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Personal Loan

Key benefits

  • Borrow money with a set plan to pay down the loan1
  • Available for virtually any purchase

 

  • Can be unsecured or secured by personal assets for preferred interest rate2
  • Choose a fixed or variable interest rate

 

 

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Most commonly used for


Repayment & how it works




Creditor Insurance

Optional Creditor Insurance on your loan helps reduce or pay off the balance on your insured loan in the event of your death, or cover your payments fully or partially when you can't work due to illness or injury.


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Personal Loan Plan Life Insurance

  • Your loan balance will be reduced or paid off if you pass away
  • Loans up to a maximum of $150,000 can be insured
  • Monthly premium rate table: Rates are pro-rated accordingly if your payments are other than monthly
  • Premiums are calculated each time a regular loan payment is made and collected automatically with your regular loan payment

Personal Loan Plan Disability Insurance

  • Your loan payments will be fully or partially covered if you are unable to work due to a disability such as: injury or serious illness
  • Available to the borrower and co-borrower loan applicant(s) who is age 18 to 64 and actively working at the time of the insurance application
  • Monthly premium rate table: Rates are pro-rated accordingly if your payments are other than monthly

Have Questions?




1 Applications and the amount you can borrow are subject to meeting BMO’s usual credit criteria. Back

2 Security may be required as a part of BMO’s credit evaluation. Back

3 Conditions apply. Back

4 You may be eligible to defer equivalent to one month’s payment two times per calendar year (four weekly payments, two bi-weekly or semi-monthly payments, one monthly payment). You cannot skip two monthly payments (or the equivalent of two monthly payments) concurrently even if the two months are in different calendar years (January/December). Back