If you are a dentist or a doctor, you may be qualified for a doctor’s loan. You can use the money from the loan for expanding your private practice, upgrading your medical equipment, or putting down payment for any property that you are looking for. This type of loan is getting popular among many doctors in the Philippines today. Before you start applying for getting this loan, you need to know all details about this loan. You also need to learn about how you can apply for this loan and improve your chance of getting your application approved.
What is a Doctor’s Loan?
It is also known as the physician’s loan. This is a tailor-made financial product that can be used to address any specific needs of medical professionals. You can apply for this online loan philippines without bank account and hassle of the requirements. It has less complicated requirements than the other regular loans.
In most cases, the doctors only need to fill out the application from the HR or admin. Then, the application can be processed immediately. The result can be known in a few days only. Because of this easy procedure, many doctors are interested in taking this doctor’s loan in this country. All doctors, regardless of specialization, veterinarians, and also dentists are allowed to apply for this doctor’s loan.
Sean Martin D. Plantado, head of Digido.ph Customer Care notes that a doctor’s loan in the Philippines is important because it gives doctors the opportunity to start their careers. Without it, many practitioners will not be able to buy the equipment they need.
What are Some Documents Required for the Doctor’s Loan?
If you are a doctor who works in your private place, you need to submit some documents for getting qualified for a loan. However, you need to understand that different lenders may require different document requirements for their users. Here are some common documents that you can submit to the lenders.
- Updated PRD Identity Card
- Latest bank statements for the past 3 months
- A single government-issued ID
- DTI and business permits for all clinic owners
- Latest utility bill (either water or electric bill)
Tips for Getting a Better Chance of Getting Your Loan Approved
1. Calculate your total years of working
It is important to know that most lenders will take a look at the total years of working before they can approve your loan application. Being resident in a hospital for at least 1 year can give you a high chance of getting your loan approved. If your working period is longer than that period, you will have a better chance of getting your loan approved.
2. Get a copy of the credit report
Before you apply for the doctor’s loan, you can consider getting a copy of the credit report. Certain institutions will have a record of the credit history. This credit history will include everything that is related to your account, for example, your loans, credit cards applied for, your payment history, etc. These organizations will work with some loan providers for helping them learn more about your creditworthiness.
3. Compare some available lenders
There are a lot of lenders, including banks and lending firms, that are available in the Philippines. They may have different ways and requirements to measure for any applicants. You can compare their requirements for ensuring that you are eligible for getting their loans. When you can exceed their minimum requirements, you can consider taking any of their lenders.
4. Calculate your debt-income ratio
The debt-income ratio will be an important indicator that you need to calculate when you are taking any loans. You should calculate the total income you can get every month. Then, this income will be dedicated by total monthly payments from many different loans you have. Make sure that you have enough income for repaying your loan. In general, your debt-income ratio should be less than 40%.
5. Finish existing debts before you apply for another one
This is another strategy that you can use for getting your loan approved easily. You can clear yourself off of any debts. When you don’t have any loans anymore, you can increase your chance of getting your loan approved. This situation will show that you are able to pay and also keep an outstanding debt record. It is very important for you to have a good financial standing, in order to get your loan approved easily. You need to show your capacity to pay off your loan in the future.