RBC personal loan interest rates & product overview

Royal Bank of Canada

The table below shows a snapshot of Royal Bank of Canada personal loan options. Whether you’re looking to fund a major purchase, take care of unexpected expenses, renovate your home – RBC has a loan for you.

How much will a loan from RBC cost? Use the RBC personal loan calculator below to adjust your desired loan amount and your loan term (length) to see the estimated monthly repayments.

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.


RBC offers various personal loan options, including a general-purpose loan, a home improvement loan, a student line of credit, and RRSP loans.

RBC loan features

  • Terms between 1 and 5 years 
  • Your choice of fixed or variable rate
  • Flexible repayment options: weekly, fortnightly, semi-monthly or monthly
  • No penalty for early repayment
  • Skip-a-Payment options (great if you need extra funds during festive occasions)
  • Optional insurance in case of critical illness or disability

How to apply for an RBC personal loan?

If you’re an existing Royal Bank of Canada customer, you can apply online. Alternatively, you can apply at a branch or over the phone.

Check that you’re eligible:

You must:

  • Be 18 years of age or the age of majority in your province
  • Be a Canadian citizen or permanent resident
  • Have a bank account
  • Meet the income and credit criteria

The minimum income and credit score required will depend on the loan amount you’re seeking.

What you’ll need:

You will need to provide your name, date of birth and contact information. You will also need to have the following details on hand:

  • Social Insurance Number
  • Your monthly income, expenses, assets and liabilities
  • Your bank details (if you do not bank with RBC)
  • Your desired loan amount and purpose


What are the terms of an RBC personal loan?

Between 1 and 5 years.

How long does RBC take to payout a loan?

Provided your application is approved, you could receive your funds in as little as two days.

Can I apply online for an RBC personal loan?

Yes, provided you’re an RBC customer. Otherwise, you will have to call to apply on 1-855-834-1782 or visit a branch.

How long does it take for RBC to approve a loan?

If you provided all of the relevant information and RBC doesn’t have to conduct any follow-ups, you could be approved within two business days.

RBC personal loan video