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speedkdy

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I am thinking of getting RBC loc ($150,000) and I am wondering if it is possible to get loc from two different banks (i.e. RBC and TD) (even 150k from RBC and 50k from TD, something like that) I saw old threads saying that someone got 150,000 from RBC and 120,000 from BMO but I am not sure if this is gonna work. I'm aware of canhelp and osap but I am just wondering this.
 
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tamkhan

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Very hard to get a loan in Canada on your own signature. If you have a co-signer, they will probably give you 150K or more. Try RBC and BMO.

CanHELP will give you 25K max on your own signature, provided you have a good credit history. 70K max with a co signer.

US banks are the best way to go, especially since you don't have to start repayment until you graduate. But, you need a US co signer for those. Some are limitless, others max out at around 250K I think.

OSAP is 10k/year max, I think.

Few years a go, Canadian banks would give you a loan without a co signer, but things have changed now.


I'm having a lot of trouble getting a loan. I don't have anyone in Canada who can co sign for me, but I have a credit worthy co signer in the US. However, I don't wish to use him. If all else fails, I'll have no option, sadly.
 

speedkdy

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yea thanks for your input. but what I am wondering is whether it is possible to get loc from two different banks in canada (for example, RBC and TD or RBC and BMO).
 

KinKs

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I work for TD currently. You can get an Loc at TD on your own signature if you are a Dental or Medical student and you fill of out a particular form. I forgot the name of the form but it is basically a detailed budget of your expenses and income etc. You must have good credit.

Also, theoretically there is no reason why you cannot get two loans from two different banks. That is a bit like asking can one get a credit card from Scotia and on from BMO. The thing is however, having a lot of credit products affects your ability to acquire other credit products for the simply fact that most people do not have unlimited financial resources which will support the loans they intend to get. If you and your cosigner are sufficiently financially viable, your attempts to get more than on LOCs should be fine.

TD offers a max of about 37,000 (or 37,500 I can't remember) per year for four years to dental students. It is possible that if a case is made well, an exception can be made, but do not expect anything huge exception are not frequent.

If you have more specific questions regarding loans at TD - feel free to ask and I will just do the necessary research at work tomorrow.
 

Zeki011

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I work for TD currently. You can get an Loc at TD on your own signature if you are a Dental or Medical student and you fill of out a particular form. I forgot the name of the form but it is basically a detailed budget of your expenses and income etc. You must have good credit.

Also, theoretically there is no reason why you cannot get two loans from two different banks. That is a bit like asking can one get a credit card from Scotia and on from BMO. The thing is however, having a lot of credit products affects your ability to acquire other credit products for the simply fact that most people do not have unlimited financial resources which will support the loans they intend to get. If you and your cosigner are sufficiently financially viable, your attempts to get more than on LOCs should be fine.

TD offers a max of about 37,000 (or 37,500 I can't remember) per year for four years to dental students. It is possible that if a case is made well, an exception can be made, but do not expect anything huge exception are not frequent.

If you have more specific questions regarding loans at TD - feel free to ask and I will just do the necessary research at work tomorrow.


Hey, I went to TD last night to apply for a lone so that I can get a letter of preapproval to use for the visa app... They told me in most cases you need a cosigner unless you are currently making more then the annual lone amount (so more then 40000)... As a full time student though, even with a stipend I can't show that income, so is there any other way of getting around without a cosigner???
 

KinKs

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TD Canada Trust Student Line of Credit

DESCRIPTION:


The TDCT Student Line of Credit is a line of credit designed specifically to meet the financial needs of students. It offers a lower interest rate and flexible repayment terms.





DEVELOPED FOR:


Designed primarily for students who are or will be pursuing credits towards a post-secondary degree or certificate program at a Canadian university or college.



Student Eligibility:


Full-time, part-time, professional and graduate students attending an accredited Canadian university or college. The university or college must be a member of either the Association of Universities and Colleges (AUCC) or the Association of Canadian Community Colleges (ACCC). For a list of eligible universities, refer to www.aucc.ca. For a list of eligible community colleges, please refer to www.accc.ca.

