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  1. #1
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    Money for the Caribbean Students

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    Hello every one, I went to the bank of Montreal and, I will be able to get CA $90.000 ($22.5 a year) with a cosigner.
    It is set as a credit line for me. Meaning that every time I take money out it charges me 2% on the amount I took out. Also, I have 5,5% annual rate, it might go higher as it might take too longer to repay the loan back.
    How does it sound for you?

    Also, I'm having an appointment with Royal Bank next week, I will tell you how this goes!

    Windsor School of MD

  2. #2
    docmartin is offline Junior Member
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    How was your credit rating?

    Sorry to ask you such a personal question. My credit history is not that great so I was wondering how receptive the banks are to loaning so much for Caribbean med education.

    would greatly appreciate your reply.

    - Martin

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    KDog is offline Member
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    credit line

    I think there is a way to set it up so that you are just paying the 5% interest and not charged 2% on withdrawls. Maybe something to discuss with Royal Bank.

  4. #4
    adnan is offline Newbie
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    Loan from Royal Bank

    Can u please let me no how ur loan application with RBC went. I went to them to open up a credit line fer 12000 CDN, and they REJECTED me!!

    Their reason was since u are not going to be working when u go to SABA, we basically cant give u the money. Even with my dad as a co-signer it was a no ( this may make a little sense since he just bought anew house and a huge mortgage payment) . But what I dont get is, I have a very good credit history and still got rejected.

    If anyone out there can offer me suggestions, that will be great.

    Adnan

  5. #5
    SKL
    SKL is offline Member 510 points
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    credit line

    Don't tell the bank you're going to school, unless that'll give you some kinds of advantage. me and my husband got our lines (from RBC) when we were still working, we both had very good credit and presents our current income back then, and we got our lines, simple. But that may also due to we got personal friend in the bank too. I don't need to pay any withdrawal charges, just the plain interest rate. Also, close any credit card that you're not using, that will increase the credit line room.

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    talk to a specialist

    See my main heading called 'Found Money.' But basically you need to talk to a specialist in this area. We spoke with Sandra McLelland at the Hamilton Upper James Branch. Hope this helps.

  7. #7
    irishknacker is offline Newbie
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    money

    hi there,
    i went through money issues too with all of the banks!!! so frustrating!!! did you try TERI? also where in canada do you live, i may be able to give you a name of someone who can help with RBC. they ended up being really supportive when you deal with someone who specialises in Med student loans i think it's called the "Professional" loans department.
    take care

  8. #8
    CABG is offline Junior Member
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    RBC Professional Loan

    Hey all you Caribbean IMG prospects. I got an RBC Line of Credit for the amount of $75,000 without a co-signer and it's prime plus 1%. I'm going to ROSS, but a friend of mine who was considering ST.Jame's ws rejected because it is not one of the IMG schools approved by the Canadian government. At the end, she decided not to accept St. Jame's offer. I suppose with that said, all things are not fair and equal.

  9. #9
    KDog is offline Member
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    Toronto

    Does anybody know any proffesional loan account specialists in Toronto (especially Royal Bank) dealing with med students? Also apparantly you can call CanLoan/Teri and find out approval over the phone. Has anyone tried this?

    KDog

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    CABG is offline Junior Member
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    Money for the Caribbean Students

    Here is the website for RBC Professional Student Line of Credit:

    http://www.royalbank.com/products/pe...dents_pro.html

    Also, I have applied for TERI and it should take at least a couple of weeks for them to process it. After that time, I cannot see why you couldn't get in touch with them if you haven't heard word by that time.

    Here's TERI's website:

    http://www.teri.org/main.html

    Hope this helps.

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