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Features of Bajaj Finserv Professional Loan and Flexi Loan (Overdraft-Like Facility)

  • High Loan Amount: Up to ₹80 lakh to meet business or personal expenses, such as clinic expansion or setting up a new office for professionals like doctors and chartered accountants.
  • Flexible Withdrawals (Overdraft-Like Feature): With the Flexi Loan facility, you can withdraw funds multiple times from the sanctioned loan limit as needed, similar to an overdraft.
  • Interest Charged Only on Utilized Amount: Interest is levied only on the amount withdrawn, not the entire sanctioned limit, reducing the financial burden compared to traditional loans.
  • Flexible Repayment Options: The Flexi Hybrid Loan Variant allows interest-only EMIs during the initial tenure, reducing EMI burden by up to 45% for the early part of the loan term.
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    • No Collateral Required: Both Professional Loans and Flexi Loans are unsecured, meaning no assets (e.g., property or gold) need to be pledged.
    • Quick Approval and Disbursal: Minimal documentation ensures swift approvals, often within 48 hours, with funds disbursed directly to the borrower's account.
    • Minimal Documentation: Required documents include basic KYC (Aadhaar, PAN, etc.), professional qualification certificates (e.g., medical or CA certification), income proof, and bank statements.
    • Online Account Management: Access loan details, repayment schedules, and make payments through Bajaj Finserv's customer portal or mobile app, ensuring transparency and ease of management.
    • Prepayment and Foreclosure Benefits: No charges for part-prepayments or withdrawals under the Flexi Loan facility.
    • Tailored for Professionals: Designed to meet the unique financial needs of self-employed professionals, such as funding equipment purchases, clinic expansions, or managing cash flow during delayed client payments.
    • Interest Rate Structure: Interest rates for Flexi Loans range from 10% to 31% per annum, depending on the borrower's profile.
    • Online Accessibility: Instant access to funds post-approval via online portals or the Bajaj Finserv mobile app.
    • Supports Professional Growth: Offers flexibility for professionals with fluctuating incomes, such as doctors waiting on insurance claims or CAs with seasonal client payments.
    • Special Provisions for Women: Women professionals may qualify for special schemes with favorable terms.
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Benefits of Bajaj Finserv Professional Loan/Flexi Loan (Overdraft-Like Facility)

  • Flexible Access to Funds: The Flexi Loan acts like an overdraft by allowing professionals to withdraw funds multiple times from a pre-approved loan limit without reapplying.
  • Interest Only on Utilized Amount: Interest is charged only on the amount withdrawn, not the entire sanctioned loan limit, mimicking the cost-efficiency of an overdraft.
  • High Loan Limits for Professional Needs: Bajaj Finserv offers loan amounts up to ₹80 lakh for Professional Loans, allowing professionals to address significant expenses.
    • Flexible Repayment Options: The Flexi Hybrid Loan variant allows interest-only EMIs for the initial tenure, reducing EMI burdens by up to 45% compared to regular loans.
    • No Collateral Requirement: Both Professional Loans and Flexi Loans are unsecured, meaning professionals don't need to pledge assets like property, gold, or investments.
    • Quick Approval and Disbursal: Bajaj Finserv ensures approvals within 48 hours and disbursal as fast as 30 minutes post-approval, providing rapid access to funds.
    • Minimal Documentation: Requires only basic documents like KYC (Aadhaar, PAN), professional qualification certificates, income proof, and bank statements.
    • Online Account Management: The Bajaj Finserv customer portal and mobile app allow professionals to monitor loan details, track withdrawals, view repayment schedules, and make payments seamlessly.
    • Prepayment and Foreclosure Flexibility: No charges for part-prepayments or additional withdrawals under the Flexi Loan, with minimal foreclosure charges (up to 4.72% of the withdrawable amount) if the loan is closed early.
    • Supports Business Growth: The overdraft-like facility ensures professionals have a financial safety net to manage cash flow gaps or seize growth opportunities.
    • Tailored for Professionals: Designed specifically for self-employed professionals, addressing their financial challenges like delayed payments, seasonal income, or high setup costs.
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How to Apply for Bajaj Finserv Professional Loan/Flexi Loan (Overdraft-Like Facility)

  • 1. Check Eligibility
    • Age: 22–80 years (must be 80 or younger at loan maturity).
    • Nationality: Indian citizen.
    • Profession: Self-employed professionals (e.g., doctors, CAs, lawyers) or salaried professionals working with reputed organizations.
    • Credit Score: A CIBIL score of 750 or above is preferred for better terms and higher loan amounts.
    • Income/Business Vintage: For self-employed professionals, a stable income or profitable business history (typically 1–3 years) is required.
  • 2. Choose the Application Method
    • Online: Via the Bajaj Finserv website (www.bajajfinserv.in) or mobile app (available on iOS and Android).
    • Branch Visit: At a Bajaj Finserv branch near you.
    • Phone: By contacting their customer care at 1800-103-3535 or 020-3957-5152 (call charges apply).
    • SMS: Send "PL" to 9773633633 to receive a callback from Bajaj's team.
  • 3. Gather Required Documents
    • KYC Documents: Aadhaar card, PAN card, passport-size photographs.
    • Address Proof: Aadhaar card, utility bill, rent agreement, or passport.
    • Professional Qualification Proof: Medical registration certificate (doctors), CA certificate (CAs), Bar Council registration (lawyers).
    • Income Proof: ITR for 2–3 years (self-employed), salary slips for 3–6 months (salaried).
    • Bank Statements: Last 3–6 months' bank statements.
  • 4. Submit Application
    • Fill out the online application form with personal, professional, and income details.
    • Upload or submit required documents.