Lending limits depend on the program the student is in. Refer to Student Line of Credit for complete details.

Note: Applications for students who are attending an educational institution which is not a member of either the AUCC or ACCC will only be considered for full TD Canada Trust customers (TD Canada Trust is their primary Bank), or where a full family or commercial relationship exists with the Bank. (Private vocational or technical schools are typically not members of either the AUCC or ACCC)

Applicants attending foreign schools will only be considered where a full TD Canada Trust relationship exists (including family or commercial) with a Canadian resident/citizen co-signor.

Special Programs:



Richard Ivey School of Business MBA (University of Western Ontario)


Credit Approval:



Applicants must qualify under normal TD Canada Trust Line of Credit approval criteria (most students will require a co-signor).


KEY FEATURES:




Interest Rate:



  • <LI type=disc>Undergraduate students: TD Prime + 1.50% <LI type=disc>Graduate students (PhD's, Masters programs): TD Prime + 1.00%
  • Graduate Professional students:
    • Medical & Dental: TD Prime + 0.00%
    • MBA: TD Prime + 0.50%
    • Optometry, Pharmacy, Veterinary, Law, & Chiropractic: TD Prime + 1.00%
Student Line Increases
When processing an increase on a student line, the rate that is entered on the CAP FDET screen will apply to the entire facility upon release. To offer the same rate as the existing facility, the branch must ensure that the correct variance is entered on this screen.

Lending Limits:



Click here to view complete details.


Interest Only Payment Period:



  • <LI type=disc>While the customer is a student and for 12 months thereafter, the customer has to make interest only payments on a monthly basis.
  • Interest is calculated on the daily balance.

At Graduation:



  • One year interest only grace period.
  • Line of credit is frozen after completion of studies or when student leaves school. At this point, no more advances are permitted.

Repayment:



  • Once the interest only period has ended following the 12 month grace period, the student is required to start making principal and interest payments.
  • At this point, the minimum monthly repayment requirement will change from interest only to the greater of $50 or 1% of the outstanding monthly balance.

Graduate Professional Students:



TDCT considers students who are pursuing the following professional designations at an accredited Canadian University as Graduate Professional Students:
  • Medical, Dental, Veterinary, Chiropractic, Optometry, Pharmacy, MBA and Law
 

KinKs

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Eligibility
  • Students who are or will be pursuing credits towards a post-secondary degree or certificate program at a Canadian University or Community College.
  • Parents, relatives or friends of students who could be potential co-signors.
  • Applications for students attending a private vocational or technical school will only be considered for full TD Canada Trust Canada Trust customers (TDCT is their primary Bank) or where a full family or commercial relationship exists with the Bank.
  • Applicants attending foreign schools will only be considered where a full TD Canada Trust relationship exists (including family or commercial) with a Canadian resident/citizen co-signor.
  • Students must qualify under normal Line of Credit criteria (most students will require a co-signor).
  • Medical and Dental students may be eligible for approval with no co-signor, subject to a satisfactory completion of the Student Budget Worksheet Form 527808/527809
 

KinKs

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The form can be accessed at a TD branch. It is called the: Medical/Dental Student Line Of Credit (SLOC) Student Budget Worksheet
 

KinKs

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Maximum Total Loan Amount Per StudentProfessionMaximum LimitsFull-time40,000Part-time (8 yr max)40,000Graduate student (2 yr max)48,0001Medical150,0001Dental150,0001Veterinary80,0001Executive MBA80,0001Law80,0001Chiropractic62,0001Optometry80,0001Pharmacy80,0001MBA80,0001Microsoft Certified Systems Engineer (MCSE) at approved institutionsUp to 100% of tuition depending on institution1 Maximum total loan amounts include undergraduate limits ($40,000). Maximum total loan amounts will be reduced by any outstanding TDCT undergraduate student debtInterest Rate
  • Interest is set at TD Prime + 1.50% for undergraduates
  • Interest is set at TD Prime + 1.00% for Graduate degrees (Masters, PhDs)
  • Interest is set at TD Prime + 0.50% for MBA
  • Interest is set at TD Prime + 0.00% for Medical and Dental
  • Interest is set at TD Prime + 1.00% for Veterinary, Chiropractic, Optometry, Pharmacy and Law
  • Calculated on the first of each month
 

tamkhan

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Good info! Thanks, Kinks.

