A Simple Way to Borrow for a Specific Goal
Whatever your goals are, a personal loan5disclaimer is a simple and convenient borrowing solution to help you achieve what's important to you.
Key Features
Offering choice, flexibility and structured payments, here's how a personal loan from RBC Royal Bank® could be tailored to meet your needs:
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Flexible terms
Terms generally range from 1 to 5 years.
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Fixed and variable rates4disclaimer
You could switch from a fixed rate to a variable rate at any time if prime rate goes down.
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Easy payment options
Make your payment monthly, semi-monthly, bi-weekly or weekly. You can also make changes to your payment account, payment amount, payment frequency or payment due date through RBC Online Banking2disclaimer.
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No early payment penalties
You can pay off your loan in full without penalty and close your account at any time through RBC Online Banking.
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Skip-a-Payment option
Skip up to the equivalent of monthly payment each year1disclaimer (Interest continues to accrue).
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Optional
LoanProtector® life and disability or critical illness insurance3disclaimer provides protection
Fixed or Variable Rate. What’s Right For You?
When you apply for RBC Royal Bank® personal loan, you could choose either a fixed or variable rate loan:
With a Fixed Rate Loan
- You know for the duration of your loan the exact payment amount you will be making each month.
- Your interest rate is locked in for the duration of your term–up to 5 years.
- You could choose an amortization and payment schedule that meets your budget.
- You could switch to variable rate loan or pre-pay your loan at any time without penalty.
With a Variable Rate Loan
- Your interest rate is generally lower than rates offered by fixed rate loans.
- Your interest rate is variable and will rise and fall with changes in the RBC Prime Rate.
- If interest rates rise, your payments will likely stay the same, but your amortization term will increase.
- If interest rates fall, your payments will stay the same and your amortization term will decrease, meaning you could pay off your loan sooner.
- You can switch to a fixed rate loan or pre-pay your loan at any time without penalty.
Prime Lending Rate
The prime lending rate is the loan interest rate that a financial institution uses as a base to calculate interest rates. Today's Royal Bank of Canada Prime Rate: 7.200%
Loan Calculators and Tools
Calculate6disclaimer Your Personal Loan Payments
Quickly estimate how much your payments would be on a personal loan.
Calculate
Debt Consolidation Calculator
Find out what your new monthly payments would be and how soon you could be debt free.
Introducing PayPlan by RBC
PayPlan by RBC gives you the option to pay for items over time on the terms that work best for you through a simple and positive payment experience*disclaimer.
Learn more about PayPlan by RBC
You could grow your retirement savings with an RRSP loan at Prime rate + 0%4disclaimer,5disclaimer
Use the RRSP Calculator to see how much you could help your money grow6disclaimer.
Try the RRSP Calculator
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Apply for a Personal Loan
Our credit specialists will help you select the credit solution that is right for you.
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1-800-769-2511
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*
PayPlan by RBC financing is provided by RBC Ampli Inc.
® / TM
Trademark(s) of Royal Bank of Canada. RBC and Royal Bank are registered trademarks of Royal Bank of Canada. Personal lending products and residential mortgages are offered by Royal Bank of Canada and are subject to its standard lending criteria.
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In order to be eligible to skip a payment, loan payments must be up to date and in good standing. Skipping a payment may result in extending the amortization period of the loan. If you skip a payment and your Loan is protected with Loan Protector Insurance, the premium (for the period of the skipped payment) will be collected from your next regular payment. This means less of the next payment will be used to reduce the principal amount of your Loan. If a payment is skipped for a fixed rate loan, interest will continue to accrue and will be collected when the next payment resumes. If a payment is skipped for a variable rate loan, the unpaid accrued interest as well as the interest on the part of the principal that went to payment of the missed Loan Protector premium will be added to the loan principal balance (‘’Combined Amount’’) thus increasing the principal amount outstanding on your loan. Interest, at the interest rate of the loan, is charged on the Combined Amount until it is paid in full. You may repay the skipped payment at any time.
