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Interest rates are usually quite favourable, often as low as prime.
This person's idea is a good one, assuming that he has sufficient contribution room available. Unfortunately, the interest on loans for RRSPs is not tax deductible. If you borrow from banks, they normally do insist that you purchase their product. They may or may not have stipulations that the investments stay with them until the loan is paid up. You need to fill out a transfer authorization form provided by the financial institution you are switching to.