Borrowing to contribute to your registered education savings plan (RESP) allows you to take full advantage of government grant programs and thereby save more for your child’s postsecondary education.

The advantages of our RESP loan

  • Flexible loan repayment as it can be done at any time, though it is not payable until the moment of RESP withdrawal
  • Competitive interest rates
  • Loan approval without a credit check

How does an RESP loan work?

See how it pays to borrow in order to contribute more to your child’s RESP, and it’s easy too!

  • Your contributions
  • Contributions from the RESP loan
  • Grants on your contributions
  • Grants on the RESP loan
  • Return

Why take out an RESP loan?

  • You maximize your contributions to get all the grants to which you are entitled
  • You can recover your unused grants from previous years
  • You can increase your contributions without having to adjust your budget
  • You benefit from a higher yield by investing additional amounts from contributions and grants received as a result of the RESP loan

RESP loan interest rate

  • The annual interest rate varies in accordance with the Royal Bank of Canada’s prime rate (3.95%), plus an adjustment (0.75%). 4.70% 4.70%

Our Education Savings Products

My Education

More savings. More flexibility. More possibilities.

You contribute the amount you want when you want and have access to advantageous investment options to help you save more.

Types of plan available


  • Anyone can be a Plan Subscriber – no blood or adoptive relation to the child is required


  • Possibility to name more than one child under the plan
  • Subscriber must be related to the child by blood or adoption

Investment options available

Based on your investor profile and financial goals, you can invest in a selection of advantageous investment options:

  • Segregated funds
  • High Interest Savings Account with 100% capital guarantee


Education bonus

You receive an education bonus of up to 15% of your total contributions once your commitment has been fulfilled.

Types of plan available


Anyone can be a Plan Subscriber – no blood or adoptive relation to the child is required

Investment options available

The allocation of your investments relies on a combination of two Diploma funds:

  • Diploma Elementary Fund
  • Diploma Secondary Fund

The allocation is established according to the child’s age.

Frequently Asked Questions

What is the meaning of insurance?
Insurance is a protection against financial loss arising on the happening of an unexpected event. Insurance companies collect premiums to provide for this protection and losses are paid out of the premiums collected from the insuring public.
Why do I need Insurance?
Insurance is a hedge against the occurrence of unforeseen incidents. Insurance products help you in not only mitigating risks but also helps you by providing a financial cushion against adverse financial burdens suffered.
Why should one cover oneself immediately ?
Accidents and mishaps can occur anytime and anywhere. It is important to identify the risks faced and insure oneself against these at the earliest.
How to Choose the Best Term Plan?
While selecting a term plan, you need to look for the following and ensure that your family has the best financial protection with the term plan: Claim settlement record of a life insurance company indicates the ultimate moment of truth for the customer. Claim settlement record can be assessed through a percent number (Claim Settlement Ratio) released by IRDAI (Insurance Regulatory and Development Authority India) every year.
How much life cover do I need?
The life cover you need depends on your current annual income. We recommend that a life cover equivalent to 10-15 times your annual income is sufficient to provide for a safe future for your family. If budget is a problem, you could go for monthly premium payment option over a yearly commitment. However, it is important to have a sufficient life cover so that your family’s financial security is not compromised.
What is Critical illness benefit ?
If you are ever diagnosed with a critical illness, it can affect you physically, emotionally and financially. The optional benefit of covering 34 Critical Illnesses such as cancer, heart attack and kidney failure for a maximum of 30 years without any change in premium. But here’s the best part – It gives full claim payout on the first diagnosis of any of the covered 34 Critical Illnesses. No Hospital Bills required. This amount can also safeguard your family against the loss of income arising out of the illness.
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