Ideal for purchasing, installing or modernizing business equipment and other fixed assets, term loans are cost-effective loans that can support your business growth plans. Flexible payment terms are available and you can choose either a fixed rate loan, allowing you to lock-in at a specific rate, or, you can choose a variable rate that changes with RBC Royal Bank’s Prime rate.
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 $10,000
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
