Access all the SLOC at once possible?

[hazelthefatcat 22]

Hello, I was on call with representatives from TD, Scotia, CIBC, and RBC for SLOC.

It seems most of the banks allow access to a fragment of the maximum eligible funding. If I'm eligible for 135K then they only let me take like amount that covers tuition and living expenses which would be like 1/3 per academic year;. However RBC seems to be an exception where the representative told me that it allows one to access the eligible maximum amount immediately at any given time. Could someone confirm is this is true? Also, are there any other banks that allow this?

   

[harveyspecter993 836]

Is there any particular reason you need 135K all in one go?

[JohnStuartHobbes 169]

22 hours ago, hazelthefatcat said:

Hello, I was on call with representatives from TD, Scotia, CIBC, and RBC for SLOC.

It seems most of the banks allow access to a fragment of the maximum eligible funding. If I'm eligible for 135K then they only let me take like amount that covers tuition and living expenses which would be like 1/3 per academic year;. However RBC seems to be an exception where the representative told me that it allows one to access the eligible maximum amount immediately at any given time. Could someone confirm is this is true? Also, are there any other banks that allow this?

   

At Scotiabank you can access as much of the 130K as you want once you reach third year with a grace period up to two years after you finish articling. Scotiabank is by far the best line of credit out there imo. They also have no limits on the uses from what my rep told me, including a mortgage down payment when you are two years out. 

Edit: To add, I think it is prorated access to the funds until third year.

Edited January 12 by JohnStuartHobbes