A loan for all your goals
3 unique variants of our personal loan for doctors
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Flexi Term Loan
Imagine that you take out a Rs. 8 lakh loan with a 24-month duration. For the first six months, you make regular EMI payments. By now, you have repaid about Rs. 2 lakh plus interest.
You realise that you require Rs. 3 lakh more. You only need to sign in to My Account, and withdraw the money from your Flexi Term Loan account. Let us say that three months later, you decide to pay off your Flexi Term Loan partially. Again, all you have to do is sign in to My Account and make a part-prepayment.
You are only paying interest on the amount that is now due, since your interest has been automatically adjusted throughout. Your EMI includes both the principal and the adjusted interest.
For the modern lifestyle when managing money might be unpredictable, this loan variant is excellent.
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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 component. The interest and principal components of the EMI will be used for the remaining time.
Click here for a detailed description of how our Flexi Hybrid Loan works.
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Term Loan
This is just like your regular personal loan. You 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 associated interest.
There is a pre-payment charge for repaying your Term Loan before the end of the tenure.
Features and benefits of our personal loan for doctors
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All you need to know about our Doctor Loan
Watch this video to know everything about the features of our doctor loan.
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3 unique variants
We have 3 unique variants – Term Loan, Flexi Term Loan, Flexi Hybrid Loan. Select the loan variant that suits you best.
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No part-prepayment charge on Flexi variants
Our Flexi variants allow you to borrow as many times as you want and part-prepay whenever you can. No extra charges.
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Loan of up to Rs. 80 lakh
Manage your small or large expenses with loans from Rs. 2,00,000 to Rs. 80 lakh through an end-to-end online application process.
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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.
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Money in your bank account in 48 hours*
In most cases, you will get your personal loan for doctors credited to your bank account within 48 hours of approval.
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No hidden charges
All the fees and charges are mentioned upfront on this page and in your loan documents. We advise you to read them in detail.
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No collateral or guarantor required
Get the personal loan for doctors without providing collateral or security such as gold ornaments or property.
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End-to-end online application process
You can apply for our personal loan for doctors anytime, from the comfort of your home or from wherever you are.
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*Terms and conditions apply
Still haven’t found what you’re looking for? Click on any of the links at the top of this page.
Eligibility criteria and documents required
There are just a few basic criteria to be eligible for a personal loan for doctors. You will also need some 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
Documents
- KYC documents such as Aadhaar/ passport/ voter’s ID/ driving license/ letter from NPR/ NREGA job card
- PAN card
- Medical registration certificate
*Age should be 80 years or less at the end of your tenure.
How to apply for a doctor loan
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Did you know?
You can lower your EMI amount by choosing a longer loan tenure of up to 96 months.
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Did you know?
With Flexi Hybrid Loan, you can pay interest-only EMIs for the initial part of the tenure.
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Did you know?
You can apply with just 2 documents – KYC and medical registration certificate.
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Did you know?
No collateral such as a guarantor or gold ornaments is needed to get a doctor loan.
Applicable fees and charges
| FEES AND CHARGES | |
| Types of fees | Charges applicable |
| Rate of interest | 11% - 19% per annum |
| Processing fee | Up to 2.95% of the loan amount (inclusive of applicable taxes) |
| Flexi Facility Charge | Term Loan: Not applicable Flexi Term Loan (Flexi Dropline): Up to Rs. 999/- (inclusive of applicable taxes) Flexi Hybrid Loan (as applicable below) - a fee will be deducted upfront from the loan amount: • 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 above Flexi facility charges will be deducted upfront from the loan amount. *Loan amount includes approved loan amount, insurance premium and VAS charges. |
| Prepayment charges | Full prepayment (Foreclosure) Foreclosure can be processed post clearance of first EMIs • Term Loan: Up to 4.72% (inclusive of applicable taxes) of the outstanding loan amount as on the date of full such prepayment |
| 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 0.590% (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 |
Rs. 1,500 per bounce. “Bounce charges” shall mean charges for (i) dishonour of any payment instrument; or (ii) non-payment of instalment (s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate or any other reason. |
| Penal charge | Delay in payment of instalment(s) shall attract Penal Charge of Rs. 25 per day per instalment from the respective due date until the date of receipt of the full instalment(s) amount. |
| Stamp duty (as per respective state) |
Payable as per state laws and deducted upfront from the loan amount |
| Broken period interest/ pre-EMI interest | Method of recovery of "Broken Period Interest/Pre monthly instalment Interest" would be as follows: Scenario 1: If Loan is disbursed on 1st or post 10th of the month: Scenario 2: If Loan is disbursed between 3rd and 10th of the month: |
| Legal and incidental charges | Recovery for charges |
| Principal Holiday Facility Fees | Principal Holiday (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 between Rs. 2,00,000 and 3,99,999. Up to Rs. 5,999 (Inclusive of applicable taxes) for loan amount between Rs. 4,00,000 and Rs. 5,99,999. Up to Rs. 6,999 (Inclusive of applicable taxes) for loan amount between Rs. 6,00,000 and Rs. 9,99,999. Up to Rs. 7,999 (Inclusive of applicable taxes) for loan amount Rs. 10,00,000 and above. Note- The above principal holiday facility fees will be deducted upfront from loan amount. Loan amount includes approved loan amount, Insurance Premium and VAS Charges. |
How to calculate your EMI on Personal Loan for Doctors?
