It is not just the exotic beaches, but the availability of affordable quality health care that makes the Philippines one of the most preferred destinations for retirement living. Even with the infrastructural issues of a developing country, the English speaking Filipinos with their friendly attitude make the Philippines a second home for people of different nationalities.
The healthcare system of the Philippines is a result of active contributions from the government and private investment alike. Even though public funding is insufficient to meet the essential requirements to ensure high-quality treatment for such a populated country, it makes treatment affordable for all.
On the other hand, the private sector offers better care and excellent facilities. But such tertiary care hospitals are located in metros and are unaffordable for the majority of the Filipinos.
Role of Clinics in Improving the Health Care of the Philippines
Over the years, the life expectancy of Filipinos has crossed 70 years, and it makes a significant portion of the population aged.
Besides, the nature of the illnesses and their distribution across the population has changed as well. Earlier infectious diseases such as epidemics were the primary reason for the death of people. Now non-communicable diseases such as cardiovascular issues, diabetes, hypertension, kidney failures, cancer, etc. are the major ailments for the population, especially for senior citizens.
Regular followup with the doctor is the best tool to manage such lifestyle diseases. Due to the reduced mobility of the elderly population and lack of infrastructure in remote areas, people may tend to skip such regular appointments. It reduces the quality of life significantly.
Affordable and easily accessible clinics are the right approach to tackle these issues, especially with remote villages. It not only takes care of the health requirements of the local population but also reduces the patient load on referral hospitals. It enables such centers to focus more on quality and turn to be the center of excellence.
Setting up a remote clinic is not a viable option both for the corporates or for the cash strapped governments. The only available option is to encourage doctors to set up clinics in such areas and make their professional expertise useful to the local population in an affordable way.
The importance of Doctor’s Loan to Philippine health care
Medical education is expensive and demands years of training to learn the ropes of the profession. By the time a resident matures as an independent professional, the repayment of educational loan takes away a considerable portion of his earnings.
These relatively low savings and the existing educational loans often act as a roadblock for the doctor to get a loan to start a clinic.
Doctor Cash Loan is a tailor-made financial assistance scheme to address such issues. It offers speedy approval of loans at a highly slashed interest rate. Doctor loan interest rate is much lower than the usual multipurpose loans. Dentists, optometrists, general practitioners, veterinarians, and ophthalmologists are the main categories of doctors entitled to the scheme. Still, some banks extend the plan to other specialties such as anesthesiologists, cardiologists etc. on specific grounds.
The interest for each category varies in different aspects. Generally, the majority of the banks follow such a distribution pattern:
- Dentists – 2.5%
- Optometrists – 2.5%
- General Practitioners – 2%
- Veterinarians – 2.5%
- Ophthalmologists – 2%
Reasons to Apply for a Doctor’s Loan
A Doctor’s Loan is not restricted alone for setting up a clinic. You can use it for anything that could improve your professional career, including the digitalization of patient records or setting up a pharmacy or laboratory.
However, the primary reasons for availing a Doctor’s Loan are:
To start a clinic
A significant volume of doctors in the Philippines are either trained or worked in world-class institutions in the US or other developed countries. This exposure makes them proficient in adopting the latest technologies and treatment modalities for better outcomes.
Setting up such a facility with the specified quality requires good investment, where Doctor’s Loan becomes a blessing. Such world-class clinics not only serve the local population but also boost the economy through medical tourism.
To improve the facilities
Facility improvements include everything from changing the chairs of your clinic’s waiting area, bio-medical waste disposal, sanitation process, to the regular updates of equipment.
Advanced equipment improves efficiency, but is highly expensive. However, some banks and lending agencies provide Doctor’s Loans for the purchase of medical equipment with interest rates as low as 1.8%.
To hire talents
Occasionally a doctor may need to employ other professionals in their facilities to improve the care quality. For instance, a general dentist may use a maxillofacial surgeon or a general practitioner may hire a dietitian to provide comprehensive care for his diabetic patients.
A Doctor’s Loan assists them in meeting such operational expenditures and gain the confidence of their patients as a complete one-stop solution for all their health care issues.
