ST. LOUIS--(BUSINESS WIRE)--Commerce Bank announced today it has introduced the Commerce Bank Medical Refinance Loan, a solution allowing doctors to consolidate federal and private education loans into one with a single monthly payment. The Commerce Bank Medical Refinance Loan offers convenience and a simplified term and rate structure, providing doctors with a smart solution to repay their medical school loans.
The Commerce Bank Medical Refinance Loan helps make doctors’ lives a little easier by simplifying their finances. With competitive rates and flexible terms, the Commerce Bank Medical Refinance Loan is an attractive option for doctors seeking a financial solution that allows for a single monthly payment and a streamlined approach to paying off medical student loan debt. Two convenient term options and variable or fixed interest rates are available. The interest rate is based on the term selected. A .25% interest rate discount is available for ACH autopay enrollment and there are no origination or prepayment fees.
Speaking to the new product, Chad Doza, senior vice president of consumer card products, said, “We’re very excited to offer doctors this attractive refinancing solution and provide a smart and easy way to get their medical career off on a strong financial footing. At Commerce, we understand doctors lead busy lives. This loan provides financial peace of mind, convenience and choice by offering doctors the opportunity to select the terms that fit their life and financial goals. We’re here to help doctors focus on what matters most.”
Commerce Bank Medical Refinance 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 get started by visiting Commercebank.com/MedicalRefinance and completing a simple online 5-step application. A dedicated lending team is available to assist doctors through the loan process.
About Commerce Bank
Commerce Bank is a subsidiary of Commerce Bancshares, Inc. (NASDAQ: CBSH), a $24.6 billion regional bank holding company, as of March 31, 2018. For more than 150 years, Commerce has been meeting the financial services needs of individuals and businesses. Commerce provides a full range of financial products to consumer and commercial customers, including personal banking, lending, mortgage banking, wealth management, brokerage and capital markets services. Commerce operates in approximately 330 locations in the central United States and has a nationwide presence in the commercial payments industry.
For additional information, please visit www.commercebank.com.