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RBC Royal Bank

Borrowing and Credit


Business Term Loan

Business Term Loan

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 at variable rates that changes with RBC Royal Bank’s Prime rate.

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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
  • Variable rate loans: Start at $5,000
  • Benefit from lower interest rates immediately when the prime rate changes
  • Make partial or full prepayments to your loan without penalty

What else do I need to know

These are also:

  1. Secured loans for a term usually up to 7 years but not exceeding the useful life of the asset being financed.
  2. 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 RBC Prime
    • Monthly payments are usually required