The minimum eligibility requirements for the RBC Personal Loan are:
- You must be of legal age at the time of application
- Be a citizen and resident of Canada
- Have a formal job
- Have income compatible with the amounts requested
- Have no credit restrictions in your name
You will need to submit the following supporting documents:
- Passport or official driver’s license or ID card
- Salary letters or receipts
- Employment letter or contracts if you are self-employed
- For self-employed persons, it will be necessary to present the relevant documents to the CRA
It is always important to remember that the request processes are individual and that the bank may request new documents at any time to analyze your request. Pay attention to communication channels.
How to apply for RBC Personal Loan?
A loan requires specialized service to better choose the repayment plan, applied rates and resolve possible impediments to the release of amounts.
RBC has an entire team responsible for this service, you just have to choose to book an appointment via telephone service or go to an agency to start the request.
In both cases, you will need to fill out a form with your data and attach the requested supporting documents so that the bank’s credit sector can analyze your request.
We advance that it is important to understand the differences between the fixed rate x variable rate modalities, to have an established period within the limit of 5 years to reimburse the amounts, and not to have credit restrictions.
We also suggest that, if this is your first loan contracted, avoid requesting amounts that will have a strong impact on your monthly budget, as it may be difficult to pay off the installments on time if you do not have a plan.
What is the applicability of fixed or variable interest rates?
Fixed interest rates: at the time of contracting, you will have defined the value of each installment, as interest rates are blocked during the 5-year duration of the loan. Higher rates apply and at any time you can switch to the variable rate model;
Floating interest rates: Floating rates are lower than fixed interest rates, and are not locked in. This means that annually the loan amounts may change more or less.
If interest rates rise, your payments will likely stay the same, but your repayment term will increase. If interest rates drop, your payments will stay the same and your repayment period will shorten, meaning you can pay off your loan sooner;
Although there is freedom of choice, your credit history may limit access to one of the modalities. The greater your purchasing power, the greater your power of choice!
Conclusions about the RBC Personal Loan
It is a loan available in two different formats, an option with a fixed interest rate and an option with variable interest rates.
Both options have a limit of 5 years for discharge, as it is a medium-term personal loan without the need for collateral.
It is necessary that the applicant has a good credit history, and formal income and knows which type of interest rate best fits his pocket.
The loan amounts will be released according to your current income, so you must obtain legal means of proof of your monthly income even if you are self-employed.
You can change the repayment plan at any time without penalty, changing the type of fees applied to your loan and the stipulated time for payment by making small amortizations over the repayment period.
Personal loans are easily released to customers who fit the defined prerequisites.
Take the moment to read more about the RBC Personal Loan and make an appointment to apply for your loan!