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Best LOC?


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I ran into some issues with an RBC account and I actually remember speaking with Jarret about it - it must have been around two years ago. I emailed the company about him because I'd never had such good service, which is why I remember him. If he's helping out with med LOCs, that's just awesome.

Hey Birdy,

 

Interesting you thought so too, because I actually ended my conversation with Jarret asking him how I can make it aware to his supervisor/RBC that he had done such a clear and thorough job. Genuinely good customer service needs to be acknowledged!

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Guys, for RBC, just call Glenda Hedley 905-521-2160 McMaster University (from http://www.rbcroyalbank.com/student/medical/specialists.html)

 

I went through a few transfers last Thursday over the phone, spoke to a very knowledgeable guy called Jarret, and got pre-approved for 200K at prime until 12mo after end of residency, with 1$=1point fee-less visa card and no yearly limit.

 

Signing either tomorrow or sometime this week at my local branch.

 

Ha - that is what it is likely with the right person. If it isn't going that easily regardless of the bank then you have the wrong person :)

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Ok so I have my loc approved at Scotia. They need proof of enrollment before they will finalize and open everything and the acceptance letter is proof of acceptance not enrollment. Does anyone know what we'll get from Western that works for this? Do they send something after they get the deposit?

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Ok so I have my loc approved at Scotia. They need proof of enrollment before they will finalize and open everything and the acceptance letter is proof of acceptance not enrollment. Does anyone know what we'll get from Western that works for this? Do they send something after they get the deposit?

 

No worries - that happens every year as well. They don't send anything directly unless you ask which you can do pretty much do at any point. They prepare a letter for you actually to drop off. You just have to email the office about that.

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Guys, for RBC, just call Glenda Hedley 905-521-2160 McMaster University (from http://www.rbcroyalbank.com/student/medical/specialists.html)

 

I went through a few transfers last Thursday over the phone, spoke to a very knowledgeable guy called Jarret, and got pre-approved for 200K at prime until 12mo after end of residency, with 1$=1point fee-less visa card and no yearly limit.

 

Signing either tomorrow or sometime this week at my local branch.

 

just to clarify: is this 200k at prime until 12mo after residency meaning it is not interest free until 12mo after residency? and that whatever amount you use during that time is charged at prime?

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it's prime until you pay it off. from when you get the loan to 12 months after residency (or fellowship (TD had no idea if fellowship was covered, but scotia and RBC said it is)), you only have to make interest payments (using the LOC itself. scotia does this automatically for you, while others you may have to remember every month to put back in.) When you're out of residency for 12 months, then you go on a payment plan. or (RBC said this) you can turn it into a 'revolving loan', so there's no repayment plan, you pay it off at your leisure. as far as I know, it remains at prime until you pay it off (I'm not sure if it stays at prime if you convert to a revolving loan..)

 

If I'm misinformed, someone please tell me!!

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i briefly talked to an rbc representative- who basically told me they can't gurantee at prime up until 12mo after residency- which to me is quite unsettling. "if rbc decides to change their policy, prime + x% then that will be reflected on your loc"

 

anyone hear about this as well? in any case, i will be going in to speak to him more clearly about it soon. along with td and scotia

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ha yes. but the gist I got was that yes your loan is prime, BUT at some time we may decide to change it. my rep said that it hasn't happened since he's been working there (10+ years), but he can't guarantee that it won't happen.

 

was this with rbc as well?

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I'll find out soon. I called the RBC to book an appointment but ended up doing the application over the phone. It wasn't even a specialist, just a nice girl in Vacouver who had done a Msc at UBC. Didn't ask for any budgets, but she did ask what speciality I wanted to do. She will call me back monday with news of if i get approved, and then set up an appointment.

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Hey everyone,

 

First, one quick question: I’ve seen a lot of people mentioning BN in this thread and (I’m sure this is a really stupid question to ask) but what bank is this?? I cannot for the life of me figure out what this stands for! Is it the National Bank of Canada? (Isn’t that NBC? But that’s the closest I can get…)

 

Also, I went down to my local RBC Branch today to speak with someone about their LOC. In the end I was told that I could get a slightly better visa with yearly payment waved (although certainly not the best one they offer), and wouldn’t have to pay the principle payments until after graduation (or residency… I can’t remember) BUT that I would have to pay the interest payments each month and they were at prime plus one. From the sounds of it in this thread, most people are able to get the interest down to prime and maybe even don’t need to pay the interest payments until they start the residency? Should I be trying to get a better deal?

 

I live in Victoria and it seems like there aren’t any banking specialists here for med school… Would it be worth planning a day trip over to Vancouver to meet with a bunch of banks?

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Hey everyone,

 

First, one quick question: I’ve seen a lot of people mentioning BN in this thread and (I’m sure this is a really stupid question to ask) but what bank is this?? I cannot for the life of me figure out what this stands for! Is it the National Bank of Canada? (Isn’t that NBC? But that’s the closest I can get…)

 

Also, I went down to my local RBC Branch today to speak with someone about their LOC. In the end I was told that I could get a slightly better visa with yearly payment waved (although certainly not the best one they offer), and wouldn’t have to pay the principle payments until after graduation (or residency… I can’t remember) BUT that I would have to pay the interest payments each month and they were at prime plus one. From the sounds of it in this thread, most people are able to get the interest down to prime and maybe even don’t need to pay the interest payments until they start the residency? Should I be trying to get a better deal?

 

I live in Victoria and it seems like there aren’t any banking specialists here for med school… Would it be worth planning a day trip over to Vancouver to meet with a bunch of banks?

 

Hey! Check out this for your "specialist" contact info: http://www.rbcroyalbank.com/student/medical/specialists.html

 

They know what they're talking about.

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Hey everyone,

 

First, one quick question: I’ve seen a lot of people mentioning BN in this thread and (I’m sure this is a really stupid question to ask) but what bank is this?? I cannot for the life of me figure out what this stands for! Is it the National Bank of Canada? (Isn’t that NBC? But that’s the closest I can get…)

 

Yes it is. BN is Banque Nationale, the french version. :D

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