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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 rates4disclaimer

    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 Banking2disclaimer.

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 amortization 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.

Loan Calculators and Tools

Calculate6disclaimer Your Personal Loan Payments

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Quickly estimate how much your payments would be on a personal loan.


Debt Consolidation Calculator

Find out what your new monthly payments would be and how soon you could be debt free.

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Introducing PayPlan by RBC

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PayPlan by RBC gives you the option to pay for items over time on the terms that work best for you through a simple and positive payment experience*disclaimer.

Learn more about PayPlan by RBC

Apply for a Personal Loan

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

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® / TM
Trademark(s) of Royal Bank of Canada. RBC and Royal Bank are registered trademarks of Royal Bank of Canada. Personal lending products and residential mortgages are offered by Royal Bank of Canada and are subject to its standard lending criteria.