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.
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