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Pre-Med Students!

 

Congratulations to all who have been accepted into your desired program! With all the exciting challenges that lie ahead, the last thing you want to worry about is your financing! I am here to help! As a Financial Advisor with CIBC Imperial Service I have extensive experience assisting Medical and dental students achieve their financial goals. Start planning and give me a call today.

 

Nalin J.
CIBC Imperial Service Financial Advisor

Phone:416-271-4055

 

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Pre-Med Students!

 

Congratulations to all who have been accepted into your desired program! With all the exciting challenges that lie ahead, the last thing you want to worry about is your financing! I am here to help! As a Financial Advisor with CIBC Imperial Service I have extensive experience assisting Medical and dental students achieve their financial goals. Start planning and give me a call today.

 

Nalin J.

CIBC Imperial Service Financial Advisor

Phone:416-757-6780 ext 345

 

Some questions,

 

1. I'm in Ottawa, can you help?

2. Do I need my parents to co-sign this LoC?

3. Is there any different if I went to USA instead of Canadian MD school?

 

Thanks.

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Some questions,

 

1. I'm in Ottawa, can you help?

2. Do I need my parents to co-sign this LoC?

3. Is there any different if I went to USA instead of Canadian MD school?

 

Thanks.

1) I can help, all over the phone and email.

2) If you are attending a Canadian university and your credit is in good standing then we would not need a co-signor 

3) We require co-signors for any MD school outside of Canada and you should be able to show some savings. 

 

Each student for me will be different, It is better if we connect over the phone so I provide you with the best advice. 

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Pre-Med Students!

 

Congratulations to all who have been accepted into your desired program! With all the exciting challenges that lie ahead, the last thing you want to worry about is your financing! I am here to help! As a Financial Advisor with CIBC Imperial Service I have extensive experience assisting Medical and dental students achieve their financial goals. Start planning and give me a call today.

 

Nalin J.

CIBC Imperial Service Financial Advisor

Phone:416-757-6780 ext 345

 

 

Hey just had a quick question for you..is a co-signor needed for Australian/Irish/NZ dental schools? They have a reciprocity agreement which essentially makes these degrees equivalent to Canadian degrees. 

 

Thanks  :)

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I visited my local CIBC branch and they mentioned that I need a guarantor in order to receive a professional student line of credit. They did not even take a look at my credit scores/savings, and made it appear to be standard practice at CIBC. 

 

I am interested in remaining with CIBC, but I have no issues re-locating my bank. 

 

Can you confirm that a guarantor/co-signer is not required for students with excellent credit and an acceptance to a Canadian medical school? 

 

Thanks

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I visited my local CIBC branch and they mentioned that I need a guarantor in order to receive a professional student line of credit. They did not even take a look at my credit scores/savings, and made it appear to be standard practice at CIBC. 

 

I am interested in remaining with CIBC, but I have no issues re-locating my bank. 

 

Can you confirm that a guarantor/co-signer is not required for students with excellent credit and an acceptance to a Canadian medical school? 

 

Thanks

 

Yeah... you were talking to someone who is unfamiliar with the product. This is why it's important to deal with someone who does this sort of thing regularly.

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Hey just had a quick question for you..is a co-signor needed for Australian/Irish/NZ dental schools? They have a reciprocity agreement which essentially makes these degrees equivalent to Canadian degrees. 

 

Thanks  :)

 

All Medical and Dental schools outside of Canada will require a resident co-signor. This is to minimize the bank risk, incase you decide to stay there and not come back.

 

I visited my local CIBC branch and they mentioned that I need a guarantor in order to receive a professional student line of credit. They did not even take a look at my credit scores/savings, and made it appear to be standard practice at CIBC. 

 

I am interested in remaining with CIBC, but I have no issues re-locating my bank. 

 

Can you confirm that a guarantor/co-signer is not required for students with excellent credit and an acceptance to a Canadian medical school? 

 

Thanks

 

Each student and situation will be different; I need to understand the whole picture. The general process for us is that if you are attending a CanadianUniversity and have good credit history then you would not require a co-signor.

 

My advice to all students is to look for a representative that has had prior experience dealing with professional edge lines of credit and find out their tenure with the bank itself. I am mobile within the GTA, if you have any questions please do not hesitate to give me a call.

