Skip to main content

Loans

Why RBC Royal Bank?

  • Affordable – Flexible repayment terms with you in mind
  • Convenience – Quick and easy on-line application process
  • Individually customized to meet your needs
  • Friendly and efficient customer service

Vehicle Loans (New & Used)

Owning your own vehicle allows for greater independence, added convenience and time savings.

With funding from RBC you can purchase your dream vehicle today.

Vehicle Loans (New & Used) Information Table
Vehicle Loans (New) Vehicle Loans (Used)
A loan that enables you to purchase a first time owned, current or (1) year previous model loan intended for private use purchased directly from an approved local dealership agent. The borrower and owner must be the same person. A loan that enables you to finance the purchase of a used car (local or foreign including Roll on Roll off vehicles) intended for private use from the current owner or purchased directly from an approved local dealership/agent. The borrower and owner must be the same person.

Features

    Option 1:

  • Equity Injection: Up to 100%* financing of the invoice price of the vehicle plus related one-time costs (e.g., bank charges, legal expenses)
  • Maximum term: 8 years
  • Competitive interest rates

    • Option 2:

  • Equity injection: Up to 85% financing of the invoice price/sale agreement of vehicle (does not include one-time costs)
  • Maximum term: 10 years
  • Competitive interest rates

*Applicant's income and expense level will be taken into consideration for qualification for the level of financing stated above. The bank reserves the right to request additional equity injection if in their overall assessment, the application requires such an outlay by the client.
Features

    Option 1:

  • Equity injection: Up to 100% financing of the invoice price/sale agreement of vehicle.
  • Maximum term: 6 years (age of vehicle * plus term of loan cannot exceed 10 years)
  • Competitive interest rates

    • Option 2:

  • Equity injection: Up to 85% financing of the invoice price/sale agreement of vehicle)
  • Maximum term: 7 years (Age of vehicle* - calculate by subtracting the year of manufacture from present year)
  • Competitive interest rates

*Applicant's credit rating and expense level will be taken into consideration for qualification for level of financing stipulated above. The bank reserves the right to request a higher down payment if in their overall assessment; the application requires such an outlay by the client.
Vehicle Loans (New & Used) Information Table
Vehicle Loans (New) Vehicle Loans (Used)
A loan that enables you to purchase a first time owned, current or (1) year previous model loan intended for private use purchased directly from an approved local dealership agent. The borrower and owner must be the same person. A loan that enables you to finance the purchase of a used car (local or foreign including Roll on Roll off vehicles) intended for private use from the current owner or purchased directly from an approved local dealership/agent. The borrower and owner must be the same person.

Features

    Option 1:

  • Equity Injection: Up to 100%* financing of the invoice price of the vehicle plus related one-time costs (e.g., bank charges, legal expenses)
  • Maximum term: 8 years
  • Competitive interest rates

    • Option 2:

  • Equity injection: Up to 85% financing of the invoice price/sale agreement of vehicle (does not include one-time costs)
  • Maximum term: 10 years
  • Competitive interest rates

*Applicant's income and expense level will be taken into consideration for qualification for the level of financing stated above. The bank reserves the right to request additional equity injection if in their overall assessment, the application requires such an outlay by the client.
Features

    Option 1:

  • Equity injection: Up to 100% financing of the invoice price/sale agreement of vehicle.
  • Maximum term: 6 years (age of vehicle * plus term of loan cannot exceed 10 years)
  • Competitive interest rates

    • Option 2:

  • Equity injection: Up to 85% financing of the invoice price/sale agreement of vehicle)
  • Maximum term: 7 years (Age of vehicle* - calculate by subtracting the year of manufacture from present year)
  • Competitive interest rates

*Applicant's credit rating and expense level will be taken into consideration for qualification for level of financing stipulated above. The bank reserves the right to request a higher down payment if in their overall assessment; the application requires such an outlay by the client.
Vehicle Loans (New & Used) Information Table
Vehicle Loans (New) Vehicle Loans (Used)
A loan that enables you to purchase a first time owned, current or (1) year previous model loan intended for private use purchased directly from an approved local dealership agent. The borrower and owner must be the same person. A loan that enables you to finance the purchase of a used car (local or foreign including Roll on Roll off vehicles) intended for private use from the current owner or purchased directly from an approved local dealership/agent. The borrower and owner must be the same person.

