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If you have encountered unexpected expenses or would simply like to have a convenient cash reserve at your disposal, Scotia Bank offers a variety of fixed rate personal loans and lines of credit. These financial products are available to residents of Canada and are subject to credit approval.

Personal Loans

Personal loans are installment loans that typically have an amortization period of 1 to 5 years, although longer amortization periods are available. The cost for the loan is the principal over the amortization period plus the applicable interest rate. Personal loans can be used for any purpose, such as to buy furniture, consolidate higher interest debt with other creditors, to purchase a vehicle, or for any other reason. Scotia Bank offers two types of personal loans: secured and unsecured loans.

Secured Personal Loans

The Bank of Novia Scotia offers secured personal loans which feature:

• Fixed interest rate based on the CIBC prime rate and the borrower’s credit history
• Loan amount up to $150,000
• Amortization periods of up to 25 years

Unsecured Personal Loans

The Bank of Nova Scotia also offers unsecured personal loans. These loans offer:

• Fixed interest rate based on the CIBC prime rate and the borrower’s credit history
• Loan amount up to $50,000
• Amortization period up to 5 years

Information You Will Receive

If you are approved for a Scotia Bank personal loan, you will receive relevant information regarding the loan, including:

• Principal amount
• Annual interest rate
• Annual percentage rate
• Term
• Date of advance
• Required payment amount
• Amortization period
• Listing of any fees
• Total of payments as calculated at the end of the term
• Total of interest as calculated at the end of the term
• Method that payments are applied to your account
• Optional services

Benefits of Personal Loans

Scotia Bank personal loans deliver many benefits, including

• Fixed interest rates – your loan’s interest rate will not change with fluctuations of the market
• Fixed monthly payments – you know ahead of time what to budget for your personal loan payment and you do not need to be concerned with a large initial or ending payment
• Payment flexibility – pay your loan off early without any penalties or additional fees
• Automatic payment withdrawals – set up a date to have your Scotia Bank personal loan payment directly taken out of your account for ease and peace of mind

Personal Lines of Credit

While personal loans are ideal for consumers who have an anticipated need for funds, personal lines of credit offer flexibility to consumers. Personal lines of credit allow consumers to have easy access to funds in case they need it for an emergency or unanticipated expenses. You only pay interest on the amount of the line of credit you use, so if you don’t need the money, you have the peace of mind of knowing that it is there without incurring unnecessary charges.

Benefits

• Quick and convenient access to your funds
• Minimum payments as low as interest only
• No prepayment penalty
• Itemized statements

Service Fees

• Overlimit Fee – $25.00
• Dishonoured payment fee – $42.50
• Dishonoured cheque fee – $42.50

Creditor Insurance

Scotia Bank offers three types of creditor insurance programs that protect your credit in the event of a catastrophic or unexpected event by continuing to make payments on your account.

• Critical Illness Coverage – If you sustain a heart attack, stroke or cancer, this coverage will pay off your outstanding balance on your account for up to $150,000 per account. This coverage is only available for personal lines of credit.
• Life Coverage – This coverage pays off the outstanding balance of your loan if you pass away. Maximum coverage is $150,000 for a personal loan or $500,000 if you have a personal line of credit.
• Disability Coverage – This coverage pays the monthly payment on your account if you are unable to work due to an illness or injury. This coverage is available for personal loans and lines of credit

Eligibility for the program requires that you be between the ages of 1 and 65, have an account in good standing with Scotia Bank and be a resident of Canada. The cost for each program is determined by your age and your account balance.