Loans for doctors – are they on preferential terms?
It is no secret that certain professional groups are perceived by banks as more credible and less risky. Simplified procedures and preferential financing conditions may include, among others, doctors. We checked who offers special offers for medics.
Privileges and bonuses for various professional groups have been in place for many years. In the times of the Polish People’s Republic, the railwaymen had free train journeys and their own health services. Miners used carbon deposits and shopped in special stores, to which “the pass” was a “mining book”. Representatives of other professions used various allowances or increased food allowances for cards.
With the fall of communism, privileges for certain professional groups took a slightly different form. Most of them are not defined by generally available legal regulations, but internal regulations of various institutions and companies. The leading among them is the car manufacturers that grant preferential terms of vehicle purchase and financial institutions offering more attractive credit conditions to representatives of some professions.
Representatives of free professions
Such “gifts” can be counted primarily by representatives of the so-called free professions (eg artists, lawyers, architects, doctors, veterinarians, psychologists, accountants, surveyors). Significantly less preferential terms of purchase or credit are offered to journalists, clerics, employees of state or local administration, employees of uniformed services (eg policemen, professional soldiers), teachers or employees in the financial sector.
Where does this “love” come from to representatives of selected professions? Well, from the fact that in the area of personal accounts, competition is so great that it is difficult to win new customers. Big opportunities are for this in the field of credit offers. Therefore, the struggle for the “best” clients, ie those who have some income or because of the “public trust” professions, will rather not avoid timely payment of their obligations. With the rest, many years of experience of banks in servicing this type of clients confirm that they are characterized by significantly lower credit risk.
Percent here, percent there
What do these preferences concern? In general, it is a 1-2 percent discount when buying a new car, a 1-2% reduction in bank commission or a lower interest rate on the loan. It happens that banks have lower requirements for selected professional groups, as regards security (eg from employees in the broadly understood budget sphere they do not expect insurance in the event of job loss), offer longer “credit holidays” or a savings and billing account at no charge.
The rule is that representatives of the jobs preferred by the bank do not have to provide a lot of documents confirming their income. Their loan applications are considered under the simplified procedure and it is enough to present a personal ID document proving employment in a specific industry (in the case of a freelance profession a diploma confirming certain qualifications or a right to practice) is expected and a declaration of income is submitted.
Preferences for medics
Among the professional groups that can count on preferential credit conditions are also doctors, nurses, midwives and representatives of other medical professions. Those who perform this profession are perceived as reliable, conscientious and responsible people, and this translates into lower credit risk for the lender.
Interestingly, when determining preferential crediting conditions for medics, it does not matter whether they are employed under a contract of employment (employment), contract or run their own medical office. Doctors conducting business or being shareholders of companies dealing in medical activities, can count not only on “ordinary” cash loan, but also investment loan for equipment or modernization of the cabinet, purchase of necessary equipment and medical equipment.
Banks do not boast too much about their “privileged” offers. We managed to find only a few institutions that directly communicate their proposals for loans to doctors on preferential terms. Here they are:
- Wise Bank offers doctors a loan of up to 500,000 USD, ensuring minimum formalities and the possibility of withdrawing funds even on the day of submitting the loan application.
- Letin Bank has prepared a special offer for doctors and dentists who have been operating for at least 24 months. I am offering them a Loan for Free Professions up to 300,000 USD, without collateral in kind repaid over 60 months or a credit in the current account granted for a period of 12 months (with the possibility of extension). The bank guarantees that there are no fees for processing the application, minimum formalities and making a credit decision within 24 hours.
- SecureSavings Bank has prepared an offer for business clients from the medical sector (including doctors, dentists, private clinics, Non-Public Health Care Facilities). They can get up to 500,000 USD of loan granted without property security and guarantors. The loan has the form of a “credit limit”. Receipts to the loan account reduce the debt and the loan can be re-used.
- The HiFinance brand, part of the BFF Banking Group, will gladly lend doctors up to 300,000 USD for any purpose related to their business. It offers a minimum of formalities, no guarantors and additional fees, security or services. He also offers free advice from an expert who will help in choosing the most favorable form of financing for the planned project.