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Bajaj Finserv Doctor Loan in Bhavnagar

Interest Rate starts from 14.00%

Bajaj Finserv Doctor Loan Interest rates in Bhavnagar

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 Bhavnagar

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 Bhavnagar 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.

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 Bhavnagar

Bhavnagar, in the Indian state of Gujarat, is a port city on the coastal region of the Saurashtra peninsula abutting the picturesque Gulf of Cambay. It is fifth largest city of Gujarat is situated in the eastern coast of Saurashtra, also called Kathiawar and to the west of the Gulf of Khambat. It is the second largest city of Saurashtra.

Bhavnagar is primarily a business town, close to Alang which is the biggest ship breaking yard in South Asia. People coming in for business in Alang make Bhavnagar their base as all the offices are situated here, region and is known for its cultural capital.

In 1823, a new capital near Vadva village was established by Maharaja Bhavsinhji Gohil and the place was named Bhavnagar, after his name. The place gained importance owing to its location that facilitated maritime trade. It became the capital of Bhavnagar State. Until Indian Independence in 1947, the Rajput Gohil clan ruled the independent state of Bhanvanagar.In 1948, it was the first Indian princely state to unite with the Indian Union.

Places To Be Visited In Bhavnagar

Takhteshwar Temple

    Takhteshwar Temple is a famous temple situated in the Bhavnagar city in Gujarat. It was constructed in 1893 at the instructions of the then ruler of Bhavnagar, Maharaja Takhatsihnji. It has a magnificent shrine with a three eyed Lord Shiva who is regarded as the powerful and fascinating deity of the Hindu Trinity. The temple is constructed in white marble which showcases a rare architectural beauty. It also offers an aerial view of the city of Bhavnagar and the surrounding regions.

Tadhavaj Hill

    On the confluence of the rivers Shatrunai and Talaji on the hill top the town of Talaja is located. Carved out in the hills are Buddhist caves or monasteries which were built thousand of years ago. A pleasant climb up the hill brings one to magnificently built Jain temples. Located 160 ft above sea level, the place is famous for a small cluster of temples and ancient caves, believed to be Buddhist origin, carved into the hills. Talaja Teerth is a center of religious activity.

Sihor

    An interesting excursion from the Vijay Vilas Palace is Shihor, with its historic old palace of the Maharaja of Bhavnagar, featuring gardens, wall paintings and woodcarvings. It can also be used as a base to visit Alang Ship Breaking Yard, the Jain temples of Talaja, the historic town of Vabhipur and the Velavadar National Park.

Gandhi Smriti

    Gandhi Smriti stands in Bhavnagar city as the vital link of the life of the political leader and the city. The memorial, which houses a hoard of photographs of the Mahatma, stands by the clock tower in Crescent Circle. Gandhi Smriti in Bhavnagar preserves a huge collection of books and other memorabilia used by Mahatma Gandhi. The repository also displays photographs that recreate the various events in the life of this great leader. Artifacts like religious carvings and betal cutters that are cultural representatives of Saurashtra are also found in Gandhi Smriti at Bhavnagar.

Bhavnagar Lock Gate

    The Lock Gate of Bhavnagar is situated in a dockyard of the city that was built 100 years ago. It is a very old dry dock of the country, which is still operational. It is at present used for the making of ships. The Lock gates impound the sea-water in order to keep the ships floating in the time of low tides. One can watch the lock gates in action after taking special permission. Among the various places to see in Bhavnagar, the Lock Gate is surely a popular tourist choice.

Gopnath Beach

    A beautiful hamlet on the coast of the Gulf of Khambhat and at a distance of 10 Kms from Talaja, the taluka headquarter of Bhavnagar district is Gopnath. Vying for eminence on the tourist circuit with development of a heritage hotel - Gopnath Bungalow, it was a pleasant sea-shore retreat of Gohil rulers of Bhavnagar. The bungalow built in a European colonial style with cottages and mansions surrounding the courtyard faces the sea and offers a beautiful view of the gulf.It attracts marine life and birdwatching enthusiasts to the rocky shores on the coast. It is also renowed for the temple of Gopnath Mahadev, where Narsinh Mehta is believed to have performed penance. The coast in this area is full of tiny islands and offers a picturesque delight to the onlooker.

Nilambag Palace

    Nilambag, the royal palace now converted into a heritage hotel reflects the grandeur of the eighteenth century and is set amidst vivid lawns and gardens. The pillared porticos, stepped arches, pleasant center courtyard, turning marble staircase, dining hall furnished with European chandeliers and the historic library takes one back to the era of royalty and splendor.

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