Who can apply?
✔️ Have reached the age of majority where you live (18 or 19, depending on the province or territory)
✔️ Be a resident of Canada with a valid Canadian address
✔️ Have a steady source of income that supports the payments
✔️ Have a credit history acceptable to Scotiabank; the decision is based on your Equifax or TransUnion file
What are the rates?
Scotiabank sets the rate individually. On the public page it explains only the mechanics:
✔️ Fixed rate: stays the same for the whole term
✔️ Variable rate: moves up or down with Scotiabank Prime
✔️ No penalty for lump-sum payments or paying the loan off early
✔️ One payment deferral per year; interest keeps accruing during the deferral
✔️ Optional Scotia Plan Loan Life and Disability Protection at an extra cost
Ask for the annual percentage rate and the total cost of borrowing in writing before you sign; Canadian cost-of-borrowing rules require the bank to disclose both.
What documents do you need?
✔️ One valid piece of government-issued ID: passport, driver’s licence or identification card
✔️ Proof of employment: recent pay slips or an employment letter
✔️ If self-employed or on commission: a recent CRA assessment, or your Notice of Assessment with the T1 General summary
✔️ Details of the debts you want to consolidate, if that is the purpose
A piece of advice for you!
Pull your own credit report first. Equifax and TransUnion give Canadians free access to their file, and a quick check lets you fix an error or pay down a card before the bank looks. A few points can change the rate you are offered.
Use the calculator on Scotiabank’s page to compare a 36-month and a 60-month term. The longer term lowers the payment but raises the total interest; pick the shortest term whose payment still leaves room in your budget.
If you are consolidating cards, close or freeze the cards afterwards. A loan that pays off credit cards only helps if the balances do not come back.
How to apply for the Scotia Plan Loan
You can start online on Scotiabank’s site, call the bank or book an appointment at a branch. Existing clients sign in and most of the form is pre-filled; new clients open an account as part of the process. After you upload or present the documents, a lending specialist confirms the amount, the rate and the term, and the funds are deposited into your Scotiabank account.
Press the button to open Scotiabank’s official personal loan page.
Kredua is not a bank, a lender or a financial institution and does not issue credit. We describe products offered in Canada so you can decide with better information; any application is made directly with the institution, which alone assesses and approves it.
Photo: Dillan Payne · CC BY-SA 2.0 · Wikimedia Commons
