TD Loans in Canada and Interest Rates



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Sometimes life comes at us hard, with unexpected bills, sudden repairs, or big purchases you can’t quite afford yet. Whether you’re paying for your wedding, buying a car, or investing in a business, you find that you need more money, and that’s where loans come in. Loans are a quick solution to the fund problem. It’s an efficient way to get the funds we need when we need them. 

TD Bank has been at the forefront of banking and finance in Canada for a long time, owning a massive share of the Canadian finance market. So it’s no surprise that it’s able to leverage its size and popularity to become the preferred, or at least the first choice for many Canadians when it comes to financial services such as taking out loans.

We’ve already reviewed TD Auto loans and TD line of credit; today, we’re going to paint a broader picture and tell you all you need to know about TD loans in Canada and interest rates.

TD Bank offers a diverse range of loan options with different interest rates – personal loans, RSP loans, Mortgage loans, auto loans, etc. We will discuss them along with their interest rates. But first, let’s discuss TD’s interest rate types.

TD Interest Rates Options

TD Bank loans come with two different types of interest rates. Customers (depending on their loan package) have to choose which interest rate type they prefer. The interest rate options are between Fixed interest rates and Variable interest rates.

Fixed Interest Rates

Fixed interest rates, as the name suggests, are fixed. This means that they don’t change from their determined figure when the loan was given. With this option, you’ll pay the exact amount as a monthly payment for the loan duration. This is especially ideal for people who like to know precisely when they’ll pay off their debt.

Unlike with variable rates, changes to the TD Prime Rate will not influence your rate. However, fixed interest rates are typically higher than variable interest rates. 

Variable Interest Rates

Variable rates are subject to change; they’re dependent on and heavily influenced by the TD Prime Rate. Although your monthly payment doesn’t change when the TD Prime rate changes, it does affect the time it’ll take to pay off your debt.

If the prime rate decreases, a higher percentage of your regular monthly payment will go towards clearing the amount you still owe, excluding interest, enabling you to pay off your loan quicker. But should the prime rate increase, a higher percentage of your monthly payment will go towards interest, possibly extending your loan repayment time.

Personal Loans

If you have a specific need or goal you need a loan for, then TD personal loans are tailored for you. TD offers different personal loan options and lines of credit, depending on your specific need. TD personal loans can be used to finance big purchases, pay off debts, invest or start some other project. If you’re a student and need money for school-related costs such as tuition, consider TD Student Lines of Credit.

With Personal loans, you can request the exact amount of money you need, cutting off the excesses and additional risks that may arise from over-borrowing. If approved, you’ll get the amount of money you requested upfront. The maximum loanable amount for a TD personal loan is $50,000. 

Lastly, the repayment plan is usually flexible and tailored to your situation. You can pay off your loan at any time without any fees or charges. Personal loans can also be either secured or unsecured. If you need a personal loan again at a later time, you’ll have to reapply.

For fixed-rate loans, the minimum interest rate is 8.83%, and the maximum interest rate is 16.03%, while for variable loans, the minimum interest rate is TD Prime rate + 3.88%, and the maximum interest rate is TD Prime Rate + 11.13%

Note that as of today, March 8th, 2021, the TD Prime Rate is 2.450%. Learn more about the TD Prime Rate in Canada.

To apply for a personal loan, visit a TD branch or click on the link below.

Apply Now!


TD offers many mortgage packages in both fixed and variable interest rates if you’re looking to buy your dream house. Every TD mortgage is available as conventional or high ration depending on the size of your down payment. You can also determine your payment schedule, and it can be Weekly, Rapid Weekly, Bi-Weekly, Rapid Bi-Weekly, Semi-Monthly, Rapid Semi-Monthly, or Monthly.

TD Bank offers a variety of mortgage options, characterized by either length or interest rate type. TD Mortgage options are Fixed Rate Mortgages, 6 Month Convertible Mortgage, 1 Year Open Mortgage, Variable 5 Year Closed Mortgage, Variable 5 Year Open Mortgage, and TD Home Equity FlexLine.