Features

  • Equity injection: Up to 85% financing of the invoice price/sale agreement of vehicle (does not include one-time costs)
  • Maximum term: 10 years
  • Competitive interest rates

*Applicant's income and expense level will be taken into consideration for qualification for the level of financing stated above. The bank reserves the right to request additional equity injection if in their overall assessment, the application requires such an outlay by the client.
Features

  • Equity injection: Up to 85% financing of the invoice price/sale agreement of vehicle.
  • Maximum term: 7 years (Age of vehicle* - calculate by subtracting the year of manufacture from present year)
  • Competitive interest rates

*Applicant's credit rating and expense level will be taken into consideration for qualification for level of financing stipulated above. The bank reserves the right to request a higher down payment if in their overall assessment; the application requires such an outlay by the client.
Vehicle Loans (New & Used) Information Table
Vehicle Loans (New) Vehicle Loans (Used)
A loan that enables you to purchase a first time owned, current or (1) year previous model loan intended for private use purchased directly from an approved local dealership agent. The borrower and owner must be the same person. A loan that enables you to finance the purchase of a used car (local or foreign including Roll on Roll off vehicles) intended for private use from the current owner or purchased directly from an approved local dealership/agent. The borrower and owner must be the same person.

Features

  • Equity injection: Up to 85% financing of the invoice price/sale agreement of vehicle (does not include one-time costs)
  • Maximum term: 10 years
  • Competitive interest rates

*Applicant's income and expense level will be taken into consideration for qualification for the level of financing stated above. The bank reserves the right to request additional equity injection if in their overall assessment, the application requires such an outlay by the client.
Features

  • Equity injection: Up to 85% financing of the invoice price/sale agreement of vehicle.
  • Maximum term: 7 years (Age of vehicle* - calculate by subtracting the year of manufacture from present year)
  • Competitive interest rates

*Applicant's credit rating and expense level will be taken into consideration for qualification for level of financing stipulated above. The bank reserves the right to request a higher down payment if in their overall assessment; the application requires such an outlay by the client.

Personal Loan

With an RBC Personal loan, you can achieve more life events by getting a helping hand with items that exceed your monthly budget, or simplify your finances by consolidating other loans for one easy payment.

Finance any consumer purpose, including:

  • Home improvement
  • Buying a car
  • Purchasing appliances or furniture
  • Back to school expenses
  • Making an investment
  • Fixing up your car
  • Wedding, maternity, or medical expenses
  • Consolidating existing debts
  • University tuition
  • Professional expenses
  • Vacation/Travel

Features

Equity injection: Up to 100%* financing of the invoice price is available.

Maximum term:

For partially secured/unsecured loans

  • The tenor must match the purpose of the loan which can be up to six years.

For fully secured loans

  • Up to ten years

Loan amount:

For all loans:

  • Minimum loan amount – USD$5,000

For partially secured/unsecured loans:

  • Maximum loan amount - Up to USD$30,000

For fully secured loans:

  • No Maximum loan amount

Collateral

  • Unsecured lending is available. The amount the client is entitled to will vary from individual to individual.
  • In the event that security is required, several options including cash, real estate, vehicle, bonds, marketable shares and life insurance policies with cash surrender values can be used as collateral
  • All related fees can be included in the loan

*Applicant's income and expense level will be taken into consideration for qualification for 100% financing. The bank reserves the right to request some form of equity injection if in their overall assessment, the application requires such an outlay by the client.

Consumer Loan

With an RBC Consumer loan, you can achieve more life events by getting a helping hand with items that exceed your monthly budget, or simplify your finances by consolidating other loans for one easy payment.

