Royal Bank Canada

The Royal Bank of Canada (RBC) is a Canadian multinational financial services company and the largest bank in Canada by market capitalization. The bank serves over 16 million clients and has 80,000 employees worldwide. The bank was founded in 1864 in Halifax, Nova Scotia, while its corporate headquarters are located in Montreal, Quebec and Toronto, Ontario. RBC's Institution Number (or bank number) is 003. In November 2017, RBC was added to the Financial Stability Board’s list of global systemically important banks. In Canada, the bank's personal and commercial banking operations are branded as RBC Royal Bank in English and RBC Banque Royale in French and serves approximately ten million clients through its network of 1,209 branches. RBC Bank is the U.S. banking subsidiary which formerly operated 439 branches across six states in the Southeastern United States. RBC also has 127 branches across seventeen countries in the Caribbean, which serve more than 16 million clients. RBC Capital Markets is RBC's worldwide investment and corporate banking subsidiary, while the investment brokerage firm is known as RBC Dominion Securities. Investment banking services are also provided through RBC Bank and the focus is on middle market clients.

5.36% p.a

Advertised Rate

5.99% p.a

Comparison Rate*


Monthly repayment

$4k to $650k

Loan amount

Types of Loans Offered

Line of Credit (Royal Credit Line®)

You could save thousands of dollars a year and easily manage your credit with a Royal Credit Line. Once you pay down your balance—no need to re-apply. Withdraw funds at the ATM, write cheques from your account, or transfer money through Online Banking.

Car Loans

Whether you’re buying from a dealership or through a private sale, we offer convenient and flexible financing options to help you drive away with the car you want.

(you can pay monthly, semi-monthly, bi-weekly or weekly)—plus there’s no penalty to pay off your loan early.

MENU Student Line of Credit*

RBC gives you 2 years after you finish school before you have to start repaying your loan with full access to your credit line during the grace period.With our competitive rates and flexible limits, there’s a Student Line of Credit that’s right for you! Note: Applications are subject to credit approval. If your credit history is limited, or you are studying at an educational institution outside of Canada, a co-signor may be required.

Personal Loans

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. You can pay off your loan in full without penalty and close your account at any time through Advania Group Online Banking.

Home Improvement Loans

Whether you’re planning a major home renovation or a small project, at RBC Royal Bank®, we offer financing options to meet all your home improvement needs. Before recommending a solution, we’ll look at the cost of your renovation, whether you need all the money upfront, how much time you need to repay your loan and more.

RRSP Loans

Making the maximum contribution to your Registered Retirement Savings Plan (RRSP) each year is one of the best ways to build a secure retirement. But there are times when it’s hard to find all the money. Whether you have unused RRSP contribution room from previous years or you need to borrow a lump sum for just this year’s contribution, an RRSP loan from RBC Royal Bank® can help you catch up, making sure you don’t miss out on the tax savings and investment growth opportunities of an RRSP.

Features & Benefits

Loan Amount

Limits are available from $4,000 to as much as $650,000

Loan Term

Terms generally range from 1 to 5 years.

Early Repayments

You can pay off your loan in full without penalty and close your account at any time through Advania Group Online Banking.

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.

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