If you are looking for a personal loan that can give you maximum flexibility, the BMO Online Personal Loan might just be the one for you. Aside from giving you flexible payments and interest rates, this personal loan can be used for virtually any need. This includes home improvement, family needs, healthcare and emergencies, wedding or travel, or even getting a car!
To know more about this plan and what this can offer, read on.
BMO Online Personal Loan Features and Benefits
One of the key benefits of owning a BMO Online Personal Loan is that it comes with a set plan to help you pay down the loan. With this feature, you can avoid surprise payments and overhead fees, allowing you to budget your monthly expenses wisely. You can even pay your loan in advance without fearing prepayment charges racking up.
Another appealing highlight of this personal loan is that you can choose from availing an unsecured or secured personal loan. In availing a secured loan, personal assets will be taken into consideration by the Bank of Montreal. The secured personal loan helps you get a preferred interest rate depending on the bank’s credit evaluation.
Under the BMO Online Personal Loan plan, you will also be given the option to choose a fixed or variable interest rate. Simply take your pick from fixed monthly, semi-monthly, bi-weekly, or weekly repayment options. Repayment periods range from 1 to 5 years or longer, depending on the amount you have taken out.
The best of all, you may qualify for deferred payments for up to one month’s worth of payment twice a year. You might want to take advantage of this since it can give you the extra breathing room you need.
Applying for a BMO Online Personal Loan
You can apply for a BMO Online Personal Loan through their website. Other application options include finding a branch near you or by directly calling the bank’s hotline.
To be eligible, you must be of legal age of majority in your province of residence and must bear Canadian citizenship or landed immigrant resident status. Likewise, you must have good credit standing with no declarations of bankruptcy in the last 6 years.
Documents that you will need to bring include one piece of valid identification, proof of employment, and proof of income. You will also need to provide the value of your monthly housing expenses or rent and the value of your properties and investments. The bank may ask you for more documents or other relevant information.
If your application is approved, you can take out loans starting from $5,000.
BMO Online Personal Loan Fees and Charges
The Canada Prime Rate being observed in BMO and its personal loans is 3.950%. Bear in mind that the interest rates can vary depending on the bank’s credit evaluation.
If you are interested in borrowing money for all types of needs, the BMO Online Personal Loan is a worthy contender. Besides offering flexible payment terms, this loan also provides a comprehensive plan that will allow you to pay the debt you own without the heavy price tag.