Here are the interest rates, processing fees for a doctor loan and other applicable charges on Bajaj Markets:
Types of Fees |
Applicable Charges |
Interest Rate |
14% p.a. – 17% p.a. |
Processing Fees |
Up to 2% of the loan amount + applicable taxes |
Foreclosure Charges |
4% of the outstanding loan amount + applicable taxes |
Penal Interest |
2% per month, along with applicable taxes |
Cheque Bounce Charges |
₹3,000 per bounce, along with applicable taxes |
Disclaimer: The above-mentioned values are subject to change as per the policies of the lender.
The tenure generally ranges from 1 year to 7 years or more, depending on the lender. On Bajaj Markets, you can get up to 7 years to repay your doctor loan.
The interest charged on a doctor loan is calculated based on the loan amount, interest rate, and loan tenure.
Some factors that affect doctor loan interest rates are your income, work experience and your credit score. Market conditions and your relationship with the lender also have an impact on the interest rates offered to you.
Doctor loans may have lower interest rates than other unsecured loans. This is because, lenders consider doctors to be low-risk borrowers as they have a steady income and a high repayment capacity.
On Bajaj Markets, the processing charges for doctor loans are about 2%.