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How to Get a Doctor’s Loan on the Philippines
Although different banks follow different procedures, the below-listed documents are essential to establish your eligibility for a Doctor’s Loan:
- Proof of your Philippines Citizenship;
- Copy of valid PRC ID;
- Bank statement of the last three months;
- Government approved address proofs;
- ITR details and payslip – for employees;
- Client details for the last one month – for clinics.
You can directly approach the banks, lenders, or use the service of professional loan consultants to get the appropriate loan for your requirements. Keep in mind that doctor cash loan requirements may vary from bank to bank.
Top Doctor’s Loans with Rates and Features
Some of the significant financial institutions that offer Doctor’s Loan are:
Doctor’s Loan Program (DLP) is one of the most popular product of Maybank among professionals. The loan limit is reasonable and has highly flexible payment options. The targeted customers for this plan are doctors working with tertiary hospitals. Quick loan availability with minimal paperwork is one of the major attractions of this plan.
The doctors with a monthly income of P30,000 can avail of a loan of up to P1,000,000. The borrower can make payments as monthly installments of 12, 18, 24, or 36-month duration.
GDFI (Global Dominion Financing Incorporated)
GDFI promises loan approval within 4 hours to one day. They offer the best interest rates, minimal documentation, and more flexible payment options. It provides loans up to P1,000,000 for 12-24 months without any mandatory requirements for minimum monthly income or years of practice.
Quick Finance Loan (quickfinanceloan.com)
The loan amount is decided based on your income. The loan duration is for 3-12 months.
There is no specific ceiling for the maximum loan amount. This company loan is suitable for general practitioners, ophthalmologists, dentists, optometrists and veterinarians.
JCT EZ Loan (J.C.T. EZ Loan Corporation)
JCT EZ provides you with the option to have a Doctor’s Loan even at the age of 60 years. The only condition for such applicants is to have a co-borrower with age below 59 years. Your monthly income is the deciding factor for the loan limit, and you may need to submit your ITR details for verification. Get yours ready ledger detailing 1 month of clients and latest 3 months bank statement of checking account.
Below we offer you a comparison table of loans in different financial institutions. Look through it carefully and choose what you need.
|Bank/Vendor||Loan Limit (PHP)||Loan Duration (Months)||Age Limit (Years)||Practice (In years)||Monthly Income (PHP)|
|1,000,000||12, 18, 24 or 36||28-55||2||30000|
|10,00,000||12-24||Upto 65||Not required||Not required|
|Quick Finance Loan||Based on income||3-12||21-59||Not specified||Not specified|
|JCT EZ Loan||Based on income||Not specified||21-60||Not specified||Needs regular income|
Pros and Cons of Doctor’s Loans
The major attractions of a Doctor’s Loan are its nominal interest rates, reduced paper works, and instant availability. You can go for a Doctor’s Loan even if your educational loan is outstanding.
On the flip side, such easy availability of loans can push you to a debt trap. The professional proficiency of a doctor who starts independent practice immediately after the college might not be on par with his classmate working in a hospital. The volume and the diversity of cases make even a junior doctor in a hospital more competent and experienced. So resorting to independent practice during the initial stages of your career could backfire your growth due to the lack of peer learning.
Managing a clinic needs full-time attention. It reduces your chances of getting higher education or developing your skills through regular training.The commitments can even stop you from accepting a better career option in another location.
Total devotion to the clinic could affect your growth potential in mastering new skills and may reduce your earnings in general.
In all aspects, the Doctor Cash Loan loan Philippines is an excellent tool for a doctor to establish his presence in the health care of the Philippines. You can repeat the doctor cash loan if you have successfully paid off your previous loan. But it doesn’t mean that all doctors should opt for it.
If you are passionate about exploring new areas and keep on sharpening your competitive edge, a corporate hospital with the latest technology would be better for you.
But if you are confident in your abilities as a clinician and are passionate about entrepreneurship, then setting up a clinic would be a wiser choice.
In the end, it’s up to you to decide whether to secure the loan or not because nobody knows you and your preferences better than you.
Written by George K | Modified date: February 25, 2020