A Handy Guide To Doctor Loans In India

A Doctor Loan is a kind of business loan that helps doctors maintain or improve their medical infrastructure. Doctor Loan eligibility in India requires you to have a certain level of experience or to have your own practice. Here’s who can apply for a loan:

  • An independent clinic owner with an owned house
  • Minimum 2 years of post-qualification experience for graduate doctors (MBBS)
  • Minimum 1 year of post-qualification experience for post-graduate doctors (MD/DM/MS)
  • Minimum 5 years of post-qualification experience for dentists (BDS/MDS)
  • Doctors with self-owned clinics.
  • Employed physicians in government or private hospitals, clinics, or consultants.

A Doctor Loan from Bajaj Finserv is an exclusive product for medical professionals and offers multiple benefits such as quick approvals and low-interest rates.

The Features of a Doctor Loan

Now that you have understood what the eligibility for a Doctor Loan is, let’s take a look at the different features of this product.

Maximum Loan Amount

The maximum borrowable amount for doctor loans can vary from one bank to the other. Although they usually start at a minimum of INR 1 lakh, some banks even offer loans of up to Rs.1 crore. With a quick and convenient online application process, Doctor Loans by Bajaj Finserv go up to Rs.30 lakh for business and personal loans for doctors, and Rs. 3 crore for home loans and loans against property for doctors.

Tenor

Doctor loans can have a tenor that ranges from 12 months to 20 years, depending upon the loan type.

Documentation

The documents required for a Doctor Loan are:

  1. Identity Proof – Pan card/Voter’s ID/ Driver’s license/Passport
  2. Address Proof – Telephone Bill/Electricity Bill/Passport/Property Tax Receipt
  3. Proof of Highest Educational Qualification
  4. Financial Documents – Latest Bank Statements, from 3 to 6 months, Income Tax Returns (ITR), Gross Monthly or Yearly Receipts

If there is a co-applicant, you need to furnish their identity, address and relationship proofs.

Interest Rates

The interest rates on doctor loans may be floating or fixed, depending on the loan amount and the lender. Doctor loan interest rates in India range from 10% to 20%.

Collateral

Most banks do not require collateral or security unless the loan amount is unusually high.

Prepayment Options

You can avail of part prepayment or foreclosure facilities in order to repay a doctor loan. Remember to find out the prepayment charges that most banks apply as a penalty. The Doctor Loan by Bajaj Finserv allows you to prepay up to 6 times in one financial year, with the minimum prepayment amount equal to three EMIs.

Also Read: How Doctor Loan Can Help You Set Up Your Practice

Advantages of Doctor Loans

There are several benefits to doctor loans. The following are just a few:

  1. Doctor loans are easily available, with a range of loan amounts and tenors.
  2. Most doctor loans do not require any security or collateral.
  3. You can even apply online for a doctor loan.
  4. You can clear the loan faster using the prepayment option.

If you are planning to expand your operations or require urgent funding, a doctor loan is an ideal option for you.

Reasons why your Doctor Loan has been declined

If you’re someone who’s been declined a doctor loan, then you may be keen on finding out more about the reasons behind the rejection. Here are some of the top reasons for doctor loan rejection in the country:

A Low Credit Score

Your credit score is the number one factor that financial companies take into consideration before approving or rejecting a loan application. If you’ve neglected to pay your EMIs on time for any of your previous loans, then your credit score will very likely take a hit. The same goes for all those times you’ve failed to pay your credit card bills.

With a low credit score, chances are that even a highly reputed doctor will be denied a loan.

Multiple Loans in Progress

If you already have a number of other loans that you need to pay back, then your ability to repay a new loan will be seriously questioned by financial companies. More often than not, you will be labeled a high-risk individual in the eyes of your lender when you have multiple debts pending. At such times, it doesn’t matter if you’ve paid all your EMIs on time or even if you have a good credit score; your doctor loan eligibility is inevitably affected in a negative manner.

Fresh off the Boat

Job stability is another factor that plays a major role in the loan approval process. If you’re someone who’s just graduated from medical school, then obtaining a doctor loan may prove to be quite difficult. In order to grant a loan, your lender needs to be sure of your ability to maintain a certain a level of income. It’s a good idea to gain at least a few years of experience before applying for a loan.

Apply for Doctor Loan Online Know More About Doctor Loan

Taking a Home Loan

Things to Consider When Taking a Home Loan

Deciding on which property to purchase is hard work. If you’ve successfully done that, you’re already halfway there. If you haven’t, refer to Bajaj Finserv Property Search services ,which ensures that you get the exact home you’re looking for.

