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:

  • Flexible terms

    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.

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.

Make Life Happen Your Way with an RBC Royal Bank® Personal Loan

Calculate Your Line of Credit Payments

Quickly estimate how much your minimum payments would be on a line of credit.

Apply for a Personal Loan

Our credit specialists will help you select the credit solution that is right for you.

Call to Talk to a Credit Specialist



The principal and interest portion of any skipped payment will remain outstanding until the end of the term of your loan at which time the skipped payment must be repaid. Interest will continue to accrue upon the total amount of the skipped payment until such time that the skipped payment is repaid in full. You may repay the skipped payment at any time.