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Bajaj Finserv Doctor Loan in Jamshedpur

Interest Rate starts from 14.00%

Bajaj Finserv Doctor Loan Interest rates in Jamshedpur

Please Find the Detailed Bajaj Finserv Doctor Loan Interest Rates

Up To 10,00,00010,00,000 To 30,00,00030,00,000 Above
Salaried Doctor14.00%14.50%14.75%
Self Employed Professional Doctor15.00%15.50%15.50%

Features of Bajaj Finserv Doctor Loan Jamshedpur

Type Features
Processing Fee2.0
Pre Closure Charges4.0
Part Payment ChargesAllowed
Min Tenure1 Years
Max Tenure4 Years
Min Age24 Years
Max Age60 Years
Min Loan AmountRs.5,00,000/-
Max Loan AmountRs.50,00,000/-

Bajaj Finserv Doctor Loan Jamshedpur Charges

Type Charges
E M I Bounce ChargesRs. 550 per Bounce
Penal Interest@24% Per Annum
Duplicate Statement ChargesFree
Insurance CoverUpto Loan Amount
Cheque Swapping ChargesRs. 550
Issue Amortization Schedule DuplicateFree
N O C Issuance ChargesFree
Duplicate N O C Issuance ChargesFree
Loan Cancellation ChargesNot Applicable

Documentation For Doctor Loan

  • Filled Application form
  • Identity Proof (PAN CARD)
  • Qualification Proof
  • Address Proof
  • Own House Proof
  • Latest 3 months Pay-slips
  • 2 Passport Size color Photographs
  • 6 months Bank Statements
  • 3 Post Dated Cheques/ECS Mandate
  • Filled Application form
  • Identity Proof
  • Address Proof
  • Qualification Proof
  • Last 2 years Income Tax Returns
  • Professional/Self employed existence proof for more than 3 years
  • 2 Passport Size color Photographs
  • 6 months Bank Statements
  • Filled Application form
  • 3 Post Dated Cheques/ECS Mandate
  • Passport
  • Driving License
  • PAN card
  • Photo credit card (with embossed Signature and last two months statement)
  • Banker's sign verification
  • PAN Card
  • Passport
  • License
  • School leaving certificate
  • Voter card
  • Birth Certificate
  • LIC policy (only for age Proof)
  • Passport
  • Telephone bill (BSNL/MTNL)
  • Electricity bill
  • Title deed of property
  • Rental agreement
  • Driving license
  • Election ID card
  • Photo-credit card (with last two month statements)
  • Form 16 (For Individuals)
  • Appointment Letter (for last two months)
  • Last 6 months of VAT/Service Tax returns (For Self Employed Applicants)
  • Bank statements of latest 2 months
  • 3 months bank passbook
  • Graduate or Post Graduate qualification certificate
  • IMA (Indian Medical Association) membership number
  • Any other registrations allowed by Indian Government.
  • Sale deed of Property with own name
  • Property Tax receipt with own name
  • Electricity bill with own name

Bajaj Finserv Doctor Loan FAQ's

What is a Doctor Loan?

Doctor Loan also referred to as a Physician Loan is a special Loan for professional doctors with a self-owned clinic or those working in a government or private clinic, hospitals and Consultants. A Doctor Loan is taken to serve the financial requirements of doctors looking to expand the scale of operations.

How to Apply for a Doctor Loan?

Professional loan for doctors is given depending on factors such as qualification, experience, annual income, profit making and age of applicant. Once you meet these parameters, you can apply for a doctor loan in India via different channels such as phone calls, SMS or by visiting the branch. However, the easiest of the lot is to apply for a doctor loan online by simply filling an online application form. The representatives then get in touch and help you with the rest of the process.

What is the interest rate for a doctor loan?

Whether you are looking to expand your infrastructure or scale of operations to provide better service and treatment facilities, Doctor Loans by Bajaj Finserv would be the smartest option. With a loan tenor of up to 60 months our Doctor Loan interest rates are amongst the lowest in India. Other charges such as Processing Fees, Secure Fee and EMI bounce charges would be applicable.

