M1llion Posted June 11, 2021 Report Share Posted June 11, 2021 Hello, I have been calling around a couple of institutions as of late, most notably RBC and Scotia Bank for information on their Medical LOCs. They seem to offer the same thing. Seeking insight as to which institution is most popularly used and for which factors. I know this question has been asked before but I have not noticed a recent thread discussion. * am I correct in saying that RBC seems to offer only interest payments on the duration of the loan whereas Scotia Bank has a 2 year grace period only requiring interest payments? Literally any feedback will be helpful, thank you. Quote Link to comment Share on other sites More sharing options...
notagunner Posted June 12, 2021 Report Share Posted June 12, 2021 They both automatically debit interest payments from your LoC and add it to the loan amount, they don't require monthly payments on the loan itself. "Grace period" is a bit of a misnomer if I understand it correctly, because you're still paying interest. Scotiabank converts the LoC to a personal line of credit that you can keep open indefinitely, so the "grace period" of paying interest only is basically indefinite. You only start making payments on the LoC after it converts to a loan. I think RBC forces you to convert the LoC to a loan 2 years post-residency/fellowship. Granted, I'm not sure if many people keep the LoC open longer than this anyways. That's my understanding anyways, I could be wrong. Someone please correct me if I am wrong lol. I went with Scotiabank btw. M1llion 1 Quote Link to comment Share on other sites More sharing options...
NLbuzz Posted June 12, 2021 Report Share Posted June 12, 2021 I've also been looking around and after talking with Scotiabank and RBC, I found that both LOC's were very similar. However, RBC offers a LOC up to 250k and in special circumstances up to 350k ("depending on circumstances and if you specialize") whereas Scotiabank offers up to 350k regardless. This is just based on my conversations and I'm likely going to go with Scotiabank. I'd be interested to know if anyone has any additional information! M1llion 1 Quote Link to comment Share on other sites More sharing options...
Limes Posted June 13, 2021 Report Share Posted June 13, 2021 I shopped around for awhile and ended up with Scotiabank. David Smith is a great guy to work with and made the whole process dead simple, I barely had to do anything. Way better experience than I've ever had with BMO, for whatever that's worth! M1llion 1 Quote Link to comment Share on other sites More sharing options...
M1llion Posted June 13, 2021 Author Report Share Posted June 13, 2021 Thanks for the responses everyone. Scotia does seem like a great choice. Quote Link to comment Share on other sites More sharing options...
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