Scotia Plan® Loan
Whether you need a borrowing solution to help you with large purchases or consolidate debt, we’ve got you covered.
This loan is right for you if:
- You want the structure of a fixed payment term loan rather than a revolving credit
- You want to save money, by consolidating higher interest balances
- You want to finance a large purchase
- You want the peace of mind of knowing when the loan will be paid off
Benefits of Scotia Plan® Loan
- Take up to 5 years to pay it back
- Pay off your loan at any time without repayment penalties
Customized payment structure
- Pick a weekly, bi-weekly, or monthly payment plan
- Change how much you pay, how often, or even what days you make a payment
Interest rate options
- Choose between a fixed and variable rate
Postpone a payment
- Postpone one payment each year that you have the loan
Manage your loan online
- View outstanding balance, payment amount, and remaining term
- Make an extra payment at any time if needed
Secure your loan
- Have the option to secure your loan under Scotia Total Equity Plan
- Lower your rate if you use your home equity
What do I need to apply?
Here are the documents you need to apply for a Scotia Plan® Loan:
Identification (one of the following valid pieces of government issued ID)
- Driver’s license
- Identification card
Proof of employment
- Paystubs or T-slips
- Employment letter
- Recent CRA My Account Assessment
- Recent NOA and corresponding T1 General 4-page summary (for self-employed, commissioned sales, or other non-employment income)
Apply for the Scotia Plan® Loan today
Scotia Plan Loan FAQs
Still have questions?
Call us at 1 (800) 4SCOTIA
Not sure this is the right borrowing solution for you?
Take a look at the difference between loans and lines of credit to identify what suits your needs.
|Loan||Line of credit|
|Not a revolving credit||Revolving borrowing solution that allows you to borrow money when needed|
|Monthly payments include a principal portion, as well as interest portion||Withdraw funds up to the credit limit, and pay down at your convenience (with monthly minimum payments)|
|Borrow money for a specific need||Accessed through your access card, online banking, mobile app, ABM, and cheques|
|Once paid off, customer has no longer has access to funds||Pay a portion or all of the loan without penalty|
|Pay a portion or all of the loan without penalty||Optional creditor insurance|
The Personal Credit Agreement Companion Booklet outlines the terms and conditions that apply to your Scotia Plan Loan. Download a copy or come back any time to view it.
Example: Based on $5,000.00 loan at 6.00% amortized over 60 months; $94.36 monthly payments; $661.60 total interest cost over 60 months.