Total Maximum

Credit Limit
Maximum Annual
Amount
Interest Rate

Repayment
Requirements

Website

Bonuses

Contact Information

CIBC

ROYAL BANK

BANK OF MONTREAL

$275,000
(limits are guidelines)

$275,000

$250,000
(co-signer may be required)

$70,000

No limit - subject to qualification

$75,000

CIBC Prime

Prime

Prime

While studying/residency:
Interest only payments until 12 months after
residency
After the program - 3 options:
1. Keep the PLC with interest-only payments as a
practicing professional;
2. Keep the PLC and change to standard
repayment of 2% of the outstanding principal
balance;
3. Convert PLC balance to a conventional variable
rate loan at CIBC prime; principal plus interest
payments for up to 20 years;
- Ongoing access to funds with no disruption after
graduation
- Lump sum payments can be made any time.

While studying/residency:
Interest only payments:
After the program:
Principle repayment commences one year
after completion of residency. It works the
same as a student line of credit, interest
payment is the minimum requiement and
you control the pay down of hte principle
once it's converted to professional.

While studying/residency:
Interest only payments
After the program:
1. Interest only payments during the first year
of residency followed by gradually escalating
monthly payments of principal and interest.
2. Gradually escalating monthly payments of
principal and interest.
3. Fixed monthly payments of principal and
interest based on an amortization of up to 15
years.
4. Repay all of the outstanding balance
whenever you want, without a penalty.

www.cibc.com
Keyword search: Professional Edge
Chequing account for students provides
unlimited free transactions, no monthly fees and
no minimum balance;
Student credit cards with no minimum income
requirement (several card options); Student
professional PLCs; Dedicated Financial Advisors.

www.rbcroyalbank.com
Keyword search: Medical & Dental
Free RBC Student Banking Package which
comes with 6 free drafts/money orders.
You also receive a $120 Avion Visa with
annual fee waived and you have choice of
other credit card option.

www.bmo.com
Keyword search: Student Professionals
Free MasterCard upgrade, annual fee waived
for one year

Karen Loranger
(905) 572-3333 ext. 344
karen.loranger@cibc.com

Sam Parras
samuel.parras@rbc.com
905.648.4316

Sergio Fortunato
905.628.3007

SCOTIABANK

TD CANADA TRUST

MD FINANCIAL MANAGEMENT/CMA
(Student/Resident Line of Credit
through National Bank Partnership)

Up to $200,000 for MD Degree

$75,000 for Residency Program
($275,000 total max limit)

$275,000

$275,000

Up to $66,000/year for MD Degree (exclusive

to McMaster students) and Residency
Allotment is a lump sum amount at the
beginning or program

flexible on personal budgeting needs

Year 1 - $60,000
Year 2 - $120,000
Year 3 - $180,000

Interest Rate

Prime (while in school and afterwards in

repayment)

Prime

Prime (After residency, could be eligible to

keep at prime as LOC instead of term loan)

Repayment
Requirements

While studying/residency:
"Interest Only" minimum monthly payments. If
there's enough room on the line of credit the
payment will be applied automatically. If the limit
is maxed out a payment would have to be applied
from your bank account.
After the program:
Principal & interest repayment starts one year
after completion of residency .

Total Maximum
Credit Limit

Maximum Annual
Amount

Website

Bonuses

Contact Information

www.scotiabank.com
Keyword search: Student Life

While studying/residency:
Interest only payments.
After the program:
Principal repayment commences one year
after completion of residency.

While studying/residency:
No payments required (but interest capitalizes
during this period)
After the program:
Principal & interest repayment commences one
year after completion of residency.

www.tdcanadatrust.com/productsservices/borrowing/loans-lines-ofcredit/student.line.jsp

www.mdm.cma.ca and www.cma.ca

Keyword search: Medical Student

Free personal chequing account with unlimited

transactions, $5,000 overdraft protection, $5000
Travel Rewards Credit Card (with annual fee
waived). Free Line of Credit Cheques. Optional
ScotiaBank protection insurance coverage.

Richard O'Brien
richard.obrien@scotiabank.com
905.627.9211

Free CMA/MD Platinum MasterCard for first 2

yrs, No-fee chequing account with unlimited
electronic transactions & 200 personalized
cheques per year. Free financial advice as CMA
Member. Offer Available through MD Financial
Advisors.

Ann Bengert
ann.bengert@td.com
905.440.7228

Casey Warring
casey.warring@cma.ca
647.464.3056