RBC Med/Dental LOC Specialist Information

[Guest RBCmedicalStudentLOC]

Hello Everyone,

 

I am one of the two specialists for UBC Med/Dental students and I can see there seems to be a lot of misinformation being provided to students on the RBC LOC for Medical/Dental Student Credit Line. If you would like specific information on the RBC LOC or the contact information of the specialist for your university, please email me or post a reply.

 

Thanks,

 

Sabrina Hira

Med/Dental Student Specialist for UBC

RBC Royal Bank

Tel. 604-668-4300

sabrina.hira@rbc.com

[Guest sunE]

So there are specialists designated for each particular university? I didn't know that.

[Guest RBCmedicalStudentLOC]

Yes, this is correct. We want to make sure there is someone specifically designated to help you with all of you financial inquiries.

[Guest wylie348]

I have the details for the Calgary rep if anyone is interested. I will post the response I get from her regarding details once she replies to my email.

[Guest sunE]

(This message was left blank)

[Guest RNtoMD]

Who is the rep for McMaster? I would love this info since the person I'm talking to at RBC clearly has no idea.

[Guest cedar05]

Who is the rep for UofT?

 

Thanks.

[Guest RBCmedicalStudentLOC]

The specialist for McMaster is Lucinda Valentim, her email is lucinda.valentim@rbc.com and her tel # is 905-521-2160.

 

The specialists for U of T are Irene Chua (irene.chua@rbc.com) #416-313-5083 and Tersea Chan (teresa.y.chan@rbc.com) #416-974-0284.

[Guest Hamartoma]

Could I get the info for the U of C rep. Thanks.

[Guest wylie348]

Here it is:

 

THE ATTACHED IS ALL THE DETAILS ON THE PROGRAM WE OFFER TO MEDICAL STUDENTS. THE SHORT VERSION IS BASICALLY WE ARRANGE A LINE OF CREDIT FOR $150,000 AT PRIME FOR YOU TO USE AS YOU SEE FIT THROUGHOUT YOUR PROGRAM. THE BEST PART ABOUT A LINE OF CREDIT, IS THE FLEXIBILITY COUPLED WITH NO COST IF UNUSED. WE REALIZE YOU REQUIRE ASSISTANCE WITH NOT ONLY FUNDING YOUR EDUCATION BUT ALSO WITH FOR EXAMPLE, TRAVEL TO DO INTERVIEWS POSSIBLE ANYWHERE IN CANADA. WE ALSO HAVE FREE BANKING DURING THAT PROGRAM AND ACCESS TO ALL ROYAL BANKS PRODUCTS AND SERVICES, CANADA WIDE. AS MANY STUDENTS DO THEIR INTERNSHIPS IN OTHER CITIES WE FEEL VERY COMFORTABLE WE CAN OFFER YOU THE BEST SERVICE, AS OUR MEDICAL STUDENT PROGRAM IS AVAILABLE ANYWHERE IN CANADA.

 

WHILE I AM THE LEAD IN OUR OFFICE AND FOR THE CALGARY AREA, WE HAVE A LARGE TEAM OF AT LEAST 14 MEMBERS WHO CAN ASSIST YOUR WITH YOUR BANKING QUESTIONS AND CONCERNS. PLUS THERE IS A FULL RANGE OF SERVICES ON LINE AND THROUGH OUR PHONE BANKING AREAS.

 

IF YOU HAVE SPECIFIC QUESTIONS, PLEASE LET ME KNOW WHAT THEY ARE AND I WILL DO MY BEST TO ANSWER THEM FOR YOU.

 

BEST REGARDS

 

LINDA ANDERSON

403 292 3847

[Guest scrubbed]

[Edit: The question was answered above.]

[Guest MD4eva]

I've heard that the RBC LOC interest rate is @ prime while you are in medical school, BUT they will charge you prime + (either 3 or 3.5%) during the re-payment period (After you finish your residency). So, ask your RBC specialist before you sign with RBC LOC.

[Guest RBCmedicalStudentLOC]

As the Vancouver - UBC specialist for RBC, I can assure you that the interest rate remains prime during repayment (after residency). The interest rate increase applies to regular student credit lines The Med/Dental professional credit lines are tagged with a special code in our system.

[Guest coconutjoe123]

I am applying to med schools this upcoming cycle and I am wondering how RBC looks at bad credit.