When you delay a payment interest will continue to accrue on the total amount of the delayed payment, until the delayed payment is paid in full. The delayed payment must be paid prior to your next loan payment date. If your loan is protected with LoanProtector applicable insurance premiums will continue to accrue. The accrued premiums will be collected from the delayed payment, which means less of your payment will be used to reduce the principle amount of your loan.
2
RBC Online Banking is provided by Royal Bank of Canada.
3
LoanProtector is an optional creditor group insurance program underwritten by The Canada Life Assurance Company and is subject to terms, conditions, exclusions, eligibility restrictions, and benefits maximums. Please see the LoanProtector certificate of insurance for full details.
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Interest rates are subject to change at any time without notice.
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Personal Loan accounts are available to clients who meet RBC Royal Bank standard credit criteria.
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The results generated by the calculator are general estimates only and are (i) based on the accuracy and completeness of the data you have entered, (ii) based on assumptions that are believed to be reasonable, and (iii) are for informational purposes only and should not be relied on for advice. Actual results may vary, perhaps to a large degree. You should consult your professional advisor before taking any action. Royal Bank of Canada does not make any express or implied warranties or representations with respect to any information or results in connection with this calculator. Royal Bank of Canada will not be liable for any losses or damages arising from any errors or omissions in any information or results, or any action or decision made by you in reliance on any information or results in connection with this calculator tool.
As an expert in personal finance and lending, I can provide comprehensive insights into the concepts mentioned in the article about borrowing for specific goals using personal loans from RBC Royal Bank®. My depth of knowledge in this area allows me to break down and explain each key feature and option presented in the article.
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Flexible Terms:
- Personal loans from RBC Royal Bank® offer flexible terms ranging from 1 to 5 years. This flexibility allows borrowers to tailor the loan duration according to their needs.
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Fixed and Variable Rates:
- Borrowers have the option to choose between fixed and variable interest rates. A fixed rate provides a stable monthly payment throughout the loan term, while a variable rate allows for potential interest rate decreases, leading to a shorter amortization term.
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Easy Payment Options:
- RBC Royal Bank® provides convenient payment options, allowing borrowers to make payments monthly, semi-monthly, bi-weekly, or weekly. Additionally, borrowers can make changes to their payment account, amount, frequency, or due date through RBC Online Banking.
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No Early Payment Penalties:
- Borrowers can pay off their loan in full without penalties through RBC Online Banking at any time. This flexibility is beneficial for those who may want to settle their loans ahead of schedule.
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Skip-a-Payment Option:
- The article mentions a "Skip-a-Payment" option where borrowers can skip up to the equivalent of one monthly payment each year. However, it's important to note that interest continues to accrue during this period.
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LoanProtector® Insurance:
- RBC offers optional life and disability or critical illness insurance for added protection. This insurance can provide coverage in unforeseen circ*mstances, offering financial security to borrowers.
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Fixed or Variable Rate Choice:
- Borrowers applying for an RBC Royal Bank® personal loan have the choice between a fixed rate, providing a consistent payment amount, or a variable rate, potentially offering lower interest rates.
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Prime Lending Rate:
- The article introduces the concept of the prime lending rate, which is the base interest rate used by financial institutions. It mentions the current Royal Bank of Canada Prime Rate, providing transparency to borrowers regarding the benchmark rate.
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Loan Calculators and Tools:
- RBC provides online tools, including a personal loan payment calculator and a debt consolidation calculator, allowing borrowers to estimate their payments and explore debt consolidation options.
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PayPlan by RBC:
- This is introduced as a financing option provided by RBC Ampli Inc., offering a positive payment experience for paying for items over time with flexible terms.
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RRSP Loan at Prime Rate:
- RBC suggests the option to grow retirement savings with an RRSP loan at Prime rate + 0%. Borrowers can use the RRSP Calculator to assess the potential growth of their money.
In conclusion, RBC Royal Bank® provides a comprehensive set of features and options in their personal loans, catering to diverse financial needs while offering flexibility, transparency, and additional protective measures through insurance options.
