Scotiabank Review

Scotiabank is one of Canada’s top five banks and the most international Canadian bank. It has almost 98,000 employees serving 25 million customers worldwide. The bank has a Chief Executive Officer and a board of directors. Scotiabank is a full-service bank offering personal, business, and corporate banking services.

Address Main Office: Scotia Plaza, 44 King Street West, Toronto, ON, M5H 1H1

Business Hours:

Hours vary, but many branches are open:

Monday-Thursday 9:30 am-4:00 pm

Friday 9:30 am-6:00 pm

Saturday-Sunday 10:00 am–2:00 pm

• Branches are closed on all federal holidays

Phone:

1-800-4-SCOTIA 

1-800-472-6842

Types of Loans offered at Scotiabank

Scotiabank has a full suite of loans to help customers achieve their goals. Borrowers will find mortgages, personal loans, auto loans, motorcycle and leisure vehicle loans, marine and boat loans, recreational vehicle (RV) loans,  lines of credit, RSP lines of credit, and student lines of credit.

Mortgages

If you’re thinking of buying a home, investment property or cottage, Scotiabank has mortgage products that can help finance your purchase. You generally need  5% of the purchase price of the home as a downpayment. Scotia mortgages offer:

• Monthly, semi-monthly, biweekly, and weekly payment options
• Competitive fixed or variable rates
• Prepayment options of increasing your payment by up to 15% of the original payment per year, prepaying the mortgage by up to 15% of the original amount you borrowed each year and matching your payment
• The ability to miss a payment during the year if you have matched a payment earlier in the year

Scotia Total Equity Plan

Scotiabank’s primary mortgage product is the Scotia Total Equity Plan (STEP). Once borrowers have at least 20% equity in their property, they can use the STEP to secure a variety of credit products. Features of the STEP include:

• Up to three mortgage components that can include both fixed and variable rates
• The option to use the equity to set up credit lines, loans, credit cards and overdraft protection
• No need to reapply for credit if you have equity available
• Some products have preferred rates because they are secured

Cottage Mortgage

If you are thinking of buying a cottage, take a look at what Scotiabank has to offer for cottage financing. Features of cottage mortgages include:

• Financing of up to 95% of the purchase price
• Monthly, semi-monthly, bi-weekly or weekly payments
• Fixed or variable interest rates

Secondary Home Financing

Your secondary home can be either a Scotiabank Type A or Scotiabank Type B property. Both properties require that the same quality of building materials and construction is used as for residential properties but, a Type B property does not need year round road access or a standard heating system.

What you need to apply:

Scotiabank will provide the specifics of what you need to complete a mortgage application but you can expect to be asked to provide the following:

• Proof of income
• Proof of assets
• Proof of liabilities
• Consent to a credit check

Scotia Personal Loans (Scotia Plan Loans)

Borrowers can use Scotia Plan Loans for a wide variety of purposes. Some examples are:

•  to consolidate debt
•  make a major purchase
•  home renovations
• pay for a holiday or wedding

Scotia Plan loans offer:

• Terms up to five years
• Fixed interest rates for predictable payments
• Variable interest rates
• Monthly, biweekly, or weekly payment options
• The option to change your payment amount, payment frequency, and payment date
• No penalties for paying off the loan early or prepaying it
• Option to skip a payment once a year

What you need to apply:

• One piece of current government-issued identification-either a valid driver’s license, valid passport, or identification card
• Pay stubs or pay slips confirming income
• Employment letter confirming employment
• For self-employed, commissioned sales, or recipients of non-employment income, a recent Notice of Assessment with the corresponding year’s T1 General with the 4-page summary and the Canada Revenue Agency “My Account Summary” 

Auto Loans

Scotiabank offers three types of auto loans to suit various circumstances. The available loans are an auto loan, a Grad auto loan, a Start Right auto loan, and an Ecoliving loan.

You can get financing through Scotiabank to finance a new or used vehicle. The flexible terms, competitive loan rates, and loan amounts can make your dream vehicle a reality.

Auto Loan features:

• Fixed or variable rate
• Limits of up to $200,000
• Terms up to 8 years
• Financing for vehicles up to 7 years old
• Weekly, bi-weekly, or monthly payment options
• Flexibility to change payment amount, payment frequency, and payment date
• Option to skip a payment once a year
• Available at more than 4000 dealerships across Canada

Grad auto loan

Graduating from a post-secondary institution is a significant milestone. However, once finishing school, grads often find themselves needing or wanting a vehicle. Scotiabank offers loans specifically for students graduating within 90 days of applying or who have just graduated.

Grad auto loan features:

• Terms up to five years (60 months)
• Possible incentives such as 0% financing, cash back, or rebates
• Monthly, bi-weekly or weekly terms
• Variable or fixed rates
• The option to miss a payment once a year
• No penalties for paying off or prepaying your loan
• Flexibility to make changes to your payment date, amount, or frequency
• Available at more than 4000 dealerships across Canada

What you need to apply

• Proof (diploma or degree) that you have graduated from a college program that was at least two years long or a university program that was at least three years long
• If you haven’t graduated yet, you can still apply by showing proof that you will graduate within 90 days
• If you haven’t started working, a letter or contract is required showing you will be starting your job within 90 days
• A letter or contract showing your salary to confirm your debts aren’t too high for your expected income

Start Right Auto Loan

Scotiabank offers auto loans for borrowers who are foreign workers or permanent residents. The Start Right Auto Loan can help people new to Canada finance a vehicle.

