Scotia Plan® Loan
Whether you need a borrowing solution to help you with large purchases or to consolidate debt, we’ve got you covered.
Scotia Plan® Loan
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Scotia Plan Loan - Fixed
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Right for you if you:
- Prefer to borrow a specific amount with structured payments and a fixed interest rate to pay off your debt within a set time period
- Want to save money, by consolidating higher interest balances
- Want to lock in an interest rate that will not change over the term of your loan
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May not be right for you if you:
- Require more flexible repayment options
- Prefer a variable interest rate that can change when Scotiabank Prime changes
- You want a payment method for everyday purchases with an interest-free grace period on purchases
Scotia Plan Loan - Variable
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Right for you if you:
- Prefer to borrow a specific amount with structured payments and a variable interest rate to pay off your debt within a set time period
- Want to save money, by consolidating higher interest balances
![](/content/scotiabank/ca/en/personal/loans-lines/personal-loan/_jcr_content/product-single-additional-par/section_container_14/section-container-par/row_296795452/row-par-2/image_copy_copy_copy.img.png/1654026308416.png)
May not be right for you if you:
- Require more flexible repayment options
- Do not want to take the risk that your interest rate may go up over the term of your loan
- You want a payment method for everyday purchases with an interest-free grace period on purchases
![](/content/scotiabank/ca/en/personal/loans-lines/personal-loan/_jcr_content/product-single-additional-par/section_container_14/section-container-par/row_296795452/row-par-3/image.img.png/1654614426943.png)
Benefits of Scotia Plan® Loan
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Flexible terms
- Take up to 5 years to pay it back
- Pay off your loan at any time without prepayment penalties
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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
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Interest rate options
- Choose between a fixed and variable rate
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Postpone a payment
- Postpone one payment each year that you have the loan1
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Manage your loan online
- View loan details, including outstanding balance, payment amount, and remaining term
- Make an extra payment at any time if needed
Calculate your Scotia Plan Loan payments
Quickly estimate how much your payments would be on a personal loan.
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
- Salary slips/letters
- 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
Take a look at the difference between loans and lines of credit to identify what suits your needs.
Loan | Line of credit |
---|---|
Borrow money for a specific need, such as making a large purchase. | Flexible borrowing solution that allows you to borrow money when needed for expenses like home renovations, large purchases or major life events. |
Structured monthly payments that include a principal portion, as well as an interest portion. Designed to help pay off debt within a specific timeframe. | Draw funds (up to the credit limit) and pay down at your convenience provided monthly minimum payments are made. Minimum payments can be as low as interest only. |
Once paid off, customer no longer has access to funds. | Funds always available as long as the account is in good standing. No need to re-apply. |
Scotia Plan Loan doesn’t offer optional creditor insurance. | 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.