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Student Professionals
Professional or Medical Student Lines of Credit
Need help as you pursue your professional designation? BMO Bank of Montreal offers Professional and Medical Student Lines of Credit designed to meet your specific needs.
Available Credit Limits
| Program |
Credit Limit Per Year |
Total Maximum Credit Limit |
| Medical Student Line of Credit |
| Medicine (Medical Doctor) |
$30,0001 |
$150,0001 |
| Professional Student Line of Credit* |
| Dentistry |
$30,0002 |
$150,0002 |
| Chiropractics |
$20,000 |
$80,000 |
| Optometry |
$20,000 |
$80,000 |
| Law |
$20,000 |
$80,000 |
| Accounting |
$20,000 |
$80,000 |
| Pharmacy |
$20,000 |
$80,000 |
| Veterinary Medicine |
$20,000 |
$80,000 |
| Master of Business Administration (MBA) |
$10,000 |
$50,000 |
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Eligibility: You must be a Canadian citizen or landed immigrant and enrolled in a Canadian or non-Canadian post-secondary school or university and meet BMO Bank of Montreal's usual credit criteria.
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Lower borrowing costs: Pay interest only on the funds that you use.
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Competitive interest rates: For more information simply visit your nearest BMO Bank of Montreal branch, or call 1 877 CALL BMO.
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Easy access to funds: Use any automated banking machine or a No-Fee Student Line of Credit MasterCard access card, write a cheque or visit any BMO Bank of Montreal branch.
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Free Student Line of Credit MasterCard access card: Add the card to your Student Line of Credit and use it anywhere MasterCard is accepted. All transactions are billed directly to your Student Line of Credit.
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No ABM fees are applied when you use your Student Line of Credit.
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Itemized monthly statements to help with budgeting.
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Easy repayment plan for Professional Student Line of Credit: Make only monthly interest payments while in school and for up to one year after graduation. Gradually escalating monthly payments of principal and interest will begin the following year. You have a full seven years to repay the line of credit in full. You can also pay all of the outstanding balance whenever you want, without a penalty.
- Easy repayment plan for Dentistry Professional Student Line of Credit: Make only monthly interest payments while you're in school including up to 2 years of Specialty studies. After graduation, choose one of three repayment options:
- Gradually escalating monthly payments of principal
and interest.
- An additional four years of interest-only payments followed by gradually escalating monthly payments of principal and interest.
- Fixed monthly payments based on an amortization of up to 15 years.
- Repay all of the outstanding balance whenever you want, without a penalty.
- Easy repayment plan for Medical Student Line of Credit:Make only monthly interest payments while you're in school and during your residency (to a maximum of 7 years of residency). Starting in your first year after residency, choose one of three repayment options:
- Interest only payments during the first year of residency followed by gradually escalating monthly payments of principal and interest.
- Gradually escalating monthly payments of principal and interest.
- Fixed monthly payments of principal and interest based on an amortization of up to 15 years.
- Repay all of the outstanding balance whenever you want, without a penalty.
Convenient ways to make monthly payments: Mail a cheque or make a payment through Online or Telephone Banking, at any BMO Bank of Montreal Instabank machine or through pre-authorized debit direct from your account.
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Pay down your balance to access more funds: If you keep paying off some or all of what you used (along with your monthly interest payments), you can keep borrowing up to your credit limit.
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Optional creditor life insurance: Premiums are charged to your Student, Professional or Medical Lines of Credit account on a monthly basis and are based on the average daily outstanding balance to minimize your cost.
Apply Now online or by phone at 1 877 CALL BMO.
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