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What is a Personal Loan?
A personal loan allows you to borrow a lump sum of money and make payments in even installments over a fixed term, typically one to five years. A personal loan can come with a fixed or a variable interest rate.
Benefits of an RBC Personal Loan
Flexible terms
Terms generally range from 1 to 5 years.
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.
Fixed and variable ratesDisclaimer 1
You could switch from a fixed rate to a variable rate at any time if the prime rate goes down.
Skip-a-Payment option
Skip up to the equivalent of one monthly payment each year.Disclaimer 2 (Interest continues to accrue).
Flexible payment options
Make your payment monthly, semi-monthly, bi-weekly or weekly. You can also make changes to your payment account, payment frequency or payment due date through RBC Online Banking.Disclaimer 3
Optional Loan Protection Insurance
LoanProtector® life and disability or critical illness insurance (link opens in new window)Disclaimer 4 provides protection for you and your family.
Fixed or Variable Rate Loan. Find What’s Best for You!
With a Fixed Rate Loan…
- You know 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 can choose an amortization and payment schedule that meets your budget.
- You can 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 (opens modal window) Disclaimer 5.
- 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.
Use Our CalculatorsDisclaimer 6 to Plan for Your Needs and Goals
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Your Top Questions About Personal Loans Answered
A personal loan allows you to borrow a lump sum and make payments in even installments over a fixed term, typically one to five years. A personal loan can come with a fixed or a variable interest rate.
Personal loans in Canada are typically available with either a fixed or variable interest rate. A fixed interest rate is usually locked in for the duration of your term. A variable rate will typically rise and fall with changes in the Bank of Canada’s Overnight Rate (external site opens in a new window).
Qualifying for a personal loan depends on many factors such as your income, employment, and credit score.
Yes, personal loans can be paid partially or in full without a penalty at any time. You can pay off your balance by contacting an RBC advisor via <1-855-807-2382> at your local RBC Royal Bank branch or by using the self-serve payment or transfer capabilities through RBC Online Banking.
How to Apply for an RBC Loan
Talk to our credit specialists to help you select the credit solution that is right for you.
Book an Appointment (link opens in new window)Visit Us in Branch
Find A Branch (link opens in new window)
Contact an RBC Credit Advisor
1-800-769-2511View Legal DisclaimersHide Legal Disclaimers
Disclaimer ® / 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.
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Personal Loan accounts are available to clients who meet RBC Royal Bank standard credit criteria.
Disclaimer 1
Fixed and Variable rates offered are subject to change without notice and may vary based on credit profile, loan amount, loan term and other factors.
Disclaimer 2
Interest rates are subject to change at any time without notice.
Disclaimer 3
In order to be eligible to skip a payment, loan payments must be up to date and in good standing. Skipping a payment may result in extending the amortization period of the loan. If you skip a payment and your Loan is protected with Loan Protector Insurance, the premium (for the period of the skipped payment) will be collected from your next regular payment. This means less of the next payment will be used to reduce the principal amount of your Loan. If a payment is skipped for a fixed rate loan, interest will continue to accrue and will be collected when the next payment resumes. If a payment is skipped for a variable rate loan, the unpaid accrued interest as well as the interest on the part of the principal that went to payment of the missed Loan Protector premium will be added to the loan principal balance (‘’Combined Amount’’) thus increasing the principal amount outstanding on your loan. Interest, at the interest rate of the loan, is charged on the Combined Amount until it is paid in full. You may repay the skipped payment at any time.
When you delay a payment interest will continue to accrue on the total amount of the delayed payment, until the delayed payment is paid in full. The delayed payment must be paid prior to your next loan payment date. If your loan is protected with LoanProtector applicable insurance premiums will continue to accrue. The accrued premiums will be collected from the delayed payment, which means less of your payment will be used to reduce the principle amount of your loan.
When you delay a payment interest will continue to accrue on the total amount of the delayed payment, until the delayed payment is paid in full. The delayed payment must be paid prior to your next loan payment date. If your loan is protected with LoanProtector applicable insurance premiums will continue to accrue. The accrued premiums will be collected from the delayed payment, which means less of your payment will be used to reduce the principle amount of your loan.
Disclaimer 4
RBC Online Banking is provided by Royal Bank of Canada.
Disclaimer 5
LoanProtector is an optional creditor group insurance program underwritten by The Canada Life Assurance Company and is subject to terms, conditions, exclusions, eligibility restrictions, and benefits maximums. Please see the LoanProtector certificate of insurance for full details.
Disclaimer 6
“RBC Prime Rate” means the annual rate of interest announced by Royal Bank of Canada from time to time as its reference rate then in effect for determining interest rates on Canadian dollar commercial loans made by the Bank in Canada. The current Royal Bank Prime Rate may be viewed here (link opens in new window), and is subject to change at any time without notice. On , the Royal Bank Prime Rate was .
Disclaimer 7
The results generated by the calculator are general estimates only and are (i) based on the accuracy and completeness of the data you have entered, (ii) based on assumptions that are believed to be reasonable, and (iii) are for informational purposes only and should not be relied on for advice. Actual results may vary, perhaps to a large degree. You should consult your professional advisor before taking any action. Royal Bank of Canada does not make any express or implied warranties or representations with respect to any information or results in connection with this calculator. Royal Bank of Canada will not be liable for any losses or damages arising from any errors or omissions in any information or results, or any action or decision made by you in reliance on any information or results in connection with this calculator tool.