The next step is deciding upon a Home Loan. With so many lenders and institutions offering up attractive Home Loan plans, you could easily end up choosing the wrong one. Here’s your guide to what is important.



Steps to Consider Before Taking a Home Loan

Where to Begin

Though it may seem that the only hurdle in getting a loan is the application process, getting the actual sanction and disbursement can be a tedious task. Bajaj Finserv will help you make a clear cut decision with their transparent and affordable plans.

A common mistake is deciding on a Home Loan based on the interest rate. There are other, arguably more important, things one needs to consider before applying for a housing finance.

What You Should Actually Consider

Clearly things like eligibility, loan type, lender and other things play an important role when considering your Home Loan options. Interest rates although important, are reasonably over-rated. It’s easy to understand why it seems that interest rate is the make or break factor of a loan, and why the lowest rate of interest is so sought after.

There are two kinds of loan types in terms of interest – fixed and floating. Although the fixed loan type seems like the sensible choice, with so many other factors in play, you would do well to consider a floating interest rate too.

What you should be worried about, are the changes in the eligibility criteria, your credit score, and other hidden charges your lender may be imposing on you. Those charges are likely to be negotiable, so have a word with your loan manager before committing to a product.

You should also have an overall awareness of the tenure and how it affects the EMI status. Some things, however, are likely to remain the same across lenders, such as the documents required for the Home Loan.

Deciding upon a Lender

This is undoubtedly one of the most important decisions you will make. Some lenders may have tricky security clauses that entitle them to extra charges and payments for things that you may not consider accurate. For example, some security clauses work so that the lender is entitled to consider a default in the payment if the borrower expires or is involved in a criminal offense. These are not explicitly listed and it becomes important to read the documents before signing any.

Consider these hidden problems when comparing lenders. Bajaj Finserv is comparatively transparent and frank in dealing with consumers and provides a clear cut list of all applicable charges.

Lenders often have loopholes in their eligibility criteria list as well. How you apply for a Home Loan and the tenure you seek might make certain lenders wary of sanctioning a loan. Other unexpected factors include the number of dependents you may have, and your previous history in bill payments, bank account statements and already existing loans. Your credit rating too plays a major role.

Tenure, Deposits and Other Factors

The EMI (Equated Monthly Instalment) is calculated based upon the tenure of the loan, the size of the principal and the interest rate. The EMI is inversely related to the tenure. So, comparing the different EMI-to-Tenure rates of different lenders will give you a clearer idea of the options available.

Some lenders require a deposit to be made, which usually hovers somewhere around 5% of the total sanctioned mortgage. The Loan-To-Value (LTV) Ratio is also something important and is often overlooked. This is something that needs to be very well understood by those investing in resale property.

Remember that all of the above depends on the type of loan and your lender.

Bajaj Finserv provides its customers with 3 EMI free months, making it much easier for customers to plan their finances and repay their loan.

Apply for Home Loan Online Check your Home Loan Eligibility

Documents required for Personal Loan

A Complete List of Documents Required for Personal Loan

Do you need personal finance or a loan for a holiday, wedding or to pay for a medical emergency? If you’re planning on applying for a Personal Loan to fund these expenses, you’re on the right track. Applying Online for a Personal Loan is the perfect way to avoid hassles of a conventional loan experience. To make this process even easier, make sure that all your Personal Loan documents are in order. Here’s an exhaustive checklist of documents to keep in mind while applying for a Personal Loan.


Documents Required for Personal Loan

  • Check Your Eligibility
    Before you set out to check all boxes for documentation, check your eligibility. The Eligibility Criteria and Documents for a Personal Loan in India vary from company to company. For instance, Bajaj Finserv offers loans based on the salary of working professionals, their age (should be between 25-58 years) and the city they live in.

 

  • Income Details
    When your salary serves as the only security against a loan, income details acquire even more sanctity. Companies like Bajaj Finserv have introduced a Personal Loan that requires no guarantee or collateral. In fact, they charge a Personal Loan Interest Rate starting from as low as 16%. Many financiers require salary slips for the last 6 months but with Bajaj Finserv, salary slips for the last 3 months are sufficient.

