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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.
Loan Calculators and Tools
Calculate6disclaimer Your Personal Loan Payments
Quickly estimate how much your payments would be on a personal loan.
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.
Apply for a Personal Loan
Our credit specialists will help you select the credit solution that is right for you.
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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.