Eligibility Criteria for Bajaj Finserv Professional Loan/Flexi Loan

  • 1. Profession
    • Self-Employed Professionals: Doctors, CAs, lawyers, architects, company secretaries, or other recognized professionals.
    • Salaried Professionals: Employees in professional roles at reputed organizations.
    • Valid professional qualification/registration required for self-employed professionals.
  • 2. Age Criteria
    • Range: 22 to 80 years at the time of loan application.
    • Condition: The applicant must be 80 years or younger at the time of loan maturity.
  • 3. Credit Score and History
    • Minimum CIBIL Score: 750 or above preferred for favorable terms.
    • No history of loan defaults or adverse credit events.
  • 4. Income and Financial Stability
    • For Self-Employed: Stable income from professional practice or business.
    • For Salaried: Minimum monthly salary of ₹25,000–₹40,000 (higher in metro cities).
    • Bank Statements showing income or business transactions.
  • 5. Business or Work Experience
    • Minimum 1–3 years of professional practice or business operations for self-employed.
    • 1–2 years of continuous employment for salaried professionals.
  • 6. Nationality and Residency
    • Must be an Indian citizen residing in India.
    • Valid KYC documents required to confirm nationality and identity.
  • 7. Documentation
    • Complete and accurate documents (KYC, income proof, professional credentials) ensure smooth processing.
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Documents Required for Bajaj Finserv Professional Loan/Flexi Loan

  • 1. KYC Documents
    PAN Card (mandatory)
    Aadhaar Card, Passport, Voter ID, Driving License
    Two recent passport-sized photographs
  • 2. Address Proof
    Aadhaar Card
    Passport
    Utility Bill (not older than 3 months)
    Driving License
    Voter ID
  • 3. Income Proof
    For Salaried: Last 3 months' salary slips, Form 16, bank statements
    For Non-Salaried: ITR for 2-3 years, balance sheets, bank statements
  • 4. Professional Proof
    Degree/certificate (e.g., MBBS for doctors, CA certificate)
    Professional registration (e.g., MCI, ICAI)
    For women professionals: Relevant field certificates
  • 5. Bank Account Details
    3-6 months' bank statements showing income or business transactions
  • 6. Additional Documents (if applicable)
    Business registration/license
    GST certificate (if applicable)

Factors Considered for Professional Loan/Flexi Loan Approval

  • 1. Credit Score (CIBIL Score)
    A high credit score (750+) is critical for favorable terms, higher loan amounts (up to ₹80 lakh) and lower interest rates (starting at 13% p.a.).
  • 2. Profession and Professional Qualifications
    The applicant's profession and credentials determine eligibility, as these loans are tailored for professionals with stable or high-earning practices.
  • 3. Income and Financial Stability
    A stable and sufficient income ensures the applicant can repay the loan. Higher income or revenue increases loan amount eligibility and improves terms.
  • 4. Business or Work Experience (Vintage)
    For self-employed professionals, the duration and profitability of their practice or business are key indicators of financial reliability.
  • 5. Age of Applicant
    Applicants must be between 22 and 80 years old, with the condition that they are 80 or younger at loan maturity.
  • 6. Nationality and Residency
    Must be an Indian citizen residing in India. Valid KYC documents required to confirm nationality and identity.
  • 7. Documentation
    Complete and accurate documents (KYC, income proof, professional credentials) ensure smooth processing.

Frequently Asked Questions (FAQs)

