In order to help our members make an RRSP contribution, we offer convenient 12 and 18 month RRSP loans with low interest rate. This is an open loan, meaning you can prepay any amount of the loan that you wish without incurring penalty fees. You can also choose to pay the loan off in one lump sum or even adjust your payment schedule, allowing you flexibility and freedom in your repayment plan. We offer a 90 day payment grace period on your RRSP loan. That means that you can choose to wait until after any tax refund is received before payments have to be made.