Loans

You are on: New Car Loan tab

A Loan that enables you to finance the purchase of any new car intended for private use.

Equity Injection:

1st year’s insurance cost can be included in the loan

* Applicant’s income and expense level will be taken into consideration for qualification for 100% financing. The bank reserves the right to request some form of equity injection if in their overall assessment, the application requires such an outlay by the client.

Loan tenor/Loan amount:

Maximum term:

• Six years - Vehicles with a purchase price not exceeding $80,000
• Seven years - Vehicles with a purchase price exceeding $80,000

The monthly installment depends on the loan term, the amount of the loan and the interest. The loan term and monthly installments may be affected by rate changes, late or waived payments.

Requirements:

Employment status

Permanent, temporary*, contract* and self -employed individuals

* Individuals classified as temporary or contract will be assessed on a case by case basis

Employment tenure

Minimum two years

Employer profile - Eligibility includes companies that are:

Listed on the local Stock Exchange

Banking with RBC Royal Bank and in good financial standing.

State-owned companies , subsidiaries and quasi-government

Well-known/reputable privately owned companies

Standard documentation:

• For all applicants -Two forms of valid identification and recent utility bill
• For salaried individuals - Recent job letter and last two month's pay slips
• Car purchase order
• Proof of address (e.g. utility bill)
• For self employed individuals - Reliable Management accounts and financial bank statements for the last three (3) years support by income tax assessment notices. In the absence of the above, information must be presented and substantiated by the related level of deposit and withdrawal activity on existing banking accounts

Collateral

Registered Mortgage bill of sale as well as full comprehensive insurance will be taken over the asset and used as collateral.

Age requirement:

Minimum age - 18 years

Suggested maximum* age - 65 years

* Clients over the age of 65 will be dealt with on a case by case basis.

Other important info:

Salary assignment or deduction is highly recommended.

Credit checks are mandatory

You are on: Personal Loan tab

A Personal Loan enables you to have enough funds to finance a specific consumer purpose.

Loan tenor/Loan amount:

The amount you can qualify for depends on your financing need, your income and your expenses.

Based on the purpose, the loan term can be from 1 to 5 years. Larger loan amounts or longer loan terms are possible in consultation.

The monthly installment depends on the loan term, the amount of the loan and the interest. The loan term and monthly installments may be affected by rate changes, late or waived payments.

Requirements:

Employment status

Permanent, temporary*, contract* and self -employed individuals

* Individuals classified as temporary or contract will be assessed on a case by case basis

Employment tenure

Minimum two years

Employer profile - Eligibility includes companies that are:

Listed on the local Stock Exchange

Banking with RBC Royal Bank and in good financial standing.

State-owned companies , subsidiaries and quasi-government

Well-known/reputable privately owned companies

Standard documentation:

For all applicants -Two forms of valid identification and recent utility bill

For salaried individuals - Recent job letter and last two month's pay slips

Documentation to support purpose of loan (e.g. invoices, estimates)

Proof of address (e.g. utility bill)

For self employed individuals - Reliable Management accounts and financial statements for the last three (3) years support by income tax assessment notices. In the absence of the above, information must be presented and substantiated by the related level of deposit and withdrawal activity on existing banking accounts

Collateral

Unsecured lending is available. The amount the client is entitled to will vary from individual to individual.

In the event that security is required, several options including cash, Mortgage over property or vehicle, bonds, shares and life insurance policies with cash surrender values can be used as collateral.

Age requirement

Minimum age - 18 years

Suggested maximum* age - 65 years

* Clients over the age of 65 will be dealt with on a case by case basis.

Other important info:

Salary assignment or deduction is highly recommended.

Credit checks are mandatory

You are on:Used Car Loans tab

Car Loan that enables you to finance the purchase of a used car (local or foreign used) intended for private use.

Equity Injection:

Minimum down-payment of 20%* is required

* Applicant’s income and expense level will be taken into consideration for qualification for 80% financing. The bank reserves the right to request a higher downpayment if in their overall assessment, the application requires such an outlay by the client.

Loan tenor/Loan amount:

The amount of the loan depends on your financing need, your income and your expenses.

1st year’s insurance cost can be included in the loan

Maximum term*

Five years

Term of loan and age of vehicle should not exceed eight years

The monthly installment depends on the loan term, the amount of the loan and the interest. The loan term and monthly installments may be affected by rate changes, late or waived payments.

Requirements:

Employment status

Permanent, temporary*, contract* and self –employed individuals

* Individuals classified as temporary or contract will be assessed on a case by case basis

Employment tenure

Minimum two years

Employer profile – Eligibility includes companies that are:

Listed on the local Stock Exchange

Banking with RBC Royal Bank and in good financial standing.

State-owned companies , subsidiaries and quasi-government

Well-known/reputable privately owned companies

Standard documentation:

• For all applicants -Two forms of valid identification and recent utility bill
• For salaried individuals - Recent job letter and last two month's pay slips
• Car purchase order or agreement of sale letter from existing owner
• Proof of address (e.g. utility bill)
• For self employed individuals - Reliable Management accounts and financial bank statements for the last three (3) years support by income tax assessment notices. In the absence of the above, information must be presented and substantiated by the related level of deposit and withdrawal activity on existing banking accounts.

  Collateral:

  Registered Mortgage bill of sale as well as full comprehensive insurance will be taken over the asset and used as collateral.

  Age requirement:

  Minimum age - 18 years

  Suggested maximum* age - 65 years

  * Clients over the age of 65 will be dealt with on a case by case basis.

  Other important info:

  Salary assignment or deduction is highly recommended.

  Independent motor vehicle appraisal from reputable valuator is mandatory

  Credit checks are mandatory

You are on:Advanced Education Loans tab

Advanced Education Loans provides financing towards a Masters program at UWI Cave Hill Campus.

Features and Benefits

Equity Injection:

Up to 100% financing available* based on the client's ability to repay

* Applicant’s income and expense level will be taken into consideration for qualification for 100% financing. The bank reserves the right to request some form of equity injection if in their overall assessment, the application requires such an outlay by the client.

Loan tenor/Loan amount:

The amount of the loan depends on your financing need, your income and your expenses. Maximum loan amount - $30,000

Maximum term - Five years

Repayment conditions

Interest only during first two years, thereafter Monthly Principal and Interest.

Maximum Amortization period seven years

Requirements

Employment status

Permanent, temporary*, contract* and self -employed individuals

* Individuals classified as temporary or contract will be assessed on a case by case basis

Employment tenure

Minimum two years

Employer profile - Eligibility includes companies that are:

Listed on the local Stock Exchange

Banking with RBC Royal Bank and in good financial standing.

State-owned companies , subsidiaries and quasi-government

Well-known/reputable privately owned companies

Standard documentation:

• For all applicants -Two forms of valid identification and recent utility bill
• For salaried individuals - Recent job letter and last two month's pay slips
• Confirmation of acceptance from university
• Proof of address (e.g. utility bill)
• For self employed individuals - Reliable Management accounts and financial bank statements for the last three (3) years support by income tax assessment notices. In the absence of the above, information must be presented and substantiated by the related level of deposit and withdrawal activity on existing banking accounts

Collateral:

Unsecured lending is available. The amount the client is entitles to will vary from individual to individual.

In the event that security is required, several options including cash, Mortgage over property or vehicle, bonds, shares and life insurance policies with cash surrender values can be used as collateral.

Age requirement:

Minimum age - 18 years

Suggested maximum* age - 65 years

* Clients over the age of 65 will be dealt with on a case by case basis.

Other important info:

Salary assignment or deduction is highly recommended.

Credit checks are mandatory