UNSECURED consumer loans up to a limit of J$500,000, a maximum 100 per cent financing for the purchase of new motor vehicles, and unsecured dual currency credit cards are some of the features of Doctors' Aide, a package of credit facilities for medical doctors, designed by RBTT Bank Jamaica Limited.
Endorsed by the Medical Association of Jamaica and the Junior Doctors' Association, the new credit plan offers convenient and affordable financing options for young doctors seeking to further their education or launch their private practice, Mr. Loren Edwards, General Manager, Retail Banking, explained. It also provides an opportunity for established practitioners to consolidate debt, acquire or improve real estate holdings, keep pace with technological developments in the profession by purchasing modern computer and medical equipment, and to secure loans for bridge financing, vacations, travel and medical expenses.
At a recent presentation to members of the Junior Doctors' Association, RBTT Manager, Product Development, Mr. Richard Kildare, said a strategy to respond more effectively to the needs of savers in specific niche markets, had promoted the launch of Doctors' Aide.
He noted that a competitive interest rate of 22 per cent per annum on the reducing balance, or 12.5 per cent add-on for 36 months, with a repayment period of up to five years gave the product a competitive advantage in the marketplace.
Customers benefiting from credit facilities under Doctors' Aide will also have access to RBTT's Private Banking Services and a range of other offerings. The General Manager, Retail Banking, noted, "We recognise that doctors have limited time; and through your Private Banker, we will manage your portfolio, identify and satisfy your banking needs, without your having to leave your home or office."
Mr. Edwards said other benefits open to doctors accessing the new credit plan included fast-track in-bank services, pre-approved credit, deposit and investment facilities, local and foreign currency accounts and consumer bill payments.
"Our aim is to give the doctors viable financial options based on their individual lifestyles, goals and needs, and ultimately, to promote efficient management of their resources, while building meaningful relationships for the future," he asserted.
Dr. Paul Dawson, President of the Junior Doctors' Association, endorsed the initiative by RBTT Bank in tailoring a credit plan specifically for doctors. "Our doctors welcome the idea of having five years to repay loans, as this gives them ample opportunity to pursue post graduate programmes, or to establish themselves in private practice."
