After you’ve been in Canada for 12 months, we expect you to start repaying your loan. How long you have to repay your loan depends on its size. For loans:
- $1,200 or less, you have 36 months (3 years)
- $1,201 to $2,400, you have 48 months (4 years)
- $2,401 to $3,600, you have 60 months (5 years)
- $3,601 to $4,800, you have 72 months (6 years)
- more than $4,800, you have 96 months (8 years)
If you want to repay your loan earlier, you can. Instructions on how to repay your loan earlier is on your statement of account or contact CIC-Finance.