BMO MBA Line Of Credit

Is there anyone who will give information about MBA Line of Credit of Bank of Montreal (BMO)? What is minimum eligibility for MBA Line of Credit of Bank of Montreal (BMO)?

[Rajkumar Agarwal]

As you are looking for MBA Line of Credit of Bank of Montreal (BMO), so here I am providing following details:

Bank of Montreal (BMO) MBA Line of Credit:

Eligibility:
A full-time student enrolled in an accredited professional education program
A Canadian citizen or landed immigrant
Able to meet BMO’s usual credit criteria

Most Commonly Used for:
Tuition
Rent and groceries
Textbooks and course materials

Benefits:
Low interest rate of Prime + 1% that does not increase after graduation
Lower borrowing costs than a student loan
Customized credit limits
MBA students can borrow $10,000 per year to a maximum of $50,000
For most programs, you can borrow up to $20,000 in your first year and $20,000 in each remaining year to a 4-year maximum of $80,000 for full-time students
You only have to apply once, and the money is there for you to borrow as you need it

Protection for your Instalment and Revolving Line of Credit

Who can apply?
Up to 8 borrowers can apply for coverage.

On the date you apply for insurance you must be:

For all types of coverage,
At least 18,
The borrower or co-borrower, and
A Canadian resident.

For life insurance, you must also be under 65.

For critical illness insurance (combined with life), you must also be:
Under 55, and
Applying for or already insured for life insurance under this Plan.

For disability insurance you must also be:
Under 65,
Regularly working at least 25 hours a week and able to perform the regular duties of your job, and
For seasonal workers, you must be employed, working at least 25 hours a week and able to perform the regular duties of your job.

You cannot apply for job loss insurance if you are:
In receipt of a written notice of termination,
Self-employed, or
An independent contractor.

Helpline:
Call 1-844-837-9228