Calculating your EMI for a personal loan for doctors is straightforward with a personal loan EMI calculator. Simply input your loan amount, interest rate, and repayment tenure, and the calculator will instantly display your monthly EMI. This tool aids in effective financial planning and helps you manage your loan repayments comfortably.
For manual calculations, you can use the formula:
E = P*r*(1 + r)^n/(1 + r)^n - 1
Where:
- E is your personal loan EMI amount,
- r is the monthly interest rate, and
- n is the number of months for EMI payments.
Bajaj Finserv app for all your financial needs and goals
Trusted by 50 million+ customers in India, Bajaj Finserv App is a one-stop solution for all your financial needs and goals.
You can use the Bajaj Finserv App to:
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Download the Bajaj Finserv App today and experience the convenience of managing your finances on one app.
Frequently asked questions
The Flexi Term Loan facility lets you withdraw and prepay funds from a pre-approved loan limit as per your requirement.
You are charged interest only on the amount you utilise, and, in case of Flexi Hybrid Loan, you also have the option to reduce your EMIs for the initial tenure.
Your loan account statement, your repayment schedule, and all other details of the personal loan for doctors are available on our customer portal, My Account. You can view all your previous transactions with Bajaj Finserv under the My Relations tab on My Account.
Bajaj Finserv offers personal loans for doctors up to Rs. 80 lakh. You can check the loan amount pre-approved for you by sharing just the basic details.
Alternatively, you can enter your details in the online form and apply for a personal loan for doctors.
A Flexi Term Loan and Term Loan are two variants offered by Bajaj Finserv.
In a term loan, your instalments comprise an interest component and a principal component, and the EMI amount remains fixed throughout the tenure.
The Flexi Term Loan, on the other hand, gives you access to a loan limit. You can withdraw and repay as per your convenience. In Flexi Hybrid Loan, you also have the option of interest-only EMIs for the initial part of the tenure.
If you are a pre-approved customer of Bajaj Finserv, you can check your offer by entering your name and phone number.
If you are new to Bajaj Finserv, you can apply by filling up the online application form and submitting your KYC and other documents.
You should have a CIBIL Score of 685 or higher in order to apply for a doctor loan.
The interest rate for a doctor loan ranges from 11% to 19% per annum.
You can get money in your bank within 48 hours* of loan approval.
*Terms and Conditions apply.
Personal loans for doctors are unsecured loans specifically designed to meet the financial needs of medical professionals. These loans typically offer flexible repayment terms and competitive interest rates. Doctors can use these loans for various purposes, including medical equipment purchases, practice setup costs, or personal expenses. Lenders assess applicants based on their creditworthiness, professional qualifications, and income, allowing doctors to access funds quickly and efficiently without collateral.
To apply for a personal loan for doctors, begin by researching lenders that offer specialised loan products for medical professionals. Visit the lender’s website or branch to complete the application form. You will need to provide necessary documentation, such as proof of income, identity, and medical qualifications. After submission, the lender will evaluate your application and creditworthiness. If approved, you’ll receive the loan amount, typically within a few days. Ensure you understand the terms and conditions before signing.
The loan amount for personal loans for doctors varies by lender but typically ranges from ₹50,000 to ₹50 lakhs. The minimum loan amount often starts at around ₹50,000 to ₹1 lakh, while the maximum amount can reach up to ₹50 lakhs, depending on factors such as the applicant’s income, credit score, and repayment capacity. It is advisable to consult with the lender to determine the specific amounts available based on individual circumstances and requirements.
The minimum income requirement to qualify for a personal loan for doctors generally varies by lender but typically starts at around ₹25,000 to ₹30,000 per month. Some lenders may have specific income thresholds based on the doctor’s speciality, experience, and practice type. Additionally, having a stable income source and a good credit history can enhance eligibility. It is recommended to check with the lender for precise income criteria to ensure a successful loan application and approval.
