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What do you need to borrow for?

Explore our most popular options.

Home and family

Home renovations and family needs

If you're renovating your home or purchasing a vacation property, a BMO® loan or line of credit can help you on your way. It may also help with family expenses, such as medical and dental bills, a child's education, and a senior family member's care.

View recommendations below.

30%
of Canadian homeowners made a major renovation to increase the future value of their home.
BMO Psychology of Home Buying 2015 Report
55%
of those in the sandwich generation (aged 45 to 64) are currently caring for their children, aging relatives, or both.
The BMO Sandwich Generation Survey
24%
of Canadian homeowners expect they'll need more space in the next few years.
BMO Psychology of Home Buying 2015 Report
33%
of Canadian homeowners have made a major renovation to increase living space, primarily to enjoy more room.
BMO Psychology of Home Buying 2015 Report
100%
Kitchen and bathroom renovations generally see a return of investment of 75 to 100%.
Appraisal Institute of Canada
Your options How much can you borrow?1 One-time or ongoing need Timing of repayment Fixed or variable rate Next steps
Home Equity Loan Up to 80% of the value of your home2 One-time
  • 1 to 25 years
  • Flexible payments
Fixed Apply nowLearn more
Homeowner's Line of Credit $5,000 up to 65% of home value3 Ongoing At your own pace, meeting minimum payment requirements Variable Apply nowLearn more
Homeowner ReadiLine®
  • $5,000 up to 80% of the value of your home4
  • Can be split into instalment and revolving portions
  • The maximum amount for the revolving portion is 65% of the value of your home
Ongoing
  • Instalment: Up to 30 years for instalment portion
  • Revolving: At your own pace, meeting minimum payment requirements
Fixed or variable Get StartedLearn more
Personal Loan $5,000 or more One-time
  • 1 to 5 years
  • Flexible payments
Fixed or variable Apply nowLearn more
Personal Line of Credit $5,000 or more Ongoing At your own pace, meeting minimum payment requirements Variable Apply nowLearn more

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Car or large purchase

Car or large purchase

Loans and lines of credit can be used to cover your large purchase, whether it's a car, boat, appliance, or other items to suit your lifestyle.

View recommendations below.

24%
of Canadians are saving for
a new car.
Annual BMO Savings Report (2015)
55%
of retired Canadians spent large amounts (roughly $10,000) on single items during retirement.
BMO Wealth Management Study (2015)
41%
of retired Canadians purchased a new vehicle.
BMO Wealth Management Study (2015)
Your options How much can you borrow?1 One-time or ongoing need Timing of repayment Fixed or variable rate Next steps
Personal Loan $5,000 or more One-time
  • 1 to 5 years
  • Flexible payments
Fixed or variable Apply nowLearn more
Personal Line of Credit $5,000 or more Ongoing At your own pace, meeting minimum payment requirements Variable Apply nowLearn more
Homeowner's Line of Credit $5,000 up to 65% of home value3 Ongoing At your own pace, meeting minimum payment requirements Variable Apply nowLearn more

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Student life and tuition

Student life and tuition

Complete your degree with confidence. Our low-interest lines of credit can help pay for tuition or other expenses, including rent, meal plans, textbooks and class materials.

View recommendations below.

80%
of graduating students believe their degree will lead to a job with strong career satisfaction.
BMO Report (2014)
74%
Canadians with a college diploma or university degree earned on average 74% more than those with a high school diploma or trade certificate.
Statistics Canada (2011)
34%
of Canadian post-secondary students will pay for back-to-school expenses using loans or scholarships.
BMO Post-Secondary Student Survey (2014)
50%
Canadians are among most highly educated citizens in the world: 1 in 2 aged 25 to 64 have a diploma or degree.
Statistics Canada
46%
of Canadian students aspire to start their own business after graduation, whether as a primary or secondary source of income.
BMO Survey (2013)
Your options3 How much can you borrow?1 One-time or ongoing need Timing of repayment Fixed or variable rate5 Next steps
Student Line of Credit Up to a maximum of $45,000 over four years
  • Ongoing
  • Up to $15,000 in the first year and up to $10,000 in each year of a 4-year program
Up to seven years after graduation. The variance above prime does not change after graduation6 Variable Apply nowLearn more
Professional Student Line of Credit Up to a maximum of $80,000
  • Ongoing
  • Up to $20,000 in each year of a 4-year program
Up to seven years after graduation. The variance above prime does not change after graduation6 Variable Apply nowLearn more
Medical or Dental Student Line of Credit Up to a maximum of $250,000
  • Ongoing
  • Up to $75,000 in the first year. More about specialty & residency
Up to 15 years after graduation. The variance above prime does not change after graduation6 Variable Apply nowLearn more

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Travel or wedding

Travel or wedding

Whether you're booking a destination wedding, a big wedding for all your friends and family at home, or a honeymoon around the world, we can help. We can also assist with a long-awaited vacation, whether in Canada or abroad with a loan or line of credit.

