Retirement Savings Plan (RSP) loan

The amount you can borrow for your RSP (Retirement Savings Plan) depends on factors like your income, creditworthiness, and our lending policies, as well as available contribution limit in the case of RRSP. You’ll need to check with our Financial Services Officers for the exact limit based on your individual situation.

Taking out an RSP loan can help you maximize your annual contributions, boosting your retirement savings and potentially reducing your taxes. It allows you to make a larger contribution than you may be able to afford upfront, and the interest paid on the loan may be tax-deductible.

The RSP loan application process at BCU Financial typically takes a few business days. Once your application is submitted, we will review your information and provide a decision as quickly as possible. If additional documents or information are needed, it may take a little longer.

Yes, to apply for an RSP loan, you’ll need to provide proof of income (such as pay stubs or tax returns), a valid photo ID, and details about your RSP account. Additional documents may be required depending on your specific situation, and our team can guide you through the process.

Due to the individual nature of loan applications, we always advise to speak to our Financial Services Offices to evaluate your application and find the best solution that would suit you. At the moment, online loan applications are not available, but you can book your appointment online through our convenient appointment calendar at the date, time and branch that are the most convenient for you.

The repayment terms for an RSP loan typically depend on the loan amount and your financial situation. Generally, the loan is paid back over a 1- to 5-year period, with fixed monthly payments. Our team can help you choose the repayment schedule that works best for you.