Offering choice, flexibility and structured payments, here's how a personal loan from RBC Royal Bank® could be tailored to meet your needs:
Terms generally range from 1 to 5 years.
Fixed and variable rates
You could switch from a fixed rate to a variable rate at any time if prime rate goes down.
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 Banking.
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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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 amortiztion 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.
If you are not sure what's right for you, an RBC Royal Bank credit specialist can help you choose.