Features and Advantages

You have the choice of keeping your fixed payments or allowing them to vary according to the current interest rate.
     

If you choose to keep your payments fixed for the duration of the term, these payments will be based on the five-year rate in effect when your loan is disbursed. As a result, the difference between the payment made and the payment calculated according to the variable rate is applied in reduction of the principal, significantly reducing your amortization period.
     

If you choose to let your payments vary according to the variable interest rate then in effect, your payments will be lower, leaving you with more available cash for your other projects.

You may convert your loan to a closed loan of 12, 24, 36, 48, or 60 months at any time, provided that your loan has a minimum term of 60 months in total, including the number of months elapsed since the loan was disbursed. The interest rate is fixed at the published rate for the term chosen:
- less 1% for a term of 60 months;
- less ½ of 1% for terms of 12, 24, 36, and 48 months.