Lines of Credit

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Choose a borrowing solution that’s right for you

ScotiaLine® Personal Line of Credit

  • Credit limits starting from $5,000 and up to $75,000.*
  • Access to funds through Mobile App, Online Banking, ABM, Access Card, and cheques.
  • Flexible repayment options.‡
  • No need to reapply. 

ScotiaLine® Personal Line of Credit (real estate secured)

  • Secured borrowing rates.
  • Eligible product for Scotia Total Equity® Plan (STEP).**
  • Low rates with payment options available.

ScotiaLine® Personal Line of Credit for Students

  • Deferred principal payments.◊
  • Make interest-only payments while you’re still in school.
  • Ability to pay down balance at anytime.
  • No annual fees.

Scotia RSP Catch-Up® Line of Credit

  • Get preferred lending rate and invest in an RSP for your future.°
  • Make regular contributions to your RSP anytime.

What is a line of credit?

A line of credit is a revolving borrowing solution that allows customers the flexibility and convenience of accessing funds to meet their diverse borrowing needs, typically at a lower interest rate. Whether you’re renovating your home or consolidating debt a line of credit allows you to withdraw funds up to the credit limit, and pay down at your convenience, provided monthly minimum payments are made. With a line of credit, you don’t need to reapply as credit is available again once balance is paid.  

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Ways to apply
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Apply online

Sign in to Scotia Online to apply for the ScotiaLine® Personal Line of Credit.

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By phone

Call Scotiabank

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In person

Make an appointment at your local branch

Advice+ Articles

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Loans vs. Lines of Credit: Which could be right for you?

Let’s take a closer look at the differences between loans and lines of credit and find out which solution is right for you.

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What happens if you miss a credit card or line of credit payment?

Everything you need to know about what happens when you miss a credit card or line of credit payment, your credit score, and what options you may have.

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How Canadians can use home equity: home equity loans and home equity lines of credit

Comparing home equity loans and home equity lines of credit (HELOC).

View more Borrowing articlesGo to Advice+ Features page

Useful calculators

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Find a loan that works for you

Our personal loan calculator can help you estimate the payment options that best suit your financial needs.

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How much do you need to finance a car?

Try our auto loan calculator for an estimate of what you need to finance your next vehicle.

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Scotia Total Equity® Plan (STEP) Calculator

Learn how to save on interest by using the equity in your home to borrow at lower interest rates.

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Resources

Lines of credit
*
Subject to credit approval and security provided. The interest rate you pay on a ScotiaLine Personal Line of Credit Account is expressed as Scotiabank Prime Rate plus an adjustment factor. The interest rate you pay will vary automatically when Scotiabank's Prime Rate changes.  Scotiabank Prime Rate is the prime lending rate of The Bank of Nova Scotia as published from time to time.  Please click here for our current Scotiabank Prime Rate.
**
Some conditions may apply.
♢
While you remain in school you will be required to make a minimum payment of interest only on your ScotiaLine Personal Line of Credit for Students (the “Account”) and interest will continue at the interest rate that applies to your Account on any amount you borrow from the date you borrow until you pay that amount in full. See your Credit Agreement and Disclosure Statement we provide you when you apply or speak with your Scotiabank Advisor for more information and how interest is charged to your Account.
‡
If you qualify then interest-only minimum payment will be the greater of the interest portion only of the outstanding balance on your statement, or $50, subject to your minimum payment being no more than the outstanding balance on your statement. In addition, amounts showing on your statement as overdue or over limit must be paid immediately and will be added to the minimum payment. Other minimum payment options may be available.
°
The interest rate for the Scotia RSP Catch-Up Line of Credit is Scotiabank Prime +1% if the RSP contribution is invested with a Scotiabank Group Member or any other Financial Institution. The interest rate you pay on a Scotia RSP Catch-Up Line of Credit will vary with Scotiabank Prime. Scotiabank Prime is the prime lending rate of The Bank of Nova Scotia as published from time to time. For current rates and information on fees and interest cost, call 1-888-882-8958.