Loan Details
In-Practice Program
Borrower Eligibility: US-based in-practice physicians and dentists with MD, DO, or DDS degree. Must be a U.S Citizen, a permanent resident, or hold a valid O1 or H1B visa. Eligibility criteria list is not exhaustive and is subject to change.
| Loan Specifics | Principal & Interest |
|---|---|
| Interest Rate Ranges | 5.99% - 17.99% |
| APR Ranges | 6.83% - 18.94% |
| Repayment Terms | 5 years |
| Loan Amounts | $5,000 - $50,000 |
| Loan Type | Personal |
| Minimum Monthly Payment | $75*** |
| ACH Discount | 0.25%** |
| Type of Rate | Fixed |
Standard Loan: Principal + Interest
| Term | 5 Years |
| Origination Fee | $200 |
| Fixed Interest Rate | 5.99% – 17.99% |
| Fixed APR | 6.83% – 18.94% |
| No. of Payments | 60 |
| Monthly Payments | $193.28 – $253.88 |
| Total payments | $11,596.89 – $15,232.79 |
In-Training Program
Borrower Eligibility: US-based in-training (resident) physicians and dentists with MD, DO, or DDS degree. 4th year US Medical and Dental Students who have successfully matched into a residency program. Must be a U.S Citizen, a permanent resident, or hold a valid O1 or H1B visa. Eligibility criteria list is not exhaustive and is subject to change
| Loan Specifics | Principal | Hybrid |
|---|---|---|
| Interest Rate Ranges | 5.99 – 15.99% | 7.99 – 17.99% |
| APR Ranges | 6.83 – 16.92% | 8.89% - 19.03% |
| Repayment Terms | 5 years | 5 Years |
| Loan Amounts | $5,000 – 25,000 | $5,000 – 25,000 |
| Loan Type | Personal | Personal |
| Minimum Monthly Payment | $75*** | $75*** |
| ACH Discount | 0.25% | 0% |
| Type of Rate | Fixed | Fixed |
Standard Loan: Principal + Interest
Traditional loans offer a fixed monthly payment for the entirety of the loan. Principal and Interest loan would have a fixed payment for each month of the term. A portion of each payment lowers the outstanding principal balance.
Hybrid Loan: Interest Only and Principal + Interest
| Term | 5 Years |
| Origination Fee | $200 |
| Fixed Interest Rate | 5.99 – 15.99% |
| Fixed APR | 6.83-16.92% |
| No. of Payments | 60 |
| Monthly Payments | $193.28 – $243.13 |
| Total payments | $11,596.89 – $14,587.65 |
| Term | First 30 months | Second 30 Months |
| Origination Fee | $200 | $0 |
| Fixed Interest Rate | 7.99 – 17.99% | 7.99 – 17.99% |
| No. of Payments | 30 | 30 |
| Monthly Payments | $75.00 – $149.92 | $368.84 – $416.34 |
| Total payments | $2,250 – $4497.60 | $10,726.87 – $12,490.20 |
APR Over Life of the Loan: 8.89% – 19.03%
**ACH discount is available only if you agree to make monthly principal and interest payments by automatic electronic payment. Use of autopay is not required to receive a Doc2Doc program loan from the Bank of Lake Mills.
***Minimum Monthly Payment applies to Principal and Interest Loans and Hybrid Loans.
Rates, terms and product availability are subject to change.