3 unique variants of our doctor loan

  • Flexi Term Loan

    Consider that you obtain a Rs. 8 lakh loan with a 24-month term. You pay the EMI on time for the first six months. You should have paid back roughly Rs. 2 lakh plus interest by this point.

    Now, you need an additional Rs. 3 lakh. You can sign-in to My Account to withdraw funds from your Flexi Term Loan account. Let’s say you decide to pay off a portion of your loan three months later. Once again, sign-in to My Account and make the payment.

    Your interest has been automatically adjusted throughout, and you are paying interest only on the amount that is now due.

    A modern-day practice demands dynamicism and may need quick investments. A Flexi Term Loan is perfect for such uses.

  • Flexi Hybrid Loan

    This alternative functions just like the Flexi Term Loan. The main distinction is that, for the loan’s initial period — which may vary depending on the loan’s tenure — your EMI will solely be made up of the interest applicable.

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

  • Term Loan

    This loan is similar to the regular loans. You can take out a loan for a specific sum of money, which is then divided into equal monthly payments that include both the principal and the interest.

    There is a pre-payment charge for repaying your Term Loan before the end of the tenure.

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Features and benefits of our doctor loan

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Features and benefits of our doctor loan

Watch this video to know everything about the features of our doctor loan.

  • 3 unique variants

    3 unique variants

    We have 3 new unique variants – Term Loan, Flexi Term Loan, Flexi Hybrid Loan. Choose the loan variant that works best for you.

  • No part-prepayment charge on Flexi variants

    No part-prepayment charge on Flexi variants

    With Flexi variants, you can borrow as many times as you want to and part-prepay whenever you can. No extra charges.

    Read about our Flexi Hybrid Loan

  • Loan amount

    Loan of up to Rs. 80 lakh

    Get loans from Rs. 2 lakh to Rs. 80 lakh to manage your small/ large expenses. Available through an end-to-end online application process.

  • Convenient tenures

    Convenient tenures of up to 8 years

    Get the added flexibility to pay back your loan with repayment options ranging from 12 months to 96 months.

  • Money in your bank account

    Money in your bank account in 48 hours*

    In most cases, you will get your doctor loan credited to your bank account within 48 hours* of approval.

  • No hidden charges

    No hidden charges

    All the fees and charges are clearly mentioned on this page and in your loan documents. Please read these in detail.

    Know about our fees and charges

  • No collateral required

    No collateral required

    You do not have to provide any collateral or security such as gold ornaments or property to get our doctor loan.

  • End-to-end online application process

    End-to-end online application process

    You can apply for our doctor loan anytime, from the comfort of your home or from wherever you are.

  • *Terms and conditions apply

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Eligibility criteria and documents required

Any doctor can apply for our doctor loan, as long as you meet four basic criteria mentioned below. You will also need a set of documents to complete the application process.

Eligibility criteria

  • Nationality: Indian
  • Age: 22 years to 80 years*
  • CIBIL Score: 685 or higher
  • Medical registration: Degree to be registered with the medical council

*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
  • Medical registration certificate

*Additional documents required, if any, will be communicated during the application process.

Loan application process for doctors

Video Image 00:51
   

Step-by-step guide to apply for a doctor loan

  1. Click on the ‘APPLY’ button on this page.
  2. Enter your 10-digit mobile number and OTP.
  3. Fill in the application form with your basic personal and professional details.
  4. Once you fill out the form, click on ‘PROCEED’.
  5. Update the KYC details.
  6. Schedule an appointment for document verification.

Note: Keep your medical registration certificate handy to finish the KYC process.

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

  • Did you know?

    You can lower your EMI amount by choosing a longer loan tenure of up to 96 months.

  • Did you know?

    With Flexi Hybrid loan, you can pay interest-only EMIs for the initial part of the tenure.

  • Did you know?

    You can apply with just 2 documents- KYC and medical registration certificate.

  • Did you know?

    No collateral such as a guarantor or gold ornaments is needed to get a doctor loan.

Doctor loan interest rates and applicable 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)
Documentation charges Up to Rs. 2,360/- (inclusive of applicable taxes)
Flexi fee

Term Loan: Not applicable

Flexi Term Loan (Flexi Dropline): Up to Rs. 999/- (inclusive of applicable taxes)

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 above will be deducted upfront from the loan amount.

*Loan amount includes approved loan amount, insurance premium, VAS charges and documentation charges.

