppose you have a Term Loan and plan to part-prepay Rs. 50,000. At the published maximum rate of 4.72%, the charge would be Rs. 2,360.

Calculation: Rs. 50,000 × 4.72% = Rs. 2,360.

This is an example of the maximum published rate, not a quotation for your loan. The actual charge may differ depending on the applicable terms. Confirm the amount with Bajaj Finance before paying.

How does part-prepayment affect your doctor loan EMI and tenure?

Part-prepayment reduces the outstanding loan balance, but it does not automatically reduce your EMI or shorten your remaining tenure. The effect depends on your loan variant, repayment terms and any adjustment confirmed by Bajaj Finance.

After a part-prepayment, ask whether the payment will:

• Reduce your outstanding principal while keeping the EMI unchanged.
• Change your remaining tenure, if permitted under the loan terms.
• Reduce your EMI, if the lender offers and confirms this adjustment.
• Affect your repayment schedule or future instalment amounts.

Example scenario: Suppose a 38-year-old doctor in Pune earns Rs. 1,20,000 per month, has a CIBIL score of 770 out of 900, and plans to part-prepay Rs. 1,00,000 towards a doctor Term Loan. These details are hypothetical and do not establish eligibility or the actual loan terms.

Before making the payment, the doctor should check the applicable part-prepayment charge and ask how the amount will affect the outstanding balance and repayment schedule. The doctor should not assume that the EMI or tenure will change automatically. After the transaction, review the updated loan details and repayment schedule, where available. Continue paying the scheduled EMIs until Bajaj Finance confirms any revised repayment obligations.

Part-prepayment reduces part of your outstanding loan balance, while foreclosure involves repaying the amount required to close the loan before its scheduled end. The right option depends on whether you want to continue the loan or repay it in full.

If you want to reduce the outstanding balance while continuing your repayments, ask about part-prepayment. If you intend to close the loan entirely, request the foreclosure amount and follow the applicable closure process. Do not use one payment option in place of the other.

What should you do if your doctor loan part-payment is not reflected?

If your part-payment does not appear in your doctor loan account, verify the transaction before making another payment. A bank debit or transaction receipt provides evidence of payment, but you should also confirm how the lender has recorded the amount.

Follow these steps:

1. Check the payment status through the bank or payment method you used.
2. Keep the transaction reference, payment receipt, amount and payment date.
3. Sign in to My Account or the Bajaj Finance app and review the loan balance and available transaction details.
4. Raise a service request through an official support channel if the payment remains unreflected.
5. Retain the request reference, if provided, and follow up through the authorised process.

Ask Bajaj Finance to confirm how the payment has been applied and whether your repayment schedule has changed. Continue meeting your scheduled EMI obligations until any revised terms are confirmed. A part-prepayment does not automatically postpone or cancel an upcoming instalment.