Basic Doctor’s Loan Requirements and How to Get Them

If you’re a medical professional and planning to take up a loan, you need to make sure you have all the necessary requirements. Now while some of the requirements for doctor’s loans vary depending on the bank and private firm, most of the general criteria remain the same. So in case this is your first rodeo, here are the basic doctor’s loan requirements and how to get them.

Updated PRC ID

Obviously, you need to be a medical practitioner if you want to qualify for a doctor’s loan. So it would be best if you prioritized having your own PRC ID before attending to the other documents required. Otherwise, you won’t be able to prove to the banks or firms that you are a practicing medical professional (not to mention that you can’t practice your medical skills without this ID in any case). Luckily, you can now apply for or renew your PRC online. Simply visit the official website of the Professional Regulation Commission, and navigate your way to their Registration eServices pages.

Another Valid ID

Aside from your PRC ID, you need to prepare a second ID to prove your identity. Acceptable IDs include only those that are issued by the government, such as the Driver’s License, Passport, and Postal ID. The application, processing, and releasing involved in these IDs will take a lot of time, so If you need the loan money urgently, then best go for the ID that can be processed as quickly as possible. That means renewing your expired driver’s license or going for the Postal ID (which could take several weeks). Also note that some lenders check your IDs’ expiration dates, so best make sure the ones you present are still valid for at least three to six months.

Bank Statements

Next, you need to prepare your bank statements to prove your financial capabilities to return the loan. Getting your bank statements would be easier if you’re applying for the doctor’s credit at the same bank where you have an account. But if you chose a different bank or went to a private financial firm, make sure you have your bank statements on hand before submitting your application. Make sure they contain at least three months’ worth of personal financial data (since it’s usually the minimum timeframe allowed).

Proof of Billing

Another way banks and lending firms determine your credit-worthiness and financial capabilities are by looking at your billing statements. So alongside your bank statements, you need to prepare a few copies of your proof of billing. This includes your water bills, your electric bills, and any other utility bills you might have. Make sure the statements state your full name and your complete address. Otherwise, it won’t be accepted as valid by the moneylender.

Certificate of Employment

Then you need to ask the company where you’re working for a few copies of your certificate of employment. Like the bank and billing statements, it proves your credit-worthiness and financial capabilities to the moneylender. So before you apply, make sure you have these on hand as well. And ensure it has your company’s seal to prove its authenticity. Oh, and don’t worry if you’re a self-employed doctor. Instead of a certificate of employment, you can present your business permits and DTI registration files.

The Takeaway

Aside from the ones listed above, you also need to prepare other things, including a couple of recent 2-by-2 photos (which you can get within 30 minutes from your nearest photographer) and certain barangay documents (if required). Ensuring you have all these documents will make your application for a doctor’s loan flow smoothly and without a hitch. So best prepare them beforehand.