View recommendations below.

45%
of Canadians are saving up for a vacation—making it the most popular goal.
Annual BMO Savings Report (2015)
38%
of Canadians don't think they'll be able to afford their ideal wedding.
BMO InvestorLine Study (2014)
13%
On average, couples will use a loan or credit card to cover 13% of wedding costs.
BMO InvestorLine Study (2014)
24%
of Canadians chose Hawaii as their top honeymoon destination, followed by the Caribbean.
BMO InvestorLine Study (2014)
74%
of Canadians plan to take a post-winter vacation within the March to May timeframe.
BMO Insurance Study (2015)
Your options How much can you borrow?1 One-time or ongoing need Timing of repayment Fixed or variable rate Next steps
Personal Loan $5,000 or more One-time
  • 1 to 5 years
  • Flexible payments
Fixed or variable Apply nowLearn more
Personal Line of Credit $5,000 or more Ongoing At your own pace, meeting minimum payment requirements Variable Apply nowLearn more

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RRSPs and investments

RRSPs and investments

There are many reasons you may want to invest. Whether you're saving for your retirement or for a long-term goal, a loan or line of credit can help. Plan for your future and live the retirement lifestyle you want.

44%
When it comes to investments, mutual funds are most popular among Canadians, (44%), followed by GICs (31%) and stocks (28%).
BMO 2015 Household Debt Survey
18%
Your annual RRSP limit is based on 18% of the previous tax year's earned income, to a fixed maximum (minus pension adjustments, plus unused room).
Statistics Canada
47%
of millennials are optimistic about their ability to afford their ideal retirement lifestyle, compared to 35% of boomers.
BMO 2015 Registered Retirement Savings Plan (RRSP) Study
88%
of Canadians will look to personal savings, including RRSPs, to play a role in covering the costs of retirement.
BMO 2014 Registered Retirement Savings Plan (RRSP) Study
51%
of Canadians need help with understanding how much money is needed to retire.
BMO 2015 Global Asset Management Study
Your options How much can you borrow?1 One-time or ongoing need Timing of repayment Fixed or variable rate Next steps
RRSP ReadiLine®
Account
  • From $1,000 to a maximum of $24,930
  • Based on annual RRSP limit set by federal government
Ongoing 1 to 5 years, depending on amount Variable Apply nowLearn more
Retro-Activator RRSP Loan $7,500 or more One-time Up to 15 years Fixed or variable Apply nowLearn more

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Debt consolidation

Debt consolidation

Start fresh with a BMO® loan or line of credit. You can consolidate your higher interest rate debts, and make payments simple.

With a loan or line of credit, you can pay down your debt faster at a lower cost.

View recommendations below.

80%
of Canadians who are in debt have a plan to pay it down.
BMO 2015 Household Debt Survey
59%
of Canadians in debt use their level of debt as a motivator to develop better savings habits.
BMO 2015 Household Debt Survey
59%
of Canadians believe they will pay off their current debt in five years or less.
BMO 2015 Household Debt Survey
65%
of Millennials are optimistic that they will be debt-free in the next five years.
BMO 2015 Household Debt Survey
62%
of Canadians currently carry debt. Mortgages and car payments are the most common sources.
BMO 2015 Household Debt Survey
Your options How much can you borrow?1 One-time or ongoing need Timing of repayment Fixed or variable rate Next steps
Personal Loan $5,000 or more One-time
  • 1 to 5 years
  • Flexible payments
Fixed or variable Apply nowLearn more
Personal Line of Credit $5,000 or more Ongoing At your own pace, meeting minimum payment Variable Apply nowLearn more

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Your options

Tap to explore our loans, lines of credits, and student lines of credit.

