Royal Bank of Canada Personal Loan Application Form

Apply for Personal Loan at Royal Bank of Canada. Whether you want to make a major purchase, finance a wedding or consolidate debt, a personal loan is a simple and convenient borrowing solution to help reach your goals.

Towards the end of this post we will discuss about Royal Bank of Canada Personal Loan Application Form, requirements, how to apply/sign in successful via application form link portal.

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Personal Loan at Royal Bank of Canada (RBC)

Offering choice, flexibility and structured payments, here how a personal loan from RBC Royal Bank could be tailored to meet your needs:

How Personal Loan works at Royal Bank of Canada

Terms generally range from 1 to 5 years.
You could switch from a fixed rate to a variable rate at any time if prime rate goes down.
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.
You can pay off your loan in full without penalty and close your account at any time through RBC Online Banking.
Skip up to the equivalent of monthly payment each year (Interest continues to accrue).

Fixed and Variable Rate at Royal Bank of Canada Personal Loan Application Form

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.