Personal Loan for Doctors for home expenses

Building or renovating a home is expensive. A long-overdue makeover for your living room, or a kitchen overhaul can cost several lakhs each. Major repairs may arise unexpectedly, too. Instead of using your savings, use our personal loan for doctors and get up to Rs. 55 lakh.

MATERIALS

MATERIALS

One of the biggest costs for remodelling your home is the price of the construction supplies alone. Also take into account the expense of delivering items safely to your house from the seller's warehouse.

ARCHITECT

ARCHITECT

To make the most of the space you have, work with a trained architect who has experience creating residential designs. To guarantee that the aesthetics of your home reflect your vision, you will also need to employ interior designers.

LABOUR

LABOUR

Every time you wish to renovate, professionals in carpentry, plumbing, electrical work, and construction are needed. The architect will often be in charge of hiring the contractors, but you will be in charge of paying them.

FURNITURE

FURNITURE

Your home's decor determines the atmosphere. With the appropriate furniture, your house will become a place you are proud to call home, whether it is made of vintage timbers or an eclectic contemporary collection.

REPAIRS

REPAIRS

Every home needs upkeep and repairs every few years. After a very severe monsoon, you could need to address water damage, or if your home is older, you might need to strengthen the walls' structural integrity.

3 unique variants of our personal loan for doctors

  • 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.

  • 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.

  • 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.

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Features and benefits of our personal loan for doctors

00:43

All you need to know about 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 unique variants – Term Loan, Flexi Term Loan, Flexi Hybrid Loan. Select the loan variant that suits you best.

  • No part-prepayment charge on Flexi variants

    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.

    Read about our Flexi Hybrid Loan

  • Loan of up to

    Loan of up to Rs. 55 lakh

    Manage your small or large expenses with loans from Rs. 2,00,000 to Rs. 55 lakh through an end-to-end online application process.

  • convenient tenures of up to %$$DL-Tenor-Max-Years$$%

    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 in

    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.

  • No hidden charges

    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.

    Know about our fees and charges

  • No collateral or guarantor required

    No collateral or guarantor required

    Get the personal loan for doctors without providing collateral or security such as gold ornaments or property.

  • End-to-end online application process

    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.

  • *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.

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EMI Calculator

EMI Calculator

Plan your instalments better.

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 73 years*
  • CIBIL Score: 685 or higher
  • Medical registration: Degree to be registered with the medical council

Documents

  • KYC documents - Aadhaar/ passport/ voter’s ID
  • PAN card
  • Medical registration certificate

*Age should be 73 years or less at the end of your tenure.

How to apply for a doctor loan

Video Image 02:30
   

Step-by-step guide to apply for a personal loan for doctors

  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 the form is filled, click on ‘PROCEED’ to go to the loan selection page.
  5. Enter the loan amount that you need. You can choose from our three variants – Term Loan, Flexi Term Loan, and Flexi Hybrid Loan.
  6. Choose the repayment tenure – you can select tenure options ranging from 12 months to 96 months – and click on ‘PROCEED’.
  7. Complete the KYC and submit your personal loan for doctors application.

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.

Applicable fees and charges

FEES AND 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) - 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

*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 service 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 the Flexi Term Loan facility?

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.

Where can I find the loan account statement?

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.

What is the maximum loan amount that you can get with a personal loan for doctors?

Bajaj Finserv offers personal loans for doctors up to Rs. 55 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.

What is the difference between a Flexi Hybrid Loan and a Term Loan?

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.

How do I apply for a personal loan for doctors?

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.

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