Start Right Auto Loan features

• Available for new vehicles or vehicles up to four years old
• Loan amounts up to $75,000
• Monthly, bi-weekly, or weekly payment options
• Terms of up to five years
• The option to miss a payment once a year
• No penalties for paying off or prepaying your loan
• Flexibility to make changes to your payment date, amount, or frequency
• Incentives are sometimes available of cashback, 0% financing, or loyalty rebates
• Available at more than 4000 dealerships across Canada

What you need to apply

• Proof of foreign worker status or permanent residency showing date of arrival in Canada
• No Canadian credit history is required
• Downpayment of 10% for permanent residents and 25% for foreign workers
• Canadian residency of three years or less

Ecoliving Loan

With skyrocketing gas prices and concerns about the environment, many people are considering purchasing vehicles that are not as dependent on gasoline. Scotiabank’s Ecoliving loan could be the right loan for you because:

•  You can use it to buy a new diesel, hybrid or electric vehicle
•  The minimum limit is $7,500 to a maximum of $200,000
•  You can take up to 8 years (84 months) to repay the loan
•  Discounted fixed rates are available for Ecoliving loans
• You might be able to get government rebates for your purchase
• You can make monthly, weekly or biweekly payments
• There are no penalties to make lump sum payments or to pay off the loan in full
• You have the option to postpone a payment once a year
• You have the ability to change your payment date, payment frequency or payment amount

Motorcycle and Leisure Vehicle loan

Scotiabank offers loans for motorcycles, snowmobiles, quads, ATV’s (all terrain vehicles), personal watercraft and other leisure vehicles. The Motorcycle and Leisure Vehicle loan has the following features:

• You can take a term up to six years (72 months
• Available for new vehicles or used up to five years old
• Monthly, weekly or biweekly payments
• No penalties to make lump sum payments or to pay off the loan in full
• Choice of a fixed or variable interest rate
• The option to skip a payment once a year
• The ability to change your payment date, payment frequency or payment amount

Marine and Boat Loan

Scotiabank offers financing for customers interested in buying a powerboat or sailboat.  Reasons you may want to consider a Marine and Boat loan from Scotiabank are:

• Financing for new or used boats
• Maximum loan amount is $200,000
• No age limit on the boat being financed
• Amortization periods of up to 20 years (240 months)
• Monthly, weekly or biweekly payments
• No penalties to make lump sum payments or to pay off the loan in full
• Choice of a fixed or variable interest rate
• The option to skip a payment once a year
• The ability to change your payment date, payment frequency or payment amount

Recreational Vehicle (RV) Loan

Many Canadians want to travel using an RV, but RV’s are expensive. Scotiabank offers RV loans to help make the dream of owning an RV a reality. You may want to consider a Scotiabank RV loan because:

• You can finance a new RV or one that is up to 12 years old
• Terms of up to 20 years (240 months) are available
• The maximum limit is $200,000
• Monthly, weekly or biweekly payments
• No penalties to make lump sum payments or to pay off the loan in full
• Choice of a fixed or variable interest rate
• The option to skip a payment once a year
• The ability to change your payment date, payment frequency or payment amount

Lines of credit

Lines of credit are a flexible option for borrowers who may not know exactly how much money they need, may not need the money right away, or who want the option of accessing their credit limit again without having to reapply. Scotiabank has a variety of lines of credit to help borrowers meet their needs. In addition to the Scotialine Personal Line of Credit, there is also the Student Personal Line of Credit and the RSP Catch-up Line of Credit.

Scotia Personal Line of Credit

Scotiabank’s personal line of credit is called a Scotialine. It can be unsecured or secured with the equity in your home. Scotialine gives borrowers convenient and easy access to credit when they need it without reapplying.

Scotialine features

• Unsecured Credit limits from $5,000-$75,000
• Variable interest based on Scotiabank’s prime rate
• Minimum repayment options can be as low as interest only
• No annual fee
• Visa card access available as an option

What you need to apply

• One piece of current, government-issued identification-either a valid driver’s license, valid passport, or identification card
• Pay stubs or pay slips confirming income
• Employment letter confirming employment
• For self-employed, a recent Notice of Assessment with the corresponding year’s T1 General with the 4-page summary or the Canada Revenue Agency “My Account Summary” 

Scotia Personal Line of Credit for Students

The Scotia Personal Line of Credit for Students provides a way for students to fund their education if they need additional resources. Students enrolled in Certificate and College programs, apprenticeships, or graduate programs are eligible to apply regardless of whether they are full-time or part-time.

Scotia Personal Line of Credit for Students features

• Limits from $1,000-$100,000 maximum depending on the program and whether the student is full-time or part-time
• Interest-only payments while in school
• After graduation, students can take advantage of a 12 month grace period before making principal and interest payments
• Access it as you need it while in school

What you need to apply

• Canadian citizenship or permanent residency
• You must be enrolled in a degree, diploma, certificate, or apprenticeship program at an approved Canadian or American school
• A co-borrower who is a Canadian citizen or permanent resident is required for an international student enrolled in a graduate school program

Scotia RSP Catch-Up Line of Credit

Many financial institutions have RRSP loans, but Scotiabank offers a line of credit for investors who want to make their yearly RRSP contribution, catch up on contribution room from past years or do both. Using the Scotia RSP Catch-Up Line is a convenient way to maximize your RRSP contributions because, unlike a loan, you can use it year after year without having to reapply.

Scotia RSP Catch-Up Line of Credit features

• Credit limit up to $50,000
• No interest or payments unless you use it
• You can defer payments for three months to allow time for you to receive your tax return
• Pay it off as quickly as you like
• Accessible year after year
• Preferred rates

Why choose Scotiabank?

Scotiabank offers customers a wide