 

  • Employment Proof
    Check for the below to prove that you are a working professional:
    Employee ID Card
    Employee Visiting Card

 

  • Work Experience Documents
    Depending on your financier, the requisite work experience documents may vary. Companies like Bajaj Finserv require basic documents like the ones listed below:
    Appointment Letter of current and previous employment
    Form 16 of current and previous employment
    Promotion letters, Transfer letters and Confirmation letters

 

  • Identity Proof
    To prove that you are the original person who is applying for the loan, provide any of the below:
    PAN card
    Passport

    Driving License
    Voter Card

 

  • Address Proof
    You will also be expected to confirm the originality of your house address. This can be made possible by furnishing any of the below documents:
    PAN card
    Passport

    Voter Card
    Current Telephone Bill
    Current Electricity Bill
    Ration Card
    Bajaj Finserv provides an additional choice of address proof, that is, a letter from your employer confirming your address of residence. This has to be further verified by the HR or Admin department.

 

  • Signature Proof
    This can be offered by any of the below documents:
    PAN card
    Passport

    Driving License
    Birth Certificate

While completing formalities for loan documentation, it pays to maintain a checklist. If you’ve got all your documents in order, the loan application process is an absolute cakewalk!

You can apply for a Personal Loan online from Bajaj Finserv up to Rs. 25 Lakh and repay it at your ease by opting for tenures ranging from 24 months to 60 months.You can also use the Personal Loan EMI Calculator to know how much EMI you will have to pay for your Personal Loan.

Apply for Personal Loan Check your Loan Eligibility Calculate Your EMI

All the Documents Required for Loan Against Shares

Many people invest in shares, stocks and shares as a means to grow their finances and keep money handy for sudden needs. These investments are also great for retirement planning or for your child’s future education. However, when the need arises, you need not withdraw the invested amount. Instead, you could take a loan against these shares while your investment continues to grow.

Bajaj Finserv offers self-employed individuals a Loan Against Shares that can go up to INR 15 crore. This loan can be used to help your business interests or for any other requirement.

Even if you’re a salaried individual, a sudden need for extra finance could come up. Loans Against Shares for salaried borrowers are also available with Bajaj Finserv. You could get a loan against your mutual fund units, demat shares, insurance policies, non-convertible debentures and more. If you would not like to take a loan against shares, Bajaj Finserv also offers a Loan Against Fixed Deposit.

Are You Eligible for a Loan Against Shares?

Taking a loan against shares is an attractive option as it gives you liquidity without dissolving your bonds or stocks. The most commonly asked question while applying for this kind of loan is “What are the documents needed for a loan against shares?” Eligibility documents for a loan against shares include,

  • Photo identity proof
  • Proof of stock ownership
  • Address proof
  • Income proof such as your salary slips
  • Form 16
  • Proof of employment, such as an appointment letter
  • Demat account statements and bank statements.

Besides eligibility documents for a loan against shares in India, there are other criteria that you will have to meet. Your shares should be completely paid for and they should be on your lender’s approved list. These shares should also be in marketable lots.

If you are the director of your own firm, you cannot use the shares of that firm to take a loan. Also, any shares which are in the name of minors in your family cannot be used to get a loan.

Remember, if you already have another loan, you should submit bank statements on that loan as well. Keep all your loan against shares documents in order before applying for a loan, so you can submit them on demand.

<<Click here to apply for our online Loan Against Shares>>

Home Loan Documents

All you Need to Know About Home Loan Documents

A home is a huge investment, and you’d want to be sure that your documents are in order so as to avoid any problems later on. But before you apply for a
Home Loan, you need to know about the basic documents required. Here’s your guide to all the documentation that determines your eligibility criteria.



Are You Eligible for a Home Loan?

Eligibility documents for a Home Loan in India vary across lenders. They also depend upon income levels of individuals in different metropolitan cities. All the lenders ask are for some basic documents and list out criteria that you need to meet. The outcome of the application is determined based on you meeting these requirements. The criteria requires you to be an Indian citizen, of at least 25 years of age at the time of the loan being sanctioned, and you must be a salaried individual with a work experience of three years or more.
So, now that you know if you’re eligible or not, it’s time to look at the documents needed for a Home Loan.

Documents Needed for a Home Loan

Many lenders like Bajaj Finserv list out the standard documents necessary for a Home Loan to be approved. These include:

  • A completely filled application form with an attested photograph
  • Identity proof
  • Address proof
  • Signature proof
  • Date of birth proof
  • Income details
  • Business continuity proof (salary slips or appointment letters suggesting you are continuing to work)
  • Bank account statements for the previous three months.

