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RRSP Loans
 
Product highlights:
 interest rate closely aligned with the base prime rate
 financial information not required for loans of $25,000 or less AND 24 months or less
 option to defer first payment for 3 or 6 months
 payment frequency: monthly, bi-weekly or weekly
 option to transfer RRSP loan from another financial institution
 rapid approval turnaround time
 dedicated broker toll-free line 1-800-901-0172
 client toll-free line 1-866-444-1379
 start date: November 1st, 2019
 end date: Febuary 29, 2020
 cut-off date to submit a request with disbursement at a future date:
  February 21, 2020
 
 
Advisors must enrol prior to submitting loan applications.
Please fill in the "Broker Enrolment" form. In the space for the Advisor/Representative you must indicate your Assumption Life agent code.
  
**New** Requirement regarding the Disclosure of the Cost of borrowing:
It is now required to provide to the applicant the Cost of Borrowing disclosure statement under section 450 of The Bank Act. You will need to complete and provide the Cost of borrowing disclosure statement to the Applicant at the same time the Credit Application is completed and signed. Applicants are not required to sign a copy of the borrowing disclosure statement, nor do you need to send a copy to National Bank.
 
You will find the instructions pertaining to this new document on page 5 of the Advisor Guide, and you will find examples on how to complete the disclosure on page 31 of the Guide.
 
 
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