 

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Thanks for posting here! What type of confirmation would you require before one could apply for a LOC? Is an acceptance letter enough, or do we need to wait for some sort of bill from the school first?

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Advisor.nalin - what perks does CIBC offer(Or are able to offer when talking to the right advisor), do differentiate over other banks?

 

Always negotiate with any advisor you deal with! I can only comment on the specials and offers on the CIBC website. (Big brother is watching). With that being said CIBC is very competitive with their offers, and when it comes to extra "perks", if you don't ask you don't get! An experienced advisor will know what offers the competitors are offering and be able to match or beat it.

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Thanks for posting here! What type of confirmation would you require before one could apply for a LOC? Is an acceptance letter enough, or do we need to wait for some sort of bill from the school first?

 

A letter of acceptance is all we need for the application. Every year you will be required to provide us with a confirmation of enrollment.

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ha, at this rate we are going to need to get all of the advisers together and have a FAQ :)

 

That could be a good idea actually. Maybe that should be someone's summer project to organize one? haha

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Hi everyone,

 

I just wanted to let you guys know about my experience with Nalin. I've dealt with other financial advisors in the past and the most important advice I can give you is to deal with someone who knows what they are doing. Unfortunately many don't because they rarely deal with professional student locs and it will reduce your chances of getting approved. Nalin was very knowledgeable. He was always on top of things and maintained constant communication with me throughout the application process. He was always prompt with his responses anytime I had a question. Everyone's financial situation is going to be different but he will work with you to get the best possible loc and rates. I highly recommend his services as he made the entire process hassle free.

 

Good luck with your applications! 

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I too am with RBC and find them excellent.

 

I never considered CIBC b/c when I was 16, my father who was been a customer of CIBC for decades brought me to his banker to open an account. Sizing me up as a nobody, he treated me like a rat - and I refused to be treated like that, and therefore, refused to open the account. Naturally, CIBC has left a sour taste in my mouth and this is the last bank in Canada I would ever deal with. Of course, being medical students, they want us all now, but if they don't smell money, they are just not interested. Allm teen grow up, and many become professionals with banking needs. They don't appreciate the big picture and prefer to try to get the giants and not the little people who we all once were. Just my 2 cents.

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For those looking for a good contact at an RBC downtown, I worked with this account manager: 

 

Veena Janardhanan | Sr Account Manager , University & Dundas Branch | RBC Royal Bank | Royal Mutual Funds Inc.| T. 416-313-5268 | F. 416-974-0023

 

She also specializes in MD/Dent LOCs and spend a lot of time with me in one meeting and did everything that was needed to get my full LOC amount  quickly without a cosigner and with significant previous debt.

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So here's the things we should look out for:

 

#1: service

#2: money ($250k at prime + 0.5%) - all banks offer this pretty much 

#3: other goodies - eg. waived annual fees for a travel credit card, waived transaction fees for debit, etc. 

 

Yes? 

 

I think I am going to go ahead and take out a LOC. Looking into Scotiabank right now. I probably won't use it (hopefully), but it's still nice to have that there just in case, especially since there is no interest if I am not using the money. 

 

One question: I'm sure the bank representative can answer this, but do you have to take out $250k, or can you take out less (eg. $100k)? 

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So here's the things we should look out for:

 

#1: service

#2: money ($250k at prime + 0.5%) - all banks offer this pretty much 

#3: other goodies - eg. waived annual fees for a travel credit card, waived transaction fees for debit, etc. 

 

Yes? 

 

I think I am going to go ahead and take out a LOC. Looking into Scotiabank right now. I probably won't use it (hopefully), but it's still nice to have that there just in case, especially since there is no interest if I am not using the money. 

 

One question: I'm sure the bank representative can answer this, but do you have to take out $250k, or can you take out less (eg. $100k)? 

 

NOT prime + 0.5%, just PRIME. My LOC is currently at 2.85%, which is prime for all the big banks. Of course you can take a smaller limit (anything you want up to $250, sometimes $275K now), but really, why? it's not a LOAN, it's a line of credit, so whther you have 100K or 250K available doesn't matter for interest, etc. The only time it MAY matter is if you apply for a large loan later on, like a mortgage, and if having usch a large LOC available to you is a problem, you can simply call the bank and ask them to lower the limit. I would just get the max now and then you never have to worry about possibly needing to request an increase.

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