BMO personal loan interest rates & product overview


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The table below showcases key details about Bank of Montreal (BMO) personal loan options. If you’re looking for a lump sum that covers almost any borrowing need and which you can repay via a set plan, BMO might be the lender for you. 

How much will a loan from BMO cost? Use the BMO personal loan calculator below to input your desired loan amount and term and view your estimated monthly repayments. You can keep adjusting the figures until you find a payment amount that fits your budget.

Terms from 1 to 5 years. Representative example: 5 year $10,000 loan with comparison rates from 7.99% to 46.96% APR would cost between $12,163 and $26,087, including fees. The interest can vary between $2,163 and $16,087.

BMO personal loan calculator

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BMO personal loans review

Bank of Montreal (BMO) offers various personal loans and lines of credit that you can use for whatever you need, be it debt consolidation, a home renovation, or any other worthwhile purpose.

BMO loan features

Thinking of applying for a Bank of Montreal (BMO) loan? Here are the key features and benefits to expect:

  • Loan term. 1 to 5 years.
  • Flexible loan options. Choose between a secured or unsecured loan and opt for a variable or fixed interest rate.
  • Personalised payment plan. Get a payment plan that suits your life with monthly, semi-monthly, weekly, or bi-weekly payments.
  • Option to defer payments. You’re allowed to defer a month’s payment twice per year.
  • Personal loan insurance. This covers your payments if you pass away or can’t work because of disability or an injury.

How to apply for a BMO personal loan?

You can apply for a Bank of Montreal (BMO) personal loan online or by first booking an appointment.

  • Apply online. BOM offers an easy and secure online application that can be completed in 20 minutes. However, this application method is reserved for existing BOM customers.
  • Book an appointment. You can book an appointment online at a BMO branch. When you come in, a lending expert will help you develop a payment plan that’s right for you.

Check that you’re eligible:

To qualify, you must:

  • Be 18 years of age or the age of majority in your province
  • Have Canadian citizenship or permanent residency
  • Have a bank account
  • Meet the income and credit requirements

Please note that minimum income and credit score requirements may vary based on the loan amount.

What you’ll need:

Besides personal and contact information, you will also need the following when applying:

  • A government-issued photo ID
  • Proof of employment, such as an employer letter or recent payslips
  • Quebec residents must also bring recent income tax return documents
  • If you’re using the loan for debt consolidation, be sure to bring monthly statements, loan balances, etc, for the different accounts you want to pay off


How long does BMO take to approve a loan?

Once you submit your application, BOM says it will process your application within two business days.

In contrast, a Scotiabank line of credit allows you to borrow money on an as-needed basis, for instance, to cover home renovations or large purchases. However, there’s a credit limit.

Once you draw up to the limit, you need to make payments before you can draw again. That way, funds are always available without having to apply each time. Last but not least, you can make monthly payments that cover interest only, plus you have the added advantage of opting for creditor insurance.

How do you secure a BMO personal loan?

You can secure a loan by attaching an asset, such as your home, to the loan. Since you’re offering security that the loan will be paid, you are more likely to get approved for a higher amount at a lower interest rate. If you don’t offer any security, your loan will be unsecured.

What’s the difference between a variable and a fixed interest rate?

If your interest rate is fixed, the rate applied to the amount you owe stays the same for the length of the loan term. However, if your interest rate is variable, your rate can go up and down depending on the current BMO Prime Rate. This means your payments can also go up and down over the length of the loan term.

Can I apply for a BMO personal loan online?

Yes, you can apply if you’re an existing customer. However, if you’re unsure about what you want, you can contact BMO representatives by visiting a branch near you or calling 1-877-225-5266.

Learn more about BMO in this video