To learn more about them, see TD’s mortgage selector, and it’ll help you choose the right mortgage for your needs.

TD’s Mortgage Affordability Calculator will also help you determine a potential price range and see how much mortgage you may be comfortable with.

TD Mortgage Special Rates

In the table below are the special interest rates for TD Bank mortgages.

TermSpecial RateAPR
3 Year Fixed Closed 2.14% 2.18%
5 Year Fixed Closed 2.24% 2.26%
5 Year Fixed Closed High-Ratio 2.09% 2.11%
5 Year Variable Closed 1.55% 1.57%

Note that as of today, March 7th, 2021, TD Bank’s Prime Rate for Mortgages is 2.60%.

The interest rates for mortgages are subject to change. If you’d like to see all TD mortgage rates or if you’re reading this at a later date, please refer to the website directly for up-to-date rates.

Auto Loans

TD Auto Loans are designed for people intending to purchase cars, either new or used. You can choose between fixed and variable interest rates. The money isn’t given to you; you can only get an auto loan via a car dealership where TD essentially pays for the car and uses it as collateral for the loan. You can purchase a vehicle, RV, or small business vehicle such as a Van. Auto loan rates are not disclosed until you’re offered a deal.

To apply for an Auto Loan, visit a vehicle dealership and ask for an auto loan with TD Auto Finance. You can also apply via the link below.

Apply Now!

RSP Loans

Retired Savings Plan loans enable you to borrow money to free up more funds for your retirement. The funds go directly into your RSP. They work the same way as regular loans but are usually for shorter terms. 

Learn more about TD’s RSP loans

Lines of Credit

Lines of credit are not loans; they’re another way to borrow money from banks. It’s a borrowing option where you apply only once for a credit limit that you can continue to use and re-use based on your credit needs. You are charged interest only on the amount that you use.

Learn more about TD’s Lines of credit. If you’re a student, learn about TD Student Lines of Credit.

Disclaimer: Rates and product offerings are always changing, so this article might not reflect the current market situation. Please contact your financial advisor before making any financial decisions.


How do I decide which loan is right for me?

All TD loan products are designed for specific needs; consider why you need the loan. If you want to purchase a car, an auto loan may be more suited to your condition than a personal loan; and if you need to pay for a school project, applying for a student line of credit may be ideal. 

Learn more about TD loans or get details on amounts, rates and more with a side-by-side comparison of all available TD loans. 

Compare now. 

How Long will it take me to pay off my personal loan?

Since loan applications and approvals are personalized and dependent on your loan amount and personal payment plan, it isn’t easy to make an estimate. But you can use TD’s Personal Loan/Line of Credit Calculator or Debt Consolidation Loan Calculator to get a reasonably accurate estimate.

Can mortgage rates be negotiated?

Yes, they can. The rate you’re offered at first isn’t the best rate you can get. If you’re unable or uncomfortable with negotiating by yourself, you can employ the services of a mortgage broker who’ll negotiate in your place.

Are TD Bank rates lower than other banks?

Rates are more dependent on you than they are on banks. While TD Bank might offer you 5%, they might offer someone else lower or higher. That being said, TD Bank’s rates are competitive in comparison to Canada’s other big banks. To get the best rates on your loans, it’s a good idea to compare loan rates from multiple providers.

Where can I view the details of my loan in EasyWeb?

To view the details of your loan in EasyWeb:

  1. Log in to EasyWeb using your username Access Card number and EasyWeb password.
  2. From My Accounts > Accounts, click on your loan name in your account summary.

How do I make a lump sum payment to my TD Loan in EasyWeb?

To make a payment to your personal Loan EasyWeb.

  1. Select Accounts from the left navigation menu.
  2. Select the appropriate account to be taken to Account Activity
  3. Select Make a lump sum payment

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Jude Uchella


Avid researcher, freelance writer, and personal finance enthusiast passionate about financial education and literacy.

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Kareena Maya

Personal Finance and Travel Rewards Expert Contributor



Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.

Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.