Loans


We recommend:
How much can you borrow?1
$5,000 or more
Need:
One-time loan
Timing of repayment:
  • 1 to 5 years
  • Flexible payment options
Rate Type:
Fixed or variable

Home Equity Loan

How much can you borrow?1
Up to 80% of the value of your home2
Need:
One-time loan
Timing of repayment:
  • 1 to 25 years
  • Flexible payments
Rate Type:
Fixed

Retro-Activator RRSP Loan

How much can you borrow?1
$7,500 or more
Need:
One-time loan
Timing of repayment:
Up to 15 years
Rate Type:
Fixed or variable

Lines of Credit


We recommend:

Personal Line of Credit

How much can you borrow?1
$5,000 or more
Need:
Ongoing
Timing of repayment:
At your pace, meeting minimum payments
Rate Type:
Variable

Homeowner's Line of Credit

How much can you borrow?1
$5,000 up to 65% of home value3
Need:
Ongoing
Timing of repayment:
At your pace, meeting minimum payments
Rate Type:
Variable

Homeowner ReadiLine®

How much can you borrow?1
$5,000 up to 65% of home value or 80% with an instalment4
Need:
Ongoing
Timing of repayment:
  • Instalment: Up to 30 years for instalment portion
  • Revolving: At your pace, meeting minimum payments
Rate Type:
Fixed or variable

RRSP ReadiLine® Account

How much can you borrow?1
  • $1,000 to $24,930
  • Based on annual limit set by federal government
Need:
Ongoing/revolving
Timing of repayment:
1 to 5 years, depending on amount
Rate Type:
Variable

Student Lines of Credit


We recommend:

Student Line of Credit5

How much can you borrow?1
Up to a maximum of $45,000 over four years
Need:
  • Ongoing
  • Up to $15,000 in the first year and up to $10,000 each remaining year of a 4-year program
Timing of repayment:
Up to 7 years after graduation. Variance above prime doesn't change
Rate Type:
Variable

Professional Student Line of Credit5

How much can you borrow?1
  • Up to $20,000 in your first year
  • Maximum of $80,000
Need:
  • Ongoing
  • Up to $20,000 each year of a 4-year program
Timing of repayment:
Up to 7 years after graduation. Variance above prime doesn't change after graduation6
Rate Type:
Variable

Medical or Dental Student Line of Credit5

How much can you borrow?1
Up to a maximum of $250,000
Need:
  • Ongoing
  • Up to $75,000 in the first year. More about specialty & residency
Timing of repayment:
Up to 15 years after graduation. Variance above prime doesn't change after graduation
Rate Type:
Variable


Know what you need?

Choose from our products below.

Personal Loan

Our most popular loan can help cover virtually any type of borrowing need. Borrow money with a set plan to pay down debt.

Learn more Apply now

Personal Line of Credit

Access the amount you need (up to an approved limit) when you need it, and enjoy maximum flexibility.

Learn more Apply now

RRSP ReadiLine®

Borrow as much as you need, up to your approved credit limit, to make your annual RRSP contributions.

Learn more Apply now

Retro-Activator RRSP Loan

Maximize your large unused RRSP contribution with this one-time loan.

Learn more Apply now

Home Equity Loan

Use your home as collateral to borrow up to 80% of its current value2.

Learn more Apply now

Homeowner's Line of Credit

Use equity in your home to bring down your borrowing cost.

Learn more Apply now

Homeowner ReadiLine®

Let your home finance your goals. This option combines your mortgage equity and line of credit into one.

Learn more Apply now

Student Line of Credit

Provides affordable education funding to cover the costs of student life such as tuition, books, residence and meal plans.

Learn more Apply now

Professional Student Line of Credit

Complete your post-graduate degree, whether it’s law school, your MBA, or other advanced studies without the worry of managing daily expenses.

Learn more Apply now

Medical or Dental Student Line of Credit

Provides affordable & flexible education funding to Medical and Dental Students.

Learn more Apply now

What’s the difference between a loan
and a line of credit?

Loan

  • One-time borrowing need
  • Borrow a specific amount of money
  • Repay the full amount within a set period

For example, if you’re buying a $30,000 car, you know exactly how much you’ll need to borrow.

Line of credit

  • Ongoing borrowing need
  • Borrow what you need, when you need it
  • Only pay interest on what you borrow

For example, if you’re planning home renovations, you may not be 100% certain of your future costs.


Borrowing for your business?

We can help create a plan
to help you achieve your goals.

Find out more

Refinancing your home?

Learn about our latest mortgage
rates and special offers.

Learn more

Visiting a car dealership?

Ask your dealer to refer your
loan to BMO.


Have Questions?