About Bajaj Finserv

Bajaj Finserv, a part of Bajaj Holdings & Investments Limited, is an Indian financial services company focused on lending, asset management, wealth management and insurance. The company through its joint ventures and subsidiaries employs over 20,000 employees and has established a nationwide presence across over 1400 locations.

The company is currently engaged in consumer finance businesses, life insurance, and general insurance and has plans to expand its business by offering a wide array of financial products and services in India. Apart from financial services, Bajaj Finserv is also active in wind–energy generation.

Bajaj Finserv Highlights

Ranked amongst the top 25 best places to work in Asia by the Great Place to Work (GPTW) Institute
10 Best Multinational Workplaces in Asia 2015
Best Small & Medium-sized Workplaces in Asia 2015 (50-500 Employees)
25 Best Workplaces in Asia 2015 (500 + Employees)
Awarded in the category of 25 Best Workplaces in Asia 2015 (500 + Employees)
Won the CIO 100 Innovation award for two products - EMI Card and Flexisaver.

About Other Banks

Doctor Loan Can Be Used For Many Purposes Like Below

For a New Clinic

Buying New Equipment

For starting a new Specialization

Improvise clinical Laboratory

Increase the bed Capacity

Regular Hospital Maintenance

Setting up a new Pharmacy

Renovation of Clinic

Who are Eligible For Doctor Loans?

1) What is Doctor Loan?:-

The Doctor Loan Program is a specific loan with special underwriting developed specifically for medical physicians and dentists, optometrists, podiatrists, and veterinarians. Most doctors are looking for loans with low interest rates that enable them to move on to the growth. This scenario poses many challenges for most lenders because most physicians would be qualifying for the best rates given the type of loan they need. Banks try to do these loans with competitive rates and with less time.

Physicians with high credit scores have a very low risk of default on loans, even if they have high debt. Hence, the doctor loan program was started to give physicians access to improve his service levels.

Following are eligible for Doctor Loans:

MBBS, BDS Graduate Doctors - Minimum 5 years of experience (Post qualification)

MD, DM, MS, MCH, MDS Post Graduate Doctors having Minimum 4 years of Experience (Post qualification)

Individual doctors employed with reputed Government or Private Hospitals in India

Self employed doctors who own a hospital, a nursing home, a Clinic in India.

Consulting doctors with leading hospitals in metro cities in India.

Hospitals in form of Proprietorship/Partnership and Private Limited companies

Eligibility and Documentation For Doctor Loan

Vintage of Residence: Residence should be owned in the City or Hospital should be owned in the City for Min of 1 year.

Interest rates: Rate of interest will be floating rate of Interest, generally linked with the base rate of the banks, Present Scenario the Rate of Interest will be 15 % to 21.0 %.

Rate of Interest will be based on bank/financial Institutions internal policies and terms. Generally Bank account conduct, reputation of the entity, repayment capability, credit history, Promoters Back ground and other credit related factors which can be evolved for Doctor Loans.

Limit: Doctor Loans can be availed from Rs. 5 Lakhs to Rs. 75.0 Lakhs

Age: Minimum of 26 years and Maximum of 60 year on maturity of the Loan amount.

Tenure: 12 - 48 months

Doctor Loan Pros

Easy availability: A lot of banks offer Doctor Loans of various amounts and max duration for 4 years. You can pick and choose between them.

No collateral: Doctor Loans are not very large amounts. So there is no need to put up security or collateral against personal loan.

Quickly available:If you have a relationship with a bank you can get a personal loansanctioned within 24 hours. Personal loans also require very little paperwork.

Doctor Loan Cons

High interest rates:  After credit cards, personal loans have the highest interest rates among credit products. Sometimes personal loans have higher rates than credit cards also.

High pre-payment penalty:  If you pre-pay your personal loans, banks often charge a high penalty.

Need good credit history: Today, most banks give personal loans only to people with a good credit history. If someone regularly takes personal loans, he may be seen as someone who is not careful with his finances.

Affects credit report: If you default on your Doctor Loan your CIBIL credit report reflects it and your credit rating and credit score are affected.

