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Bajaj Finserv Doctor Loan in Nellore

Interest Rate starts from 14.00%

Bajaj Finserv Doctor Loan Interest rates in Nellore

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 Nellore

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 Nellore 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 Nellore

Nellore is the Indian state of Andhra Pradesh. It is located on the banks of the Penna River in Nellore mandal of Nellore revenue division.Nellore was anciently known as Vikrama Simhapuri and the present name of the city has been derived from the Tamil word ‘neil’, which means rice, complementing its rice farming, and the Telugu Language as well as in the formation of Andhra Pradesh. Nellore was anciently known as Vikrama Simhapuri and the present name of the city has been derived from the Tamil word ‘neil’, which means rice, complementing its rice farming. It has played an important role in the emergence of the Telugu Language as well as in the formation of Andhra Pradesh.Nothing certain is known of the history of SPS Nellore before the times of the Cholas.

The middle palaeolithians flourished in the coastal area stretching from Odisha to South Arcot particularly in the YSR, Guntur and Nellore districts. This area is rich in a particular kind of flint called quartzite out of which prehistoric man made his weapons and implements.

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Places To Be Visited In Nellore

Sri Ranganathaswamy Temple

    On the banks of Pennar River lies the famous Sri Ranganathaswamy Temple. The temple belongs to 7th century and it was built by Pallava rulers. The temple stands proof of the architectural excellence of the past with stunning sculpture on the huge walls and doors. The 29-meter tall main entrance and the seven gold ‘kalasams’ spellbound you.

Penchalakona

    :This is a sacred place for pilgrims. Penchalakona is situated 80 kms away from Nellore. The temple is dedicated to Lord Narasimha. The temple is situated on the top of Vedagiri Hills. The temple receives more importance from religious point of view as it is believed that the temple was built on the place where Lord Venkateswara had placed his feet.

Udayagiri Fort

    Udayagiri Fort is located at an altitude of 3079 feet above sea level. Situated around 100 kms from Nellore, the fort is in a picturesque environment. The village Udayagiri is situated on hilltop and this hill is famously known as Sanjeevi Hills. A wide range of plants of medicinal value is found here. Evidences available on Udayagiri relate its history from 14th century. The place was then the capital of Langula Gajapati and then it was ruled by the famous Krishna Devaraya of Vijayanagar around 1512. The fort had been under the control of various rulers including Cholas, Pallavas and subsequently it came into the hands of Vijayanagar rulers. It was conquered by Islamic rulers as well.

Venkatagiri Fort

    Venkatagiri Fort is situated in Venkatagiri town. The fort was constructed by Recherla rulers in the year 1775. Surrounded by dense forest, the fort looks splendidly picturesque. The serene atmosphere in the fort calms your mind while the magnificence of the fort brings to the fore its past importance in the power game. Venkatagiri town is very famous for cotton sarees weaved in Jamdari technique.

Jonnawada

    Jonnawada attracts pilgrims from all parts of India. It is located around15km from Nellore. Out of the two Kamakshi temples constructed here, one belongs to the 12th century and it is very popular. The shrines here are dedicated to Goddess Kamakshi and Sri Mallikarjuna Swamy. A festival for 10 days is celebrated every year in grandeur. The quality involved in the construction of the temple is evident in certain parts of the temple, which are built of single stones.

Mypad Beach

    Mypad Beach is a spectacular beach with lush greenery and stunning landscape. The soft sands, clear water along with the picturesque coastline make the beach top the list of the beaches in Nellore. The vast greenery before your eyes is enchanting. The beach has everything about it perfect. It offers a serene atmosphere where you can unwind yourself. The sands are tempting to have a sunbath and the trees invite you to take a walk enjoying the breeze.

Total Number Of Branches In Nellore (431)

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