Finance any consumer purpose, including:

  • Home improvement
  • Buying a car
  • Purchasing appliances or furniture
  • Back to school expenses
  • Making an investment
  • Fixing up your car
  • Wedding, maternity, or medical expenses
  • Consolidating existing debts
  • University tuition
  • Professional expenses
  • Vacation/Travel

Features

Equity injection: Up to 85%* financing of the invoice price is available.

Maximum term:

For partially secured/unsecured loans

  • The tenor must match the purpose of the loan which can be up to six years.

For fully secured loans

  • Up to ten years

Loan amount:

For all loans:

  • Minimum loan amount – USD$5,000

For partially secured/unsecured loans:

  • Maximum loan amount - Up to USD$30,000

For fully secured loans:

  • No Maximum loan amount

Collateral

  • Unsecured lending is available. The amount the client is entitled to will vary from individual to individual.
  • In the event that security is required, several options including cash, real estate, vehicle, bonds, marketable shares and life insurance policies with cash surrender values can be used as collateral
  • All related fees can be included in the loan

*Applicant's income and expense level will be taken into consideration for qualification for 100% financing. The bank reserves the right to request some form of equity injection if in their overall assessment, the application requires such an outlay by the client.

Tertiary Education

A loan designed to assist individuals (full-time students only) in financing the cost of tertiary education and living expenses during the course of study. No special Tertiary Education program is available for part-time students (Refer relevant Personal Loan Product).

Target Group

For full time students only

While the beneficiary of the loan will be the student, this product targets the parent or guardian who will be the primary borrower and must be pre-qualified to service the projected debt of the full costs for the entire duration of the programme. The student may or may not be a co-applicant, however for loans converted to blended payments after completion of study, students who were not initially party to the loan may be added as a co-applicant or takeover the debt (once they are capable) after the period of study.

Features and Benefits

Repayment method:

For immediate blended payments - (Refer Personal Loan product offer)

For Tertiary Education special loan program:

  • Stage One - Monthly interest payments only during the period of study (plus a maximum of six months after completion of study is optional).
  • Stage Two - Thereafter, equal blended payments over the remaining term

Maximum term:

For immediate blended payments - (Refer relevant Fully secured or Unsecured offer)

Special Tertiary Education program:

  • Stage one - Maximum term* - Full/Remaining duration of study plus optional six months to secure job.
  • Stage two - Thereafter maximum term of 5 years to liquidate loan in equal monthly blended payments

* Maximum term will vary based on type of program (e.g., study term for medicine may be seven years compared to Business Administration which may be four years. In each case, the client can service the interest for the entire duration regardless of this period but will still only have a maximum period of five years to repay loan in full).

Loan & Mortgage Payment Calculator

calculate

Frequently Asked Questions

You are basically eligible for a Personal Loan if you are at least 18 years old and have sufficient income to service the loan. Being permanently employed strengthens your eligibility compared to individuals who have temporary or contract employment types.

The amount of the Personal Loan depends on your age, financing need, your income and your expenses.

Yes. The requirements of this individual will vary based on their credit strength and the nature of the loan request. It can be as simple as their signature to the loan agreement or having to provide collateral.

In the event security is required, several options include cash, lien over property or vehicle, bonds, marketable shares and cash surrender value on life insurance policies.

The installment depends on the loan term, the amount of the loan and the interest rate. The loan term and the monthly installments are stipulated in advance. You can use our loan calculator to determine how much you can afford and what your monthly instalment will be.

The bank typically tends to provide an approval within 48 hours but circumstances vary from case to case based on the nature of the request. Our friendly Account Managers are here to help you every step of the way and keep your informed in a timely manner.

Once approved, the total loan amount will be credited immediately to your account. Unless otherwise stated, the loan payment is made on a monthly basis until the full debt is repaid.

The bank typically provides financing for any legitimate retail purpose. In cases of vehicle financing, you can also do that with a Personal Loan but we strongly recommend comparing our New and Used car offerings before you make your final decision.

Apply Now