Expert Advice

Best Practices for Doctor Loan

Clear Identification of purpose and planned Budget.
Cost - benefit analysis.
Peer comparison- ROI, PF and other charges and repayment Tenure.
Know your credit history score and eligibility.
Plan the repayment from the regular incomes than from futuristic/speculative income.
Check various other alternatives before availing a loan.
Be clear on payment date and mode of payment like ECS, Online payments, Post dated cheque.
Terms and conditions to be clearly understood before signing up the agreement.
Take payment protection insurance.
Ensure proper updation of contact details.

Things not to do for Doctor Loan

Do not jump to apply a loan with our proper homework.
Do not borrow more than what is required.
Do not apply loan at too many places at a time.
Do not sign the terms and conditions without reading.
Do not rush with the process.

Important points to be remember for Doctor Loans

As a experienced individual doctor, you need to avail a doctor loan funds so as to open a clinic and begin practicing. There are certain eligibility situations that need to be noted while avail the Doctor Loans.

1) Eligibility Criteria:
All medical professionals whether technicians or medical doctors, who completes 5 years of experience stand eligible for receiving doctor loans. An individual working in a medical occasion administration division can even apply.
2) Functionality:
The aim of this facility is to meet the working capital requirement of medical doctors to run a clinic. It is usually meant to buy premises for opening a health center. The loan can also be largely useful for the acquisition of equipments, furniture, fixtures and doing repairs and renovation of business premises. This fund is most often used for launching new business and to make enhancements of an existing health center.
3) Loan Amount:
The amount acquired as loan will be large or small relying on the business needs. The loan officer has to tell concerning the loan amount to medical doctors and relying on the business sort, awards are made to entrepreneurs. The fund acquired clearly defines the enlargement alternatives doctor loan.
4) Tenure:
“The term for this sort of small business loans isn’t kept greater than four years. So, professionals receiving this award must return it in time. There is no procrastination of the term. So, all the pieces must be done throughout the stated time period. There is no need to wait for the final moment and repayments of the borrowed cash should be done on the earliest.
4) Pricing:
“Interest is linked to the bottom rate. So, usually a typical interest is charged and not a very high interest levied on borrowers. This type of interest is basically vital and it seals the loan pricing. So, the lender can’t fluctuate the value and it stays the same for everyone. Thus, you will need to verify the bottom fee of a lender as relying on it, the interest rate will be determined.

Purpose of Doctor Loans

Doctor loans can be avail for the following reason from the Banks and Financial Institutions.

1) Setting up a Clinic:
Large clinics can be established with doctor loans. It is necessary for entrepreneurs to stay up-to date and use fund support to establish an affluent clinic. By setting up such a clinic, it becomes easy for professionals to offer good treatment to visiting patients and do general good to the society at large. Physicians can also open a health centre at any location and use the place for offering service to the sick. Such centers then become the source of income for a doctor and other employees who work in the centre. So, new clinics can also become employment generators.
2) Buying New Equipments:
 In medical practice, equipments are quite essential, so doctors who are in practice, need to buy the best equipments to run their clinic. For this very reason, physician financing becomes essential. The reward received can be good enough to buy new equipments and so a health centre can do well. It is really important to buy the best equipments and the ones that are mostly required for clinical operations. They come expensive and so funds are inevitable to buy the equipments needed to run a health centre.
3) Working Capital requirement including stock of medicine/disposables::-
A medicine store is also required in a health centre. There are expenses involved in maintaining such a store also. The reason is medicines should be purchased and all other requirements should be fulfilled. That is to say the store should be kept up to date all the time and it is possible only with fund release. Physicians should apply for Doctor Loans to keep their health centre well equipped and its drug store stacked with all medicines. So, to apply for funds is very much needed and an enterprise can really do well with the support it finds.
4) Setting X-ray lab::-
A health centre also requires an X-ray lab because X-ray is something that needs to be done frequently. Visiting patients have a need to get their X-rays done in the health centre itself without having to go to some other place. That is why X-ray lab becomes so important for a clinic owner. Doctor loans should be procured for setting up of such a lab in the health centre itself.
5) Expansion/Renovation/Modernization of Premises: -
Looks have got a lot to do with clinics. Professionals should strive to give a better look of the clinic that one is in possession of. Only then patients will get attracted and would love to visit the centre for their treatment. Everyone wants to be in a clean place and in case of clinics this factor is of prime importance. Professionals should focus on modernizing their clinics.

