Looking to buy a new car? Renovate your kitchen? How about reducing your student loan debt? If that is something that you are interested in, then a personal loan is a good option.
The Bank of Montreal offers a flexible personal loan. You can choose the type of loan that will work for your needs and take advantage of that loan’s features and benefits.
It would be best if you learned as much about that loan as possible before you make your decision. So below, we have detailed out the most important information when it comes to this personal loan.
Features
This personal loan from the Bank of Montreal has some nice features. You will have the option to choose between a secured and unsecured loan as well as a variable of fixed-rate interest.
When it comes to the repayment process, their area also has a few key factors to know about. There is the ability to defer payment twice a year ( but not concurrently). The repayment period also has a wide range. The applicant, upon approval, will be given a period between one to five years.
You will also be able to customize your repayment schedule to meet your budgetary needs and ability. The loan can also be set for auto payments, which will help you make sure that all payments are on time.
Benefits
Once you have been approved, there are some benefits that you will be able to take advantage of. The loan officer will be able to help you choose how much money and the type of loan that will work for whatever you need the money for.
In fact, one of the benefits is that the loan has a wide range of acceptable reasons for applying for a loan. You can also choose your schedule, and when using personal assets, you will be able to enjoy an even lower interest rate.
How to Apply
This process varies if you are a customer of the bank already or a new customer. If you are already a customer, then you will be able to apply online, over the phone, or in your local branch. On the other hand, if you are a new customer, the Bank of Montreal requires you to make an appointment in a branch and begin the application process there.
That is, once you have met the requirements in the section below and gathered together all the documents and information you will need for the application process. When the application is finished, you will then have to wait for the final decision.
If you are looking to apply for the personal loan from the Bank of Montreal, you can follow the link here to the application page.
Who is Eligible
In order to meet the eligibility requirements, an applicant must have the following.
- Be at least 18 years of age
- A resident of Canada
- Make the minimum income
- Meet the minimum credit score
Fees and Interest
Bank of Montreal doesn’t show any rates and fees on its website. You will be able to find out the fees and rates if you visit a branch and talk to a loan officer or call the customer care line and talk to one.
This is because your rates and fees will be determined by your credit and income. One fee that is discussed is the early repayment one, of which there is none.
Bank Contact Info
If you need to contact the Bank of Montreal, you can do it through their online support tool, visit a local branch or call the customer care team at 1-844-837-9228.
Summary
A personal loan is a great way to get projects done or work on an individual’s finances. There are a lot of options when it comes to personal loans, and one of those comes from the Bank of Montreal.
The personal loan from this establishment is a flexible option, and the information above should help you make your final decision.
Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.