There are a number of criteria an applicant for a loan, line of credit, or mortgage must meet.
- Must be a Canadian resident
- Must be a legal adult
- Not applying for a third party
- Haven't been declined for credit by CIBC in the last 6 months
- Haven't declared bankruptcy in the past 7 years
- Must earn at least $17 000 annually ($20 000 for line of credit)
LOANS
- Could be used to take a vacation, make an investment, pay off some higher interest debt, etc.
- Term of 1 - 5 years
- Fixed or variable interest
- Interest rate of about 6 - 14%
- Pay off all or part of the loan at any time
- Weekly, biweekly, semi-monthly or monthly payments
- Borrow a minimum of $3000
- Secured loan = higher credit limit, lower interest rate
CIBC Personal Car Loan
- Unsecured loan
- Interest rate of 8% - 16%
- Borrow a minimum of $5000
- Term of 1 - 8 years
- Weekly, biweekly, semi-monthly or monthly payments
- Pay off all or part of the loan at any time
- Skip up to two payments per year
LINES OF CREDIT
- Open term
- Borrow a minimum of $5000 for unsecured loan
- Borrow a minimum of $10 000 for secured loan
- Variable interest rate of 8 - 16%
- Lower interest rate on secured line of credit
MORTGAGES
|
Fixed Rate Closed Term |
Fixed Rate Open Term |
Variable Rate Closed
Term |
Variable Rate Open
Term |
Minimum Mortgage
Amount |
$10
000 |
$10
000 |
$10
000 |
$10
000 |
Interest Rate |
1
year …. 2.99% 2
years … 2.94% 3
years …. 3.65% 4
years …. 4.24% 5
years … 4.99% 7
years …. 5.95% 10
years …. 6.75% |
6
months … 6.7% 1
year … 6.35% |
3% |
4% |
Term Length |
1,
2, 3, 4, 5, 7, or 10 years |
6
months or 1 year |
5
years |
5
years |
Payment Options |
Weekly,
biweekly, semi-monthly or monthly |
Weekly,
biweekly, semi-monthly or monthly |
Weekly,
biweekly, semi-monthly or monthly |
Weekly,
biweekly, semi-monthly or monthly |
Other Benefits |
Increase
payment amount anytime during term Prepay
up to 10% of mortgage principal annually |
Pay
off mortgage or make large payments at any time |
3%
cash back Prepay
up to 20% of mortgage principal annually Option
of converting to a fixed rate closed term mortgage with term of 3 years or
longer Increase
payment amount anytime during term |
Pay
off mortgage or make large payments at any time Option
of converting to a fixed rate closed term mortgage |