Loans & Lines of Credit
What do you need to borrow for?
Explore our most popular options.
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.
| 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 |
|
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® |
|
Ongoing |
|
Fixed or variable | Get StartedLearn more |
| Personal Loan | $5,000 or more | One-time |
|
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
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.
a new car.
| 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 |
|
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
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.
| 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 |
|
Up to 7 years after graduation | Variable | Apply nowLearn more |
| Professional Student Line of Credit | Up to a maximum of $110,000 depending on the program |
|
Up to 15 years after graduation depending on the program | Variable | Apply nowLearn more |
| Medical or Dental Student Line of Credit | Up to a maximum of $ 325,000 for Medical and $ 300,000 for Dental |
|
Flexible repayment options available | Variable | Apply nowLearn more |
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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.
| 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 |
|
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
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.
| 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 |
|
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
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.
| 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 |
|
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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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 nowPersonal Line of Credit
Access the amount you need (up to an approved limit) when you need it, and enjoy maximum flexibility.
Learn more Apply nowRRSP ReadiLine®
Borrow as much as you need, up to your approved credit limit, to make your annual RRSP contributions.
Learn more Apply nowRetro-Activator RRSP Loan
Maximize your large unused RRSP contribution with this one-time loan.
Learn more Apply nowHome Equity Loan
Use your home as collateral to borrow up to 80% of its current value2.
Learn more Apply nowHomeowner's Line of Credit
Use equity in your home to bring down your borrowing cost.
Learn more Apply nowHomeowner ReadiLine®
Let your home finance your goals. This option combines your mortgage equity and line of credit into one.
Learn more Apply nowStudent 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 nowProfessional 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 nowMedical or Dental Student Line of Credit
Provides affordable & flexible education funding to Medical and Dental Students.
Learn more Apply nowWhat’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.
Visiting a car dealership?
Ask your dealer to refer your
loan to BMO.