7/29/2019 Bank Loans - 2014 Rotman

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Bank Loan:

There are a few differences between the loan offers of RBC and BoM. You will get a clear idea of those differences if you

refer to the documents in the admission package.

Your decision to go with one bank or the other will mostly depend on one factor:Are you a Canadian Citizen or a

permanent resident or do you know any Canadian who can co-sign your loan? If the answer to that question is

No, then you dont qualify for BoMs loan. Its that simple. So, most of the international students go with RBCs loan. If your

answer to that question Yes, then you will most likely go with BoM because of their better interest rate. How to apply for RBC Loan:

1. You just have to email soft copies the below documents to one of the email Ids mentioned in the RBS document that is partof your admission package.

1. Completed loan application form2. Financial support documents. E.g. Bank statements3. Softcopy of your Admission Letter4. Softcopy of your Scholarship letter (if applicable)5. (Optional) A brief write up on how you are planning to finance the 100k tuition fees and 45k in other expenses for the two

year program. Something in the lines of:

i. 70 k in bank savings

ii. 20 K in scholarship received from Rotman

iii. 47k in RBS bank loan

iv. Car that is worth 10k that you will be selling soon

Understand that the loan officer really wants to get the loan sanctioned for you. You just have to convince him/her that you

have a solid plan in place to finance your course. Or in other words, assuming that RBC gives you $47500, how are you

going to pay for the rest?

If you are planning to move to Toronto with your family, then you have to provide proof of finance the living expense of

your family for two years.

Other tips/info:

- Its better to photocopy the loan form before you start filling it. That way you will have an additional copy to use in case

you need it. You can also contact the bank or the other students if you need a softcopy of the form.

- It typically takes them 3 to 4 weeks to process the loan. If you are an international student then it can take upto 6

weeks.- Till now I havent heard anybody in the 2012 batch whose loan application has been rejected.

- If you have a US Social Security number then include that in your loan application. Having a credit history definitely helps

shorten your application processing time.

- International students qualify only for a max loan of CAD47500.

- You are required to submit only one months bank statement.