July 20

Royal Bank of Canada Personal Loans


by Ivan Ross on Dec 5th, 2013 | 0 comments

RBC Royal Bank provides a range of personal finance options and one can get a personal loan term tailored to their needs. If you are thinking to renovate your home, buy a vehicle, finance a wedding or plan a vacation, Royal Bank of Canada can help you accomplish your goals.

Features of RBC Royal Bank Personal Loans

 A personal loan term from RBC comes with various features and benefits and some of them are:

  • Flexible terms: You can choose how long you would like to take in order to pay off the loan and the terms typically range from 1 to 5 years.
  • Fixed and variable rates: Borrowers can choose a fixed rate term or a variable rate loan depending on their affordability. One can also switch from a fixed rate loan to a variable rate if the prevailing rates go down.
  • Repayment options: One has the option of making weekly, bi-weekly, monthly or semi-monthly loan payments. One can also have their loan payment deducted automatically from their bank account with RBC or any other bank.
  • Skip-a-Payment Option: Borrowers are allowed to skip up to one monthly payment each year without any penalty.
  • No Early Payment Penalties: You can pay more than the fixed payment or even pay off the loan amount in full at any time without any penalty.
  • Optional LoanProtector® Insurance: This optional insurance program is designed to offer financial assistance in difficult times. Loan Protector Life and Disability Insurance offer low-cost valuable protection for the borrower and his family.

Royal Bank of Canada Personal Loan Rates

 As a borrower, you can choose a fixed rate or a variable rate loan when you apply for a personal loan with RBC Royal Bank. Fixed rate loan comes with locked interest rates for loan terms up to 5 years. You will also know how much you will pay on interest each month over the entire loan term. If interest rate falls, you can switch from a fixed rate to a variable rate term. On the other hand, you can choose up to 7 year amortization with a variable rate loan. You will be able to save some money if interest rates are low or you can switch to a fixed rate term at any time if rate goes up. A credit specialist associated with RBC can help you better if you are not sure which term to go for.

You can call 1-800-769-2511 and talk to a credit specialist. The bank allows you to apply online and check within two working days whether your loan application is approved.

See other Bank Loans

 Bank of America Personal Loans
 Chase Bank Personal Loans

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