You are on page 1of 1

Financial

Institution

When do principle payments


begin on a LOC ?
Interest payments are deferred
(i.e., capitalized on to the
balance) during medical school
and residency. (Fellowship is
considered residency)

What is the
interest
What is the repayment schedule rate of a
Does interest of the LOC change once graduating
of a LOC?
LOC?
from medical school?

Typically, an SRLOC is converted into a Personal Line


of Credit, a amortizing Personal Loan or a
combination of the two.
Can be negotiated at anytime. It is
typically negotiated about 30 to
60 days before the 12-month
deferral period ends.
Prime rate

Royal Bank of
Canada

One year after graduating or


residency

Based on the cashflow and


financial goals of the client;
maximum amortization 15 years
and with approval, up to 20 years Prime rate

Scotia Bank

Automatic amortization of 10
12 Months After Completion of
years/can request a 15 year
your Medical Degree/Residency/ amortization. No penalty to pay
Fellowship
off your loan in full.

CIBC

Our student professional LOC


has a minimum monthly
payment of interest-only during
school and post residency, but
you may at any point in time
chose to change it to our
standard repayment of 2% of the
outstanding principal balance
outstanding.

TD

12 months after completion of


residency

Bank of Montreal

Starting in the first year after


residency (to a maximum seven
years of residency)

Who should medical students contact if


they would like to learn more about
your LOC?
What LOC amounts are available?

Upon graduation, the SRLOC is reviewed and National


Bank will do a full credit review of the file.

Principle can be paid off at any


time during the students/
residents' tenure without any
penalties. However, the absolute
requirement is that principle
payments begin 12 months after
the end of Residency..

MD Financial
Management

What are the upon graduation


perks associated with the LOC?

Prime rate

Payments to your LOC can be


made weekly, bi-weekly or
monthly and you may at any time
convert the principal amount
outstanding on your Proffessional
Edge Student PLC to a
conventional variable rate loan
with principal plus interest
payments for up to 20 years.
Prime rate
12 months after completion of
residency minimum monthly
payments start of the greater of
$50 or 1%
Prime rate

Starting in the first year after


residency (to a maximum seven
years of residency)

Prime rate

Ian Newman-Ian.newman@cma.ca Phil


Broomes- Phil.broomes@cma.ca Omar
Access to the services of MD
Butt-Mohammadomar.Butt@cma.ca
The PLOC is typically priced at prime and the
Financial Management.
Warren Barrow-Warren.barrow@cma.ca
Personal Loan is typicall priced at Prime + 1%.
Comprehensive Mastercard, and
Mark Ditkofskymark.ditkofsky@cma.ca
However, your personal financial circumstances will Banking including free corporate
522 University Ave- Suite 1100.
usually impact what the final interest rate is.
accounts.
(416)598-1442
*Student line of credit can be
veena.janardhanan@rbc.com; anneconverted to regular line of credit
marie.martin@rbc.com;
at prime upon completion of
sudha.ramamoorthy@rbc.com;
No, and can be converted to a regular credit line at
residency. No formal repayment
richel.balatbat.@rbc.com;
prime upon completion of residency (no formal
plan is required and left to client's viktoriya.maslova@rbc.com
repayment plan is required for regular lines of credit discretion). *Banking package can odris.koco@rbc.com *all specialists are
and left to client's discretion).
be enhanced to VIP
listed on RBC public website.
Lynne Owen lynne.owen@scotiabank.com
Pre-Approved $25K line of credit
416 866-3940 ext 4206 222 Queen St
on a Business Account/ICAN Invest West Toronto (Queen & McCaul Branch.
Program/Transition to the Scotia
Shanta Gulchand
Professional Plan with continued
shanta.gulchand@scotiabank.com 416
No
account fee waivers/free cheques. 866-3940 ext 4207.
Tim Soloman: Financial Advisor Busness
416-861-3730 x447
Tim.Soloman@cibc.com Mark Searles:
Financial Advisor Busness 416 861-3801
The perks associated with your
EXT 448 Mark.Searles@cibc.com Zakir
Student LOC, such as unlimited
Hossain: Financial Advisor Business
transactions, free LOC cheques,
416-861-3801 Ext. 343
Whether you continue using your Professional Edge
interest only repayments and your Zakir.Hossain@cibc.com Nalinraj
Student PLC or chose to convert it to a CIBC Loan, for great low rate, continue post grad. Jayaseelan: Senior Financial Advisor
all of our repayment options you get to keep the
There will be no disruptions to your 416-757-6780 ext 345
same variable rate based on CIBC Prime
account.
Nalinraj.Jayaseelan@cibc.com

NO

No

Pay off as quickly as wanted, rates


stay at prime

Ann Bengert Tel: 905 409-1145 Email:


Ann.Bengert@td.com

Medical Student LOC can be


converted into an unsecured LOC
with interest only payments

Robert Toomey - Branch Manager


Robert.Toomey@bmo.com Margarete
Cacheino Account Manager Margarete.Cacheino@bmo.com

What are some of the other advantages of banking with


your financial institution as a medical student?

Please note this offer is through MD Management and you


will need to make an appointment with out advisors to
access this program. Owned by the Canadian Medical
Association and it's members- we are not a bank. Our
services are offered FREE to members of the CMA. We
have advisors across the country who can help you
Year 1, up to $60,000 Year 2, up to manage you finances through Medical School and
$100,000 Year 3, up to $140,000
onwards. Our advisor's work on a personal plan for you
Year 4, up to $180,000 Subsequent on topics like debt and cash flow management, insurance
Years (Fellowship & Residency): Max (life and Disability), buying vs renting and another
of $35,000 per year up to a limit of questions you may have related to your finances. We work
$275,000
with you to ensure that you don't maximize your debt.

*$275,000 - generally no annual


disbursement conditions

Financial planning experts specializing in medical


professionals. *Also business banking experts specializing
with medical professionals for practice financing. Ability to
deal with one team/organization for your personal and
practice financial needs.

Referrals to specialists within the Scotiabank Group for


Year 1 up to $70K. Up to $200K
financial planning and investment management services/
during medical studies. Up to $275K valuable information to help you with the financial aspects of
during Residency & Fellowship.
establishing and building a successful profession

Students may borrow up to


$275,000 subject to applicants
meeting CIBCs normal lending
criteria.

up to $250K

Chequing account with free transactions and no monthly fee.


Student credit cards with no minimum income requirement
including the Aventura Visa Card, CIBC Tim Hortons Double
Double Visa Card, CIBC Telus Rewards Visa Card, plus more.
Dedicated Financial Advisors have the expertise to help you
balance your business objectives and personal financial
needs.

Free banking for Students, Premium Credit Cards with $5K


limits, financial palnning experts and Small Business Banking
experts specialized in medical professionals
Free banking for students, SPC MasterCard options, Free
premium mastercards, financial planning experts specializing
in medical professionals. BMO Private Banking also does
specialized packages for medical professionals, and allows
250000 those who are current in Mschool to qualify.