These are the basic documents needed to initiate the application for your loan. However, as the loan application progresses, you may need to submit other documents like income tax returns on request.

Know More About Home Loan Interest Rates

Interest rates of Home Loans can vary from lender to lender. The exact interest rates are almost always communicated to you by the lender after you are eligibility has been approved. You need to note that banks determine the Home Loan interest rates depending upon your salary, loan amount, and loan tenure. Several NBFCs like Bajaj Finserv, for instance, offer low interest rates on an online Home Loan across India for salaried individuals with benefits like three EMI-free months.

Apply Online – Quick and Easy

You can apply online for a Home Loan with a guarantee of a speedy approval procedure. Lenders like Bajaj Finserv, for instance, offer Home Loans with instant approvals and nil foreclosure charges.
Opting for a Home Loan is a big responsibility as even minute glitches with regards to documents can leave you stranded. So be sure to know every detail about the eligibility factors that can boost your chances of getting one before you sign off on a Home Loan.

Apply for Home Loan Online Check your Home Loan Eligibility

Everything You Need to Know About Doctor Loans

Doctor loans or Physician Loans only picked up popularity among the lending institutions in India recently. But before you opt for a doctor loan, it’s important for you to know more about what a doctor loan is and the eligibility criteria you should meet to avail one.

A doctor loan is a type of business loan which can be availed by doctors (of any field in medical science) with a clinic/hospital, and who wish to improve the infrastructure or facilities provided by that clinic/hospital to provide better healthcare solutions to their patients. However, very few institutions in India actually provide doctor loans that are feasible to the applicant.

Are You Ready for a Doctor Loan?

Most lenders have, more or less, similar and standard criteria for eligibility documents for a Doctor Loan in India. For instance, companies like Bajaj Finserv requires an applicant to be:

  • An independent clinic owner with an owned house
  • A graduation degree of MBBS/BDS and work experience of a minimum 8 years.
  • Or a Postgraduate degree of DM/MD/MS/MCH/MDS, and a work experience of a minimum 5 years.
  • Doctors with self-owned clinics.
  • Employed physicians in government or private hospitals, clinics, or consultants.

What are the Documents Needed for a Doctor Loan?

All the doctor loan applicants are required to submit a list of documents for their applications to be processed. These include:

  • A minimum gross receipt of a certain amount of money depending upon the city of practice and residence.
  • Income tax returns of previous two years.
  • Bank statements of previous three months.
  • Educational qualification certificates.
  • Address proof.
  • Identity proof, and
  • Own property proof.

Interest Rates and Other Benefits

Doctor Loans can be availed at interest rates starting from as low as 10% in most of India, depending upon the choice of lender, loan amount, and loan tenure. Many NBFC’s like Bajaj Finserv, for instance, provide a loan of up to INR 45 lakh with flexible repayment tenures and instant approvals to choose from. Usually, doctor loan interest rates range from 10% to 15% in India.

Availing Doctor Loans Made Easy

Getting any loan these days is easy, for instance you can apply online for a doctor loan and get quick approval. Also, most of the lenders offering this type of loan have come up with no guarantor or no collateral schemes to attract more business so as to help budding doctors flourish their practise. There are also lenders who offer instant approvals on applications if the applicant meets the predefined criteria.

Thanks to the advance of technology and lenders realisation of an unexplored goldmine, availing a doctor loan has become rather easy. Several NBFCs like Bajaj Finserv, offer Doctor Loans with instant online approvals.

<< Click here to Apply for our 100% Online Doctor Loan >>

All The Documents Required For A Business Loan

A business loan application doesn’t always need to be a cumbersome endeavour that stresses you out. The plethora of documents required for a business loan is often what puts all small business owners off. However, Bajaj Finserv requires the most basic documentation. In fact, you won’t need to spend more than thirty minutes to fill the form and send all the documents required!

The business loan application checklist is detailed below to make your business loan application easy and hassle-free:

  • Application Form

Yes, there is an application form, but it can be completed online without requiring you to lift your finger from the mouse. Think of it more as your introduction to us! Details that you already know such as your name, address and PAN are required along with your contact numbers. Easy, right?

  • 1 Photograph Of The Co-applicant

The lender may already know about you, however, in case you have a partner, which is common if you are a practicing professional or are applying for the first time, the lender would like to know who they are and what they look like too.

