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 

Flexible terms 

  • 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

Calculate your Scotia Plan Loan payments 

Quickly estimate how much your payments would be on a personal loan.

Calculate my payments

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)

  • Passport 
  • Driver’s license 
  • Identification card

Proof of employment

  • Paystubs or T-slips
  • Employment letter

Self-employment documents

  • 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.

LoanLine of credit
Not a revolving creditRevolving borrowing solution that allows you to borrow money when needed 
Monthly payments include a principal portion, as well as interest portionWithdraw 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 fundsPay 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.