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Scotiabank Personal Loans Overview

Scotiabank logoThe table below shows a snapshot of Scotiabank personal loan options. You’ll find plenty of flexible borrowing solutions that may be a good fit, whether you want to make a large purchase or consolidate debt.

How much will a Scotiabank loan cost you? Use the Scotiabank personal loan calculator below to find out what your estimated loan payments will look like for your desired amount and term. You can keep adjusting the figures until you find a repayment that’s perfect for your budget.

Terms from 1 to 5 years. Representative example: 5 year $10,000 loan with comparison rates from 7.99% to 46.96% APR would cost between $12,163 and $26,087, including fees. The interest can vary between $2,163 and $16,087.

Scotiabank personal loans review

Scotiabank offers several loans and lines of credit, depending on your needs. According to Scotiabank, their personal loans are suitable for debt consolidation and large purchases. On the other hand, a line of credit is handy when you need funds that are accessible on-demand. Learn more about what to expect from a Scotiabank loan below.

Scotiabank personal loan features

Here’s a glance at the key features and benefits of a Scotiabank personal loan:

  • Loan amounts. Borrow up to $50,000.
  • Loan terms. Repayment periods range from one to 5 years for unsecured loans and up to 25 years for secured loans.
  • Flexible options. Scotiabank offers personalized interest rates based on your credit score. Rates can be variable or fixed. There are also secured and unsecured loans.
  • Payment frequency. Pay off your loan weekly, semi-weekly, semi-monthly, or monthly. Additionally, you can customize your payment plan by changing amounts and due dates. You can even postpone one payment per year, though interest still accumulates.
  • Lump-sum payments. Save money by reducing interest costs with penalty-free additional payments.
  • Online loan management. Stay on track with your payments via automatic payments. Additional repayments can be made through online banking or the mobile app. You can also view loan details such as outstanding balance and next payment amount.

How to apply for a Scotiabank personal loan

You can apply by booking an appointment online with a Scotiabank advisor.

Confirm your eligibility

To qualify, you must:

  • Be 18 years and above or the age of majority in your province
  • Be a citizen or permanent resident of Canada
  • Have a valid bank account
  • Meet the minimum income and credit score requirements

What you’ll need:

You will need to provide personal details, such as your name, date of birth, contact information, and social insurance number. You will also need to organise the following beforehand:

  • Valid ID. Passport, driver’s license or identification card.
  • Proof of employment. These can be documents, such as a salary slip or employment letter.
  • Proof of income (self-employed). Scotiabank requires a recent CRA My Account Assessment and NOA as well as a corresponding T1 General 4-page summary.
  • Financial details. Details about your monthly income, expenses, assets, and liabilities.
  • Loan details. Desired amount, term, and purpose..

 

Scotiabank Personal Loan Calculator

Provider
Product Information
EST Monthly
Repayment
Advertised
Rate
Comparison
Rate
Sort loans by

Loan Amount

$20,000

Term

3 months

Change
Scotiabank

Scotiabank personal loans

Scotiabank personal loans
EST Monthly Repayment
$1,060 Inclusive of fees
EST Monthly Repayment
46.96%
APR
EST Monthly Repayment
6 months
to 60 months
EST Monthly Repayment
$5,000
to $50,000
Go to site
n/a
Featured
RBC

RBC personal loans

EST Monthly Repayment
$707 Inclusive of fees
Interest Rate
15.00%
APR
Repayment Period
6 months
to 60 months
Loan Amounts
$5,000
to $50,000
Go to site
n/a

BestLoansCanada.com provides factual information in relation to financial products. While BestLoansCanada.com attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the product provider or publicly available information and to the best of our knowledge is correct at the time of publishing. The information published on BestLoansCanada.com is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product you will be dealing directly with that provider and not with BestLoansCanada.com. BestLoansCanada.com recommends that you read the relevant product information before taking up any financial product offer. For more information please see BestLoansCanada.com's Terms of Use.

Scotiabank FAQS

What’s the difference between a Scotiabank personal loan and a personal line of credit?

Scotiabank personal loans are designed for a specific need, such as debt consolidation or a large purchase. The payment structure consists of fixed payments that cover both the interest and principal you owe. Additionally, you’re required to pay off the debt in a specific timeframe.
In contrast, a Scotiabank line of credit allows you to borrow money on an as-needed basis, for instance, to cover home renovations or large purchases. However, there’s a credit limit.
Once you draw up to the limit, you need to make payments before you can draw again. That way, funds are always available without having to apply each time. Last but not least, you can make monthly payments that cover interest only, plus you have the added advantage of opting for creditor insurance.

What’s the difference between a fixed and variable rate when choosing a Scotiabank loan?

– A variable interest rate fluctuates because it’s influenced by changes in the Scotiabank prime rate.
– A fixed interest rate never changes during the entire term of the loan.

What’s the difference between a Scotiabank secured and an unsecured loan?

A secured loan comes with a lower rate in exchange for you offering your asset as collateral. For instance, you can use the equity in your home to leverage a more favourable rate. On the other hand, an unsecured loan may come with a higher rate since it doesn’t require collateral.

Can I apply online for a Scotiabank personal loan?

What you can do is book an appointment online with a Scotia advisor, who’ll then take you through your options. If you need your questions answered, you can visit a local branch. Alternatively, you can contact Scotiabank representatives through the Help Centre, by calling 1-800-472-6842 or contacting them via the Twitter handle @Scotiabankhelps.

Learn more about Scotiabank in this video

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Bestloanscanada.com provides factual information in relation to financial products. While Bestloanscanada.com attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the product provider or publicly available information and to the best of our knowledge is correct at the time of publishing. The information published on Bestloanscanada.com is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product you will be dealing directly with that provider and not with Bestloanscanada.com. Bestloanscanada.com recommends that you read the relevant product disclosure statement or product guide before taking up any financial product offer. For more information please see Bestloanscanada.com’s Terms of Use and Services Guide.

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