  • Income Details

We need to know you are legitimate business owner, and in order to ascertain just this, we need to know about your business via documents like your IT returns, balance sheet and profit and loss account statement for the last 2 years with annexures, and your Form 16A. These help us to determine your business loan eligibility and also help us to understand how you plan to use the funds we can easily provide. The Income Tax returns for the last 2 years show that you have been a faithful taxpaying citizen. The Balance Sheet and Profit & Loss statement gives us a little understanding of how well you are running your business. Form 16A is the document filed with the Income Tax department, which specifies the amount of tax deducted at source by your company/firm and paid to the authorities. All these documents are easily available in any law-abiding business.

Also Read : Things To Know Before Applying For Business Loan

  • Bank Account Statement For The Last 3 Months

Like all financially responsible people, you too manage your accounts and the lender needs to see a glimpse of that through your bank account statement. Just the last three months’ statement shall suffice. You can easily get the same though Internet banking while you are filling out the business loan application form.

  • KYC Documents For The Co-applicant

KYC stands for ‘Know Your Customer’ since it is mandatory for the lender to maintain the latest information about its customers. This easy-to-fill document helps to protect you from identity theft, financial fraud, money laundering and other unlawful activities. In cases where there is more than one person owning the business or practise, the lender needs this information from the co-owner as well.

  • Business Vintage For 5 Years

The lender need to understand how the business has fared in the last 5 years to understand your needs and requirements better.

  • Business Proof – Certificate of Practise

While lenders like Bajaj Finserv provide business loans for all types of businesses and associations but there is a need to ensure that you are running a legitimate business. For this purpose, they ask for your certificate of practice.

With easy repayment options and low cost interest payable only on that portion of the loan which you are using, business loan Bajaj is the answer to all small business needs, Further, the easily sourced documents required for business loan ensures that your experience is seamless and hassle-free.

Apply for Business Loan Online Check your Business Loan Eligibility

4 Ways You Can Get a Loan Even Without a Steady Income

While getting a loan without a job seems like an impossibility, there are steps you can take to get immediate liquidity when urgent needs and emergencies arise. There are government schemes that have been implemented to provide loans for unemployed individuals. Some private banks and lenders also provide similar loans.

You can choose from secured and unsecured loans depending on your financial status and repayment capability. However, take into consideration the interest rates applicable so that you are not burdened with additional financial strain.

Look for lenders who provide loans at low interest rates. Before taking loans if you are unemployed ensure that you have a plan in place to start paying them back as soon as you get a job. You can resort to various methods if you are looking for a financial backing from a lending institution. Below are a few of them.

Loan Against Property

Your biggest asset can also be your biggest saviour. Yes, we are talking about your property. When you are in need of money, opt for a loan by offering your property as a security for the loan you are borrowing. This can get you up to 50% on your commercial property and about 60% on your residential property if you choose to use them as a collateral. NBFCs like Bajaj Finserv offer Loan Against Property up to INR 21 crores.

Using Investments to Get a Loan

Another asset of yours that you can use to get a loan are your previous investments. Any bonds, stocks or shares, you have in your name can come in handy at such critical conjectures. For instance, Loan Against Shares from Bajaj Finserv can offer you a loan amount up to INR 15 crores with approval in 5 minutes as well as other added benefits.

Loan Against Rental Receivables

Your future rental property could keep you afloat in times of a financial crunch. You can use monetary projections of your future rental property to avail loans. This, of course, has an eligibility criterion which suggests that the property must be approved by local government authorities.

Gold Loans

Your stock of yellow metal can bail you out of an unforeseen monetary crisis. For instance, lending companies like Bajaj Finance, offers gold loans with extremely low interest schemes. You can also choose the tenure of this loan as per your convenience.

How can You Qualify for Different Types of Loans?

Before applying for a home loan, you need to know about the home loan eligibility criteria, so that you aren’t unaware about the criteria that lenders follow. Lenders will usually loan you up to 80% of the total value of the home you wish to buy. Borrowers can also opt for personal loans for urgent cash requirements. Some of the most important factors for personal loan eligibility are your income and monthly expenses. Lenders will also check your financial assets and status to see if you can repay the loan. Avoid displaying credit hungry behaviour and improve your credit rating to better your chances of getting your loan sanctioned.

Whether you are on a sabbatical or experimenting with your time, you can finance yourself with a loan using the options mentioned above.

<<Click here to Apply for our 100% Online Personal Loan>>

<< Click here to Apply for our Business Loans up to Rs 30 Lacs >>

<< Click here to Apply for our Home Loan>>

<Click here to check your Home Loan eligibility>>

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