Borrowing & Credit

Features and Benefits:

• For the purchase of any new vehicle for private use
• No minimum or maximum loan amount
• Up to 100% financing
• Up to 7 years to repay
• Financing for insurance of the vehicle available
• Collateral Required – Registered Mortgage Bill of Sale over asset; full comprehensive Auto Insurance with Mortgage Clause attached 
• Documentation Required:
  • One form of identification i.e. either Driver’s Licence, National ID or Passport
  • Taxpayer Registration Number (TRN)
  • Current job letter and last 3 months’ payslips. Self-employed individuals must provide financial statements for the last 3 years
  • Recent Utility Bill
  • Pro-forma Invoice from the Car Dealer
  • Copy of Certificate of Fitness
  • Duty Concession Letter (where applicable) plus Trade Board permission to user the vehicle as security
  • Import Entry Form

Apply Now

Features and Benefits:

• For the purchase of consumer items excluding motor vehicles
• No maximum amount; minimum amount of $300,000
• Up to 100% financing
• Up to 5 years to repay
• Collateral Required (any of the following):
  • Cash
  • Real Estate
  • Motor Vehicle (up to 5 years old)
  • Cash Surrender Value on Life Insurance Policy
  • Stocks or shares (conditions apply)
  • Personal Guarantee supported by any of the above
• Documentation Required:
  • One form of identification i.e. either Driver’s Licence, National ID or Passport
  • Taxpayer Registration Number (TRN)
  • Current job letter and last 3 months’ payslips. Self-employed individuals must provide financial statements for the last 3 years
  • Recent Utility Bill
  • Invoice/ documentation to support loan purpose

Apply Now

RBC Royal Bank understands that there are times when you will need to use the equity in your home to accomplish major personal or business goals or to take care of unplanned emergencies. We offer competitive terms, attractive rates and flexibility with our Home Equity Loans.

Benefits:

• Use for any purpose – home improvement, debt consolidation, purchase of consumer items, vacation, education and medical expenses
• Can be used for Jamaican and US dollar transactions (repayments in Jamaican dollars at the prevailing exchange rate)
• Partial draw down arrangements available
• Full control of how much you spend at any time
• Monthly statements help you keep track of your account
• Automatic savings – a minimum of 10% of the monthly payment will be deposited to a savings account on a monthly basis

Features:

• No maximum amount; minimum amount of $500,000
• Borrow up to 75% of the appraised value on the property less prior charges
• Up to 12 years to repay
• Collateral Required – Registered Demand Mortgage over property
• Documentation Required:
  • One form of identification i.e. either Driver’s Licence, National ID or Passport
  • Taxpayer Registration Number (TRN)
  • Current job letter and last 3 months’ payslips. Self-employed individuals must provide financial statements for the last 3 years
  • Recent Utility Bill
  • Invoice/ documentation to support loan purpose
  • Confirmation of first mortgage charge
  • Loan status letter from first mortgagee (if applicable)
  • Life Insurance
  • Copy of duplicate Certificate of Title
  • Surveyor’s ID Report not older than 6 months
  • Valuation Report not older than 12 months from an RBC Royal Bank approved appraiser
  • Proof of paid up property taxes, water rates and/or maintenance charges for Strata Corporations
  • Fire allied peril insurance coverage for the full market value with mortgage endorsement clause to RBC Royal Bank
  • Any other documents deemed necessary by the Bank
Apply Now

Tertiary Education Loans

• To assist with tuition fees, books and/ or computers for employed students pursuing undergraduate or post graduate programmes
• Unsecured Loan*
• No processing/ commitment fees
• Option to pay interest only for the first 12 months of the study period
• Students who graduate with Honours Degrees or Distinction will get a 1% rebate off their loan rate
• Maximum amount of $1 million for post graduate students and $750,000 for undergraduate students
• Up to 75% financing (up to maximum amount stated)
• Up to 4 years to repay
• Documentation Required:
  • One form of identification i.e. either Driver’s Licence, National ID or Passport
  • Taxpayer Registration Number (TRN)
  • Job letter (stating years of service and annual remuneration) and the last 3 months’ payslips (applicants must have a confirmed permanent employment status)
  • Evidence of acceptance/ enrolment in programme (i.e. tuition letter and payment vouchers)
  • Status report on each existing loan facility not held with RBC Royal Bank
  • Two references (names, addresses and telephone numbers), including one from a family member not living with you
  • Addresses over the last 2 years
  • Non-RBC Royal Bank customers - current or savings account statements for the last 12 months

*Collateral can be requested at the Bank’s discretion

Apply Now

Used/Reconditioned Car Loans

• For the purchase of a used vehicle for private use
• Financing for insurance of the vehicle available
• No minimum or maximum loan amount
• Up to 100% financing
• Up to 6 years to repay
• Collateral Required – Registered Mortgage Bill of Sale over asset; full comprehensive Auto Insurance with Mortgage Clause attached
• Documentation Required:
  • One form of identification i.e. either Driver’s Licence, National ID or Passport
  • Taxpayer Registration Number (TRN)
  • Current job letter and last 3 months’ payslips. Self-employed individuals must provide financial statements for the last 3 years
  • Recent Utility Bill
  • Pro-forma Invoice from the Car Dealer or Sale Agreement
  • Copy of Certificate of Fitness
  • Certificate of Title and Registration
  • Duty Concession Letter (where applicable) plus Trade Board permission to user the vehicle as security
  • Import Entry Form (where applicable)

Apply Now