BMO Medical Student Line of Credit

[BMO guy]

Hi Guys,

 

I am the specialist for the BMO Professionals Program for the Greater Vancouver District. Just like to provide some background info on our program and line of credit. Please do not hesitate to contact me should you have any further questions or concerns.

 

Professionals Program

Medical Program Overview

 

Eligibility

• Full-time student that is a Canadian citizen or landed immigrant entering an accredited Canadian medical program.

• Satisfactory credit history

• No co-signor required should first two eligibility criterias are met.

 

Maximum Amount

• $150,000 (although we recommend an annual limit of $30,000 per year while in school and $15,000 a year for the first two years of residency, students are able to advance all funds upfront if requested)

 

Repayment (Monthly)

• Medical Student Line of Credit: Interest only during medical studies and residency (to a maximum 7 years of residency). Students may then choose one of 3 repayment options:

1) Interest only during the 1st year after residency, then P+I payments as follows: 1% of billed balance year 2 after residency; 1.5% in year 3; 2% in year 4; 2.5% in year 5; 4% in year 6; the greater of 7% or $100 in year 7 until repaid in full.

2) 1% of billed balance in year 1 after residency, 2% in year 2, and the greater of $100 or 3% in year 3 until repaid in full.

3) Fixed monthly repayment schedule based on an amortization up to 15 years.

 

Interest Rate

• Prime rate for life of loan.

 

Other

• Students are permitted to carryover to a following year the unused portion from a previous year’s limit.

• With the BMO Everyday Banking Student Discount Program, you will receive our Plus Plan for FREE*, saving you $8.50 each month. If you decide you need a banking plan which covers more transactions, you can apply the $8.50 monthly discount to any BMO Bank of Montreal Everyday Banking Plan of your choice while you are a full-time student at post-secondary institution as well as a resident. Also receive an extra year FREE* after graduation.

• Learn how to earn Air Mile Reward miles on your tuition payments!

• BMO Mosaik MasterCard is available for those who meet the approval criteria.

• Applicant must meet the Bank’s usual credit criteria.

 

* Also as UBC no longer accepts tuition payments with credit cards, BMO Bank of Montreal is the only financial instituation offering reward points for tuition payments using the Interac Online Payment Option. Please contact us for more information.

 

Cheers,

 

Howe Gu

Professional Market Development

Specialist

 

BMO Bank of Montreal, Professionals Program

National Business Development Group

Greater Vancouver District, BC

 

O: 604.668.1567 | C: 778.389.0300 | F: 604.665.6670 | howe.gu@bmo.com

[EESH]

nice program