Prepayment charges
Full prepayment
• Term Loan: Up to 4.72% (inclusive of applicable taxes) of the outstanding loan amount as on the date of full such prepayment

• Flexi Term Loan (Flexi Dropline): Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of full such prepayment

• Flexi Hybrid Loan: Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of full such prepayment

Part prepayment
• Up to 4.72% (inclusive of applicable taxes) of the principal amount of loan prepaid on the date of such part prepayment
• Not applicable for Flexi Term Loan (Flexi Dropline) and Flexi Hybrid Loan
Annual maintenance charges Term Loan: Not applicable

Flexi Term Loan (Flexi Dropline): Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount (as per the repayment schedule) on the date of levy of such charges

Flexi Hybrid Loan:
• Up to 0.59% (inclusive of applicable taxes) of the total withdrawable amount during initial tenure
• Up to 0.295% (inclusive of applicable taxes) of total withdrawable amount during subsequent tenure
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 monthly instalment.
Stamp duty (as per respective state)
Payable as per state laws and deducted upfront from the loan amount
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
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:
• For Term Loan: Deducted from the loan disbursement
• For Flexi Term Loan: Added to the first instalment
• For Flexi Hybrid Loan: Added to the first instalment

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.
Switch fees Up to 1.18% of the loan amount (inclusive of applicable taxes)

(Switch fee is applicable only in case of switch of loan. In switch cases, processing fees and documentation charges will not be applicable.)

Frequently asked questions

What is a doctor loan?

A doctor loan is a financial product that is specifically designed to help medical professionals access financing to help them start or expand their practice. These loans usually offer lower interest rates and more flexible repayment terms than other types of loans.

What is the Flexi Term Loan facility?

The Flexi Term Loan facility is a unique financial offering that lets you withdraw and prepay funds from your loan limit as per your requirement.

In Flexi Hybrid Loans, you are charged interest only on the amount you utilise, and you have the option to reduce your EMIs during the initial tenure.

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

Your loan account statement, your repayment schedule, and all other details of your doctor loan are available on our customer portal, My Account. In fact, you can see details of all your previous transactions with Bajaj Finserv under the My Relations tab on the customer portal.

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

Bajaj Finserv offers doctor loans of up to Rs. 80 lakh. You can check the doctor loan amount pre-approved for you by sharing a few basic details with us. Alternatively, you can enter your details in the online form and apply for a doctor loan.

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 a regular doctor loan, where you avail of the amount you need and repay it over the loan tenure. Your instalments comprise an interest component and a principal component, and the EMI amount remains fixed throughout the tenure.

The Flexi Term Loan is a smart loan option that gives you access to a loan limit that you can withdraw from and repay as per your convenience. With the Flexi Hybrid Loan, you have the option of interest-only EMIs for the initial part of the tenure.

As the name suggests, the Flexi variants are more flexible, and offer you the chance to reduce the burden of loan repayments.

How do I apply for a loan for doctors?

If you are a pre-approved customer of Bajaj Finserv, you can check your doctor loan offer by entering your name and phone number here. With pre-approved offers of up to Rs. 80 lakh, applying for a doctor loan is quick and easy.

If you are new to Bajaj Finserv, you can apply for a doctor loan by filling up the online application form and submitting your KYC and other documents. Make sure you read about the documents required and the eligibility criteria before applying for a doctor loan.

What are the different types of doctor loans?

There are several different types of doctor loans available to medical professionals, including bank loans, lines of credit, working capital loans, and equipment financing.

What are the various doctor loan schemes?

Medical professionals can access a variety of doctor loan schemes, such as bank loans, lines of credit, working capital loans, and equipment financing, catering to diverse financial needs.

What is the required CIBIL Score for a doctor loan?

A good credit score enhances the chances of approval. Medical professionals can apply for a Bajaj Finserv Doctor Loan if they have a CIBIL Score of 685 or higher.

Why should you consider a professional loan for doctors?

Considering a professional loan tailored for doctors offers numerous benefits. With our professional loan for doctors, you can fulfil various financial needs without any restrictions on usage. From procuring new healthcare equipment to investing in the latest medical technologies, consolidating high-interest debts, or expanding your clinic, this loan provides the necessary financial support. Additionally, minimal documentation requirements, quick approval, and flexible repayment options make it an ideal choice for doctors seeking financial assistance. Whether you are upgrading your practice or enhancing patient care, a professional loan for doctors is a convenient and efficient solution to meet your specific requirements.

How much loan can a doctor get in India?

The financial assistance provided by the Bajaj Finserv Doctor Loan extends up to Rs. 80 lakh. However, the approved amount depends on the applicant's credit history and repayment track record of any prior loans.

What is the loan repayment tenure for professional loans for doctors?

The repayment tenure for professional loans for doctors typically ranges from 12 months to 96 months. However, the exact duration may vary based on factors such as the loan amount, the applicant's financial profile, and the lender's terms and conditions.

Is it possible to get a professional loan for doctors without significant work experience?

Yes, it's possible to obtain a professional loan for doctors even without extensive work experience. Eligibility for such loans may depend on factors like qualifications, credit history, and repayment capacity, rather than solely on work experience. Contact us to explore your options and discuss eligibility criteria.

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