Loan Details

In-Practice Program

The charts and descriptions below describe the range of loan options for interest rates, APR (annual percentage rate), number of payments, monthly payments, and total payments based on a hypothetical $10,000 loan amount. your own interest rate will depend on the term you choose, as well as your financial and professional profile.

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 SpecificsPrincipal & Interest
Interest Rate Ranges5.99% - 17.99%
APR Ranges6.83% - 18.94%
Repayment Terms5 years
Loan Amounts$5,000 - $50,000
Loan TypePersonal
Minimum Monthly Payment$75***
ACH Discount0.25%**
Type of RateFixed
O1 and H1B visa holders are eligible for Principal repayment only with interest rate ranging 9.99 – 17.99%. (APR 10.87% – 18.94%)

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.
Standard Loan: $9,800 + $200 Fee = $10,000 Total
Term5 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 SpecificsPrincipalHybrid
Interest Rate Ranges5.99 – 15.99%7.99 – 17.99%
APR Ranges6.83 – 16.92%8.89% - 19.03%
Repayment Terms5 years5 Years
Loan Amounts$5,000 – 25,000$5,000 – 25,000
Loan TypePersonalPersonal
Minimum Monthly Payment$75***$75***
ACH Discount0.25%0%
Type of RateFixedFixed
O1 and H1B visa holders are eligible for Principal repayment only with interest rate ranging 9.99 – 17.99%. (APR 10.87% – 18.94%)

Standard Loan: Principal + Interest

These loans have a lower total cost to borrow but have a larger monthly payment in the beginning than the Interest Only/Principal & Interest Hybrid loans.

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

First half of loan term will be low interest-only payments; the second half will be principal and interest. These loans have a much lower monthly payment during the interest-only portion and can be easier to manage upfront on a tight budget.
Standard Loan: $9,800 + $200 Fee = $10,000 Total
Term5 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
Hybrid Loan – 5 Year: $9,800 + $200 Fee = $10,000 Total
TermFirst 30 monthsSecond 30 Months
Origination Fee$200$0
Fixed Interest Rate 7.99 – 17.99%7.99 – 17.99%
No. of Payments 3030
Monthly Payments $75.00 – $149.92$368.84 – $416.34
Total payments
$2,250 – $4497.60$10,726.87 – $12,490.20
Total Cost of 5 Year Hybrid Loan: $12,976.87 – $16,987.80
APR Over Life of the Loan: 8.89% – 19.03%
*The charts and descriptions describe each loan type and depict the range of loan options for interest rates, APR (annual percentage rate), number of payments, monthly payments, and total payments based on a hypothetical $10,000 loan amount. Your own interest rate will depend on the term you choose, as well as your financial and professional profile.

**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.