I have an appointment next week. Lets see how it goes. RBC and BMO said I must have a co-signer.:(
 

speedkdy

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Very useful information! Thanks a lot!
So, if I get loc from RBC and then go to TD, then TD won't know about the loc I got from RBC. Correct me if i'm wrong.
 
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KinKs

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TD will know about all the credit product you have - reported and unreported. As to what extent that will affect you getting the loan, I am not entirely sure.
 

speedkdy

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have anyone got approved this year? which banks do you guys prefer? I'm thinking of going to RBC because my friend told me we can get U.S visa gold haha.
 

tamkhan

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I've contacted RBC and BMO, and neither will give out a LOC without co signer. Gonna try TD this week. If it doesn't work out, I'm going to get one from the states through Chase.
 

Zeki011

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Just got approved by TD for 150 000/4 years (37500 annually). Woooooooohoooooooooooo... its better then RBC since their interest rate for med and dent is prime+0 whereas RBC is prime+1
Forgot to mention, it was on my own... NO COSIGNER!!!
 

tamkhan

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Just got approved by TD for 150 000/4 years (37500 annually). Woooooooohoooooooooooo... its better then RBC since their interest rate for med and dent is prime+0 whereas RBC is prime+1
Forgot to mention, it was on my own... NO COSIGNER!!!

Nice! How long did it take?
 

Composite A2

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Hey Zeki011,

That is a great deal, could you post any other informaton about this.

Was it a line of credit, or a loan?
 

KinKs

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Good info! Thanks, Kinks.

I have an appointment next week. Lets see how it goes. RBC and BMO said I must have a co-signer.:(

No prob - do you have any info or details on the process of getting loans though chase.
 

tamkhan

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No, I haven't looked into the details of the plans being offered by Chase. They have about 3 different plans, depending on how much you wanna take out. I know that their application is processed within a day or two. A co signer is a must for international students. The more credit worthy your co signer is, the lower the interest rate. There is no initial fee of any sort, and repayment begins within 9 months of graduation for most plans.
 

KinKs

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thanks dude - let me know how everythign works out for you
 

Zeki011

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Nice! How long did it take?

They called the next day... It was for the student line of credit. I think most of the info is in some of the earlier posts... Just went in for like 15 min filled out an application, brought my letter of acceptance, and any scholarship/stipend/income forms from this year.


How do most schools work... I'm attending NYU next year so I need the loans to apply for my visa... are other schools like that too??? U gotta have funding first?
 

tamkhan

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They called the next day... It was for the student line of credit. I think most of the info is in some of the earlier posts... Just went in for like 15 min filled out an application, brought my letter of acceptance, and any scholarship/stipend/income forms from this year.


How do most schools work... I'm attending NYU next year so I need the loans to apply for my visa... are other schools like that too??? U gotta have funding first?

Yes. For BU, I need to show a 76K funding to apply for the student visa.
 

Motormouth

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I'm with RBC and I got the 150K loc with no cosigner.

I was in the works to get ~360K loc from them but that needed a cosigner for the amount above the 150K. I just needed a cosigner for that large of an amount. RBC has their interest set at prime so that's ok. I was going to ask a family friend who is a doctor to cosign and they had agreed to but then discussion further developed into a loan directly from them for the amount. This way I'm going to be paying them interest instead of the bank... win-win.

You need to hit up your banker for more $$$, banks have lots of $$$ to givfe you just need to wheel and deal:thumbup:
 
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