The Scotia Plan Loan provides a specific amount with structured repayments and a choice between fixed and variable interest. For borrowers looking to get a personal loan, payments can be scheduled weekly, bi-weekly, or monthly.
Scotia Plan Loan: best loan for debt consolidation and major purchases
The Scotia Plan Loan can work as a debt consolidation loan for borrowers who want to combine higher-interest balances into structured payments. The fixed-rate option also lets you lock in a rate that will not change during the loan term.
If your goal is to get a loan for a large purchase, you can take up to five years to repay it and make additional or lump-sum payments without prepayment penalties. You can also choose a variable rate if you are comfortable with changes tied to the Scotiabank Prime Rate.
Should I get a personal loan from Scotiabank?
Scotiabank is one of North America’s largest banks by assets and has offered Scotia Plan Loans since 1958. For someone comparing the best personal loan companies, its long history in Canadian consumer lending may be useful context.
The Scotia Plan Loan combines fixed or variable interest with customizable payment frequency and online loan management. Before you apply for a loan, consider whether structured repayments suit you, particularly because a variable rate can rise during the term.
How to get a loan from Scotiabank
To get the Scotia Plan Loan, you need to:
- Provide one valid piece of government-issued identification, such as a passport, driver’s licence, or identification card.
- Provide proof of employment, such as salary slips, salary letters, or an employment letter.
- If self-employed, provide a recent CRA My Account Assessment, or a recent Notice of Assessment and corresponding four-page T1 General summary, as applicable.
- Book an appointment with a Scotia advisor.
How to apply for the loan
- Go to the Scotia Plan Loan page.
- Select the option to book an appointment.
- Choose an available way to meet or speak with a Scotia advisor.
- Prepare the required identification and income or employment documents.
- Discuss the Scotia Plan Loan and your borrowing needs with the advisor.
- Scotiabank will assess your application and determine the terms available to you.
FAQ
Can I get a loan from Scotiabank without a job?
Scotiabank lists proof of employment among the documents required for employed applicants and provides separate documentation requirements for self-employed or other non-employment income.
The information provided does not state that applicants without employment are automatically eligible or ineligible for a personal loan.
How much can I get approved for with Scotia Plan Loan?
Scotiabank does not specify a maximum Scotia Plan Loan amount in the information provided. The amount available when you apply for a personal loan will therefore need to be confirmed with a Scotia advisor.
How do I pay off Scotia Plan Loan?
You can repay the loan through weekly, bi-weekly, or monthly payments. You can also make lump-sum or extra payments at any time without additional charges, making it possible to repay a debt consolidation loan ahead of schedule.
How do I cancel a loan application with Scotiabank?
The information provided does not specify a procedure for cancelling a Scotia Plan Loan application. If you have already started an apply for a loan process, contact Scotiabank or the Scotia advisor handling your application for instructions.