Scotia Plan® Loan

Whether you need a borrowing solution to help you with large purchases or consolidate debt, we’ve got you covered.

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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

Agreements

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.

1
Subject to credit approval, loan term, principal amount, and security provided.
2
Amortization is based on the security provided; to a maximum of 25 years. 
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.
3
Excluding real estate secured loans.
4
Interest will continue to accrue during any payment deferral period.
®
Registered trademark of the Bank of Nova Scotia.