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Medical or Dental Student Line of Credit

Key benefits

  • Enhanced credit limits - Up to $325,0001 for Medical students and up to $300,0001 for Dental students. Access up to $85,000 in first year; continued access during residency / specialty studies1
  • Low interest rate based on Bank of Montreal’s Prime Rate minus 0.25%2 while you are in school
  • Comfortable payments - Interest only monthly payments while in school and for 1 year after you graduate from school or residency / specialty studies3. Flexible payment options available after the interest only period

 

  • Lower borrowing costs than a student loan – you are only charged interest on what you borrow and there are no annual or monthly fees
  • You only have to apply once, and the money is there for you to borrow as you need it

 

 


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Most commonly used for


Eligibility1

  • A full-time student enrolled in an accredited medical program leading to an MD degree
  • A full-time student enrolled in an accredited dental program
  • A Canadian citizen or landed immigrant

Repayment & how it works




BMO Protection Plan for Mortgage and Line of Credit

BMO Protection Plans provide you with optional insurance coverage offering balance or payment protection for your BMO Mortgage or Line of Credit. With a plan in place, you’ll help protect your family lifestyle and assets in the event of death, critical illness, disability and involuntary job loss.


Learn more

 

 



Balance Protection (Life Insurance and Critical Illness Insurance)

  • Reduces or pays off your line of credit balance up to the Maximum Insurable Limit in the event of your death or if you are diagnosed with a covered illness including cancer, heart attack, coronary artery bypass surgery, or a stroke
  • Note: Critical Illness is only available with Life Insurance
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Payment Protection (Disability and Job Loss Insurance)

  • Fully or partially covers your regular line of credit payments if you become disabled or involuntarily lose your job, up to the Maximum Insurable Limit
  • Note: Job Loss is only available with Disability Insurance

Disability or Disabled means any medical condition that prevents you from performing substantially all of the essential duties of the job.

Job Loss means that you are collecting Employment Insurance benefits because of layoff, dismissal without cause, unionized labour dispute, legal strike, or lock out.

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Have Questions?




1 Approval and credit limit are subject to meeting BMO s usual credit requirements. Must be a Canadian citizen or landed immigrant enrolled in a Canadian or non-Canadian post-secondary school or university. Co-signer may be required. Subject to credit availability and verification of identity. Continued access during residency is subject to the following limits: up to seven (7) years for Medical students and up to three (3) years for Dental students.Back

2 While you are attending the academic program identified in connection with your Student Line of Credit Agreement (the “Agreement”), your interest rate will only change with a change to the Prime Rate. After graduation, your interest rate may change in accordance with the terms of the Agreement.Back

3 Interest only payments include up to two years of Specialty studies for a BMO Dental Professional Student Line of Credit and a maximum of seven years of residency for a BMO Medical Student Line of Credit. Back