1. What is a Bajaj Finserv Professional Loan with overdraft-like features?
The Bajaj Finserv Professional Loan is a financing solution designed for self-employed professionals like doctors, chartered accountants, and lawyers to meet business or personal expenses. The Flexi Personal Loan variant offers overdraft-like features, allowing you to withdraw funds multiple times from a pre-approved loan limit (up to ₹80 lakh) as needed, with interest charged only on the utilized amount, not the entire sanctioned limit.
2. How does the Flexi Loan differ from a traditional overdraft?
Unlike a traditional overdraft linked to a bank account, the Flexi Loan is a standalone loan product with a pre-approved limit. You can withdraw funds multiple times without reapplying, pay interest only on the withdrawn amount, and prepay without charges. However, it has a fixed tenure (up to 7 years) and does not offer a cheque book facility, as Bajaj Finserv is a non-banking financial company (NBFC).
3. Who is eligible for a Professional Loan or Flexi Loan?
Eligible applicants include:
- Self-employed professionals (e.g., doctors, CAs, lawyers) with relevant qualifications
- Salaried professionals working with reputed organizations
- Age: 22–80 years (80 or younger at loan maturity)
- Indian citizen residing in India
- CIBIL score of 750 or above preferred
- Stable income (₹5–10 lakh annually for self-employed; ₹25,000–₹40,000 monthly salary for salaried)
- 1–3 years of professional practice for self-employed; 1–2 years of employment for salaried
4. What is the maximum loan amount I can get?
You can get up to ₹80 lakh for a Professional Loan or Flexi Personal Loan, depending on your income, credit score, professional profile, and repayment capacity. The loan limit is set based on factors like monthly income (for salaried, often 1–3 times monthly salary) or annual revenue (for self-employed).
5. What are the interest rates for the Flexi Loan?
Interest rates range from 10% to 31% per annum, starting at 13% p.a. for applicants with strong credit profiles. Interest is calculated daily on the amount withdrawn, not the entire sanctioned limit, making it cost-effective compared to term loans. Rates vary based on credit score, income, and profession.
6. What are the fees associated with the loan?
Common fees include:
- Processing Fee: Up to 3.93% of the loan amount (inclusive of taxes)
- Annual Maintenance Charge (Flexi Loan): 0.295% of the total withdrawable amount (inclusive of taxes)
- Bounce Charges: ₹700–₹1,500 per instance if EMI payments fail
- Foreclosure Charges: Up to 4.72% of the withdrawable amount (inclusive of taxes) if the loan is closed early
- No charges for part-prepayments or additional withdrawals
7. What documents are required to apply?
Required documents include:
- KYC: Aadhaar card, PAN card, passport-size photographs
- Address Proof: Aadhaar, utility bill, rent agreement, or passport
- Professional Qualification Proof: Medical registration (doctors), CA certificate (CAs), Bar Council registration (lawyers)
- Income Proof: ITR for 2–3 years (self-employed), salary slips for 3–6 months (salaried)
- Bank Statements: 3–6 months showing income or business transactions
Documents can be submitted digitally via the Bajaj Finserv website or app.
8. How do I apply for a Professional Loan or Flexi Loan?
You can apply through multiple channels:
- Online: Visit www.bajajfinserv.in or download the Bajaj Finserv app
- Branch Visit: At a Bajaj Finserv branch near you
- Phone: Call 1800-103-3535 or 020-3957-5152
- SMS: Send "PL" to 9773633633 for a callback
The process involves filling an application form, submitting documents, and authorizing a credit check.
9. How long does it take to get the loan approved and disbursed?
Approvals typically take 24–48 hours after document verification. Once approved, funds are disbursed to your bank account within 30 minutes to 24 hours. For Flexi Loans, subsequent withdrawals from the sanctioned limit are instant via the Bajaj Finserv app or portal.
10. Do I need collateral to avail of this loan?
No, both the Professional Loan and Flexi Personal Loan are unsecured, meaning no collateral (e.g., property, gold, or investments) is required. This makes the loan accessible without risking personal assets, though a strong credit profile is essential.
11. Can I increase my loan limit after approval?
Yes, you can request a limit increase based on improved income, credit score, or business performance. Submit a request with updated financial documents at a Bajaj Finserv branch or through customer care.
12. What happens if I don't repay the loan amount?
Defaulting on repayments may lead to:
- Negative impact on your credit score
- Recovery actions by Bajaj Finserv
- Additional penalties or legal proceedings
It's important to maintain timely repayments to avoid these consequences.
13. Are there special benefits for women professionals?
While Bajaj Finserv doesn't have a specific women-only scheme, women professionals may qualify for favorable terms based on their credit profile and income. Some special offers may be available during promotional periods.
14. Can I use the loan for any purpose?
Yes, funds can be used for both professional needs (practice expansion, equipment purchase) and personal expenses (marriage, travel, emergencies). The Flexi Loan's overdraft-like feature makes it ideal for managing variable cash flow needs.
15. How is the interest calculated on the Flexi Loan?
Interest is calculated daily on the amount you withdraw, not the entire sanctioned limit. For example, if you have a ₹50 lakh limit but use only ₹10 lakh for a month, interest applies only to the ₹10 lakh. The daily interest rate is derived from your annual rate (e.g., 13% p.a. becomes ~0.0356% per day).

List of Bajaj Finance Overdraft Facilities

  • Flexi Personal Loan for Doctors
  • Flexi Personal Loan for Chartered Accountants (CAs)
  • Flexi Personal Loan for Lawyers
  • Loan Against Mutual Funds (Overdraft-Like Facility for Professionals)
  • Flexi Personal Loan for Architects
  • Flexi Personal Loan for Company Secretaries
  • Flexi Personal Loan for Other Self-Employed Professionals
  • Gold Overdraft Loan (For Professionals with Gold Assets)
  • Flexi Personal Loan for Salaried Professionals
  • Professional Loan for Clinic Expansion (Doctors)
  • Professional Loan for Office Setup (CAs, Lawyers)
  • Home Loan with Overdraft Facility (For Professionals Owning Property)
  • Professional Loan for Equipment Purchase (Doctors, Professionals)
  • Flexi Hybrid Loan for Professionals (Interest-Only EMIs)
  • Overdraft Against Property (Flexi Loan Variant for Professionals)