Line of Credit

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INSURANCE PROTECTION

Line of Credit

Overview

In a Nutshell

 

Borrow to save
Get a preferred lending rate and invest in an RSP for your future.

 

Access funds throughout the year
Make regular contributions to your RSP.

 

Save on interest
Pay no interest until you use your line of credit.

 

Notice: Important Changes to Norvalden Line of Credit Accounts
Effective as of August 1, 2021, some of our fees and terms will change.

 


 

PLUS:

Choose how quickly you pay back the borrowed amount and if you would like to make minimum monthly payments or a one-time payment.

Payment deferral feature lets you defer for three monthly payments while you wait for your tax refund.

Norvalden Line of Credit Protection can mean providing the financial support that you and your family may need during a difficult time.

Up to $50,000 in available credit

Save for your future and you could save on the taxes you pay in that year.

Service Fees

 

Dishonoured payment fee: $48.00
Fee is charged for each account payment dishonoured by your financial institution on the date the payment is returned/dishonoured.

Non-sufficient fund fee: $48.00
For each cheque that is drawn on a personal line of credit but returned due to insufficient credit available.*

Overlimit fee: $29.00
Charge if an account balance exceeds its credit limit. This fee will apply any time during the statement period, but only once per period.

Line of Credit

Plans

FOR STUDENTS

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MAX EQUITY®

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Disclaimer

The maximum coverage amount for Critical Illness coverage is $500,000 per Mortgage or for all Mortgages combined. For Life coverage, the maximum coverage amount is $750,000 per Mortgage or $750,000 for all Mortgages combined. The maximum monthly benefit amount for Disability coverage is $3,500 plus your Mortgage Disability premium (including applicable taxes), for up to a maximum of 24 months.

Norvalden are not insurers. All insurance plans are underwritten by independent licensed insurers.