About Jamshedpur

"Jamshedpur is situated on the Chota Nagpur Plateau in the East Singhbhum District of Jharkhand. Previously, it was under the township of Sakchi, which was re-named Jamshedpur in 1919. As the town is home to a large steel industry, Jamshedpur is called the ‘Steel City’. Since it was founded by the late Jamshedji Nusserwanji Tata, it is also called Tata Nagar.Jamshedpur is a planned industrial city, surrounded by the Dalma Hills and the rivers Subarnarekha and Kharkai. It is also home to the Tata Football Academy (TFA), which was started in 1987 by the Tatas to train and find new talent in football. Jamshedpur is also known for the Tata Archery Academy.

Jamshedpur won the 2004 Global Compact City award by the United Nations for being one of the fastest developing cities in the world.At the end of 19th century, Jamsetji Tata met steelmakers in Pittsburgh to get the most advanced technology for his plant. It is said that he got the idea of building a steel plant when he heard Thomas Carlyle declaring that ""the nation which gains control of iron soon acquires the control of gold"" in a lecture in Manchester.[8] At the turn of the twentieth century, Jamshetji Tata asked geologist Charles Page Perin to help him find the site to build India's first steel plant. The search for a site rich in iron, coal, limestone and water began in April 1904 in today's Madhya Pradesh."

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Places To Be Visited In Jamshedpur

Jayanti Sarovar

    Jayanti Sarovar is situated inside Jubilee Park, which was inaugurated in 1956. The park is home to an impressive variety of roses. Children can have a great time here as there are swings, skating rides, see saws and windmills. The illuminated fountains add charm to the scenic park.

Bhuvaneswari Temple

    Located at an altitude of 500 feet above sea level, Bhuvaneswari Temple attracts everyone regardless of the faith one believes in. Constructed on top of the hill closer to Tatanagar Railway Station, the views of the industrial city, villages around and the lush greenery are spectacular.

Tata Steel Zoological Park

    Tata Steel Zoological Park situated inside the Jubilee Park is home to a wide range of flora and fauna. Bird watchers love this place as migratory birds are viewed here in winters. Safari rides take you through the woods so that you can view animals in their natural environment and not caged.

Dalma Hills

    At an altitude of 3000 ft above sea level and just 13 km from Jamshedpur, Dalma Hills is one of the most frequented tourist destinations in the land. The views from the hills are spectacular. The dense forests, wildlife sanctuary and Lord Shiva temple attract tourists in great numbers. The serenity of the hills makes it a perfect place for unwinding. Adventure seekers are not disappointed as well. Since there is scope for trekking and mount climbing, the more adventurous minds do not allow themselves to be tied down by its stunning beauty.

Jubilee Park

    Gifted by Tata Steel, Jubilee Park covers an area of 225 acres. It was inaugurated in the year 1956. With Vrindhavan Garden in Mysore as the inspiration behind its construction, Jubilee Park delights the visitors with its stunning landscape. The three colored fountains look stunning in the evening when illuminated. Well maintained trees and flowerbeds make this place exceedingly beautiful. Some of the sections in the park include Rose Garden, Smriti Udyan, Tata Steel Zoological Park and Foliage Park.

Dimna Lake

    Dimna Lake is located in a picturesque setting at the foot of the famous Dalma Hills and near Dalma Wildlife Sanctuary. The lake was constructed by Tata Steel as a water reservoir to serve the needs of its industry as well as the city. The lake looks stunning with the shadows of the majestic hills and the dense trees around. An ideal place for a morning walk and you may be inspired by those who perform various yoga poses here under the shadows of the trees. Sunrise and sunset views are amazing. It is generally advised against visiting this place in the noon and in late evenings when the crowd is thin.

Total Number Of Branches In Jamshedpur (104)

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