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Term Loans
Our fixed and variable rate term loans are ideal for funding your purchases of long-term assets that support your business growth. Take advantage of fluctuating interest rates through a variable rate loan. If you are concerned with rising interest rates, a fixed rate term loan will help you budget your monthly finances.
How can this help my business?
- Loans to purchase new or used capital assets
- Can be used to refinance an existing debt, business expansion or acquisitions
- Flexible repayments when you need it
- Fixed rate loans:
- Start at $25,000
- Stabilize your payment schedule by providing consistent payment amounts
- Provide peace of mind by maintaining your loan carrying costs when interest rates rise
- Offers an annual 10% prepayment privilege at no charge
- Variable rate loans:
- Start at $5,000
- Benefit from lower interest rates immediately when the prime rate changes
- If interest rates rise, the loan can be converted to a fixed rate term loan
- Make partial or full prepayments to your loan without penalty
What else do I need to know?
- These are secured loans for a term usually up to 7 years but not exceeding the useful life of the asset being financed
- Fixed rate loans:
- Payments can be blended to include both principal and interest
- Variable rate loans:
- Payment amount set to ensure repayment of the loan remains within the agreed to specified period but not to exceed the useful life of the asset being financed
- Fluctuates with Royal Bank Prime
- Monthly payments are usually required
- Business Loan Insurance Plan is available (certain restrictions may apply)
- Available in Canadian or U.S. funds
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To find out more information:
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