Commerce Bank this month introduced a medical refinance loan allowing doctors to consolidate federal and private education loans into one with a single monthly payment.
The bank called it a smart solution that allows doctors to repay their medical school loans.
Two term options and variable or fixed interest rates are available. The interest rate is based on the term selected. A .25 percent interest rate discount is available for ACH autopay enrollment and there are no origination or prepayment fees.
The loans are designed for doctors who are graduates of medical programs at U.S. universities and who are currently employed or have an employee contract pending by a medical hospital, practice, or clinic. Applicants must be U.S. citizens or non-citizen permanent residents of the U.S., have qualified student loans between $30,000 – $400,000 for refinancing and meet minimum debt-to-income and other basic credit criteria.
Doctors can visit Commercebank.com/MedicalRefinance to complete a five-step application.