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.