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What is the student line of credit?

The student line of credit1 is National Bank's credit solution for students. It lets you access credit easily using a debit card, at a branch or online. While you're a student, you only need to repay the interest on any balance used.

 

 

1. Subject to credit approval by National Bank. The regular rate for a line of credit is the prime rate + 3%, which corresponds to 6.20% (3.20% + 3%) as of September 8, 2017. As the applicable rate is based on the prime rate, it may fluctuate over time. No management costs. Account statements are produced monthly. Interest accrues as soon as an amount is drawn on the line of credit. Students must start repaying the principal when they have a full-time job or within 12 months of the end of their studies.

For students in medicine, dentistry, pharmacy, optometry, veterinary medicine, chiropractic and engineering: No principal and interest payments required until 12 months after the end of studies or loss of full-time student status (subject to not exceeding the authorized credit limit). However, interest accrues during this period and is capitalized monthly.

  Average balance

 

$5000

$15 000

Prime rate + 1.50% (4.70%)

$25,48

$76,44

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