Royal Bank of Canada (RBC) Personal Loans




RBC or Royal Bank of Canada offers choice and flexible personal loans that can be tailored for your specific needs. Following are the important features of RBC personal loans:

  • Flexible Payment Terms – Terms range anywhere from 1 – 5 years.
  • Convenient Payment Options – RBC allows you to make weekly, bi-weekly, semi-monthly, or monthly payments, depending on your preference. You can also effect changes to your payment amount, account, frequency of payments, or due dates via the bank’s online banking facility.
  • No Penalties for Early Payment – You have the option to fully pay your loan ahead of time without incurring penalties.
  • Option to Skip a Payment – You can skip an equivalent of one monthly payment every year without incurring penalties.
  • Variable or Fixed Rate Loan Option – You can choose to avail of a variable or fixed rate loan.

Benefits of a Fixed Rate Loan

  • You can prepare the exact amount of your monthly payment because it is the same every month.
  • Interest rate is locked for up to 5 years.
  • You can opt for a payment and amortization that fits your budget.
  • You have the option to prepay your loan or switch to a variable rate loan without penalty – at any time.

Benefits of a Variable Rate Loan

  • In general, interest rate is lower compared to a fixed rate loan.
  • Variable interest rises and falls with RBC prime rate changes.
  • When interest rates increase, payments will remain the same, but the loan term will be longer.
  • When interest rates decrease, payments will remain the same, but the loan term will be shorter, allowing you to pay off the loan faster.
  • You have the option to prepay your loan or switch to a fixed rate loan without penalty – at any time.




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