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RRSP Loan

Registered Retirement Savings Plan Loan

What   Offers our members with a lending option to build their own long-term financial strategy
Who   Members registering for an RRSP
Period   1 year (Up to 5 years)
Borrowing Limit   Up to C$75,000*

Overview
This product offers our members with a lending option to fund their RRSP purchase.
 
Features and Qualifications
The Registered Retirement Savings Plan (RRSP) is a government approved savings plan through which you set aside finance for your future retirement years. By doing so, any income or financial growth you earn is tax deferred until you withdraw money from the plan. This product allows you to register for this plan regardless of the existence of spendable cash at the moment.

This product is available to members who are eligible with regards to the lending criteria, guidelines, terms and conditions and fees.

  • Approval for this product allows members to purchase RRSPs with Sharons Credit Union only.
  • Sharons Credit Union offers competitive interest rates every year.
  • Most RRSP loans are on a 1 year term.

 

Details
Payment schedules are set up at product registration. Prepayment options depend on agreed terms and conditions.


*
Existing outside Financial Institution financing and credit scores play a role in eligibility, terms and limits in borrowing.

 
 
Please contact the closest branch to you today to either collect further details on any loan product or to set-up your loan interview with any of our qualified loan officers.

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