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I don’t use Scotia OnLine or the mobile banking app

Choose a way to apply:  

Scotia OnLine

Mobile banking app

I don’t use Scotia OnLine or the mobile banking app

Defer auto or Scotia Plan Loan payments

Financial relief for auto loan or Scotia Plan Loan payments

Update on COVID-19 support : 

Payment deferral requests for auto loans or Scotia Plan Loans are no longer available. 

Payment Deferral
Terms & Conditions

If you have submitted a deferral request before or on September 30, 2020, here are the  Payment Deferral Terms and Conditions for your reference.

How loan payment deferrals work

Note:  Payment deferral requests for auto loans or Scotia Plan Loans are no longer available.

Loan payment deferrals

On unsecured and secured term loans, you can defer up to 3 months of payments.

Interest

If you chose to defer your payments, interest continued to accrue, and 3 months of payments were 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

If 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.

Loan payment deferral FAQs 

Payment deferral requests for auto loans or Scotia Plan Loans are no longer available.

If you have any questions about your loan, please contact us at 1-888-282-2620.

If you have any questions about your loan and your payment is past due, please contact us at 1-866-819-7382.

No, they are different. A loan payment deferral means that payments are skipped for 1, 2 or 3 months, during which interest is accrued. The same term period of up to three months will be added to the end of your payment schedule.

Loan forgiveness by comparison means that a lender cancels or forgives part of the debt. Scotiabank is extending loan payment deferrals, not loan forgiveness.

We encourage you to read the Auto and Scotia Plan Loan Payment Deferral Terms and Conditions You may also want to speak to a financial advisor to ensure you understand the financial implications.

Payment deferral requests for auto loans or Scotia Plan Loans are no longer available.

Deferred payments as part of Scotiabank’s COVID-19 relief measures will not be reported to the credit bureaus as missed payments so they will not impact your credit score as a traditional missed payment might. However, your credit score is based on many factors, including the balance owing on your Scotiabank product, and is unique to you.

If you have any questions about your credit score or how it is calculated, visit TransUnion or Equifax Canada.

FAQ about when my payment deferral period ends

At the end of your deferral period:

For Scotia Plan Loans

  • You will be required to make your next loan payment

For Auto Loans

  • You will be required to make your next loan payment
  • If you require further assistance please call 1-800-790-7979 (Hours Monday - Friday 8am - 9pm ET, Saturday 8am - 7pm ET)

Get the support you need

Scotia MyAdvice takes you through 8 simple questions and provides you with helpful information, tips, and articles based on your responses.