Defer auto or Scotia Plan Loan payments
Apply for a Scotia Plan Loan payment deferral if your loan was issued through a Scotiabank branch.
Apply for an auto loan payment deferral if your loan was issued through a dealership.
Eligibility for Loan Payment Deferrals
You're eligible for a loan payment deferral if:
- You, or any member of your family, has become unemployed or experiences a material reduction in income due to COVID-19.
- You have an insured or uninsured Auto or Scotia Plan Loan with Scotiabank.
Also note that:
- If you have multiple loans, please submit one form per loan deferral request.
For the full details, here are the Auto and Scotia Plan Loan Payment Deferral Terms and Conditions.
How loan payment deferrals work
Loan payment deferrals
On unsecured and secured term loans, you can defer up to 3 months of payments.
If you choose to defer your payments, interest will continue to accrue, and 3 months of payments will be added at the end of your payment schedule.
Insurance on Scotia Plan Loans
If you have an insured Scotia Plan Loan, your Scotia Plan Loan Protection Insurance premium is included with your loan payment and so is also deferred during the deferral period and your insurance coverage is not impacted during the deferral period.
Insurance on auto loans
f you have an insured auto loan, your creditor insurance premiums will continue to be collected from your bank account in order to maintain your insurance coverage.
How does the loan payment deferral process work?
First, you complete and submit your application.
For the application, you’ll need the following information:
- Your last payment date
- Your account or loan number
- For Auto loans, your Vehicle Identification Number (VIN)
Second, we’ll process your application.
We’ll email you again within 5 to 7 business days to confirm your eligibility.
Lastly, we’ll update your payments.
We’ll send you a notice within 30 days of your deferral with your updated cost of borrowing.