I had defaulted on a government student loan and it went to collections, I am still paying it off through the collection agency. How does this and anyone else with bad credit, bankruptcy, etc.etc. affect their application with RBC? Is there a particular "credit score" that you have to be above?

[Guest RBCmedicalStudentLOC]

Hello coconutjoe123,

 

Poor credit history does affect the score of your LOC application. We try to look beyond the "blips" on your credit bureau, especially if it happened more than two years ago and there is a good explanation for it (eg. you were supposed to be on interest relief, etc). In the case that we are unable to approve you for the LOC based on your credit score, we will ask for a co-signor or just give you the LOC in allocations instead of the full $150,000 up front. I would strongly suggest speaking to the specialist in your area to discuss the options available for you.

 

I hope this helps.

 

Sabrina Hira

Medical/Dental Student Specialist - UBC

RBC Royal Bank

[Guest Hamartoma]

I read somewhere here that RBC offers a mortgage as well can anyone confirm this? I don't remember the details of the post but it was something like 25% downpayment and 15% had to come from somewhere other than your line of credit.

This was the topic I think:

 

p090.ezboard.com/fpremed1...ID=3.topic

[Guest RBCMedSpecialistHalifax]

Hi Everyone,

I am the RBC Rep for Dalhousie University here in Halifax. If anyone has any question please contact me.

 

Jennifer Carew

902-421-4241

jennifer.carew@rbc.com

[Guest cheech10]

Is there a similar deal for residents that didn't get a LOC as med students?

[Guest RBCmedicalStudentLOC]

Hamartoma,

 

Med/Dental students and resident doctors are eligible for a mortgate as long as you have a 25% down payment and no more than 10% can be taken off your LOC, the other 15% from your own sources (gift from family, RSP's, cash, etc). The reason for the 25% down payment is so that we can use your "anticipated income" to approve you for the mortgage which you wouldn't be approved for without an income.

 

Thanks,

 

Sabrina Hira

Medical/Dental Student Specialist - UBC

RBC Royal Bank

[Guest RBCmedicalStudentLOC]

Cheech10,

 

Resident doctors are eligible for the same LOC pkg as the students.

[Guest RNtoMD]

I just spoke to the rep from Mac (Lucinda), and she said that the interest rate can change after 1 year of residency and may not stay at prime. Soooo much conflicting info with RBC. Where can I get this fact in writing?

[Guest sunE]

I just spoke to the rep from Mac (Lucinda), and she said that the interest rate can change after 1 year of residency and may not stay at prime. Soooo much conflicting info with RBC. Where can I get this fact in writing?

 

I was told the exact same thing here by an RBC specialist in Manitoba. Well almost. She said that one year after my residency is over, the interest rate can jump up. So it seems they give you a type of "grace" period after residency is completed for one year. Then the interest rate jumps up to something higher. At least that's what RBC told me.

[Guest flying kumquat]

I just visited my RBC med/dental rep in Ottawa (Dennis Smith at Westgate on Carling). He told me that the LOC remains at prime throughout residency. In fact, he also said that as long as you were a medical professional with RBC, your LOC would remain at prime (i.e. after residency, as long as you didn't swith careers or something). I found that interesting.

[Guest Lurkergonepublic]

The way I see it, by the time you're in residency if the bank your with plans to jerk you around and raise rates, it's a simple matter to get your loan transfered to another bank who would be happy to offer you the best rate to secure your future business. If you're old bank did try to raise rates and they're serious about keeping your business, they'd back down.

[Guest scooter]

Be very very warry of RBC and get everything in writing!! This kinda thing has happened to me everytime I have dealt with them- when you inquire about setting up an account they say one thing, then they scale it down a bit when you are actually setting up the account, then after a few months they take things away and add charges!! Then it is a hassel to close and end the account. Also, even if you explain things that are unique to your situation and they say they understand... they don't!! (id I said I was leaving the country for a few months and COULD NOT go into a branch,,, so 2 months into they said I had to come in to set something up for internet banking that I had already set up... yeah, that account was useless and charged me service fees for a year (unbeknownest to me as they told me at set up that they wouldn't be charging me a monthly fee as I was a student!) This has been my experience and from this board it looks like interms of medical it is similar interms of changing the deal. I'm sure though, there are plenty of happy customers. My recommendation is before going with RBC check ALL other banks, and either way get everything from the moment you set up the account till when you are through residency (including what happens during maternity leave) and about closing it in writing. I guess then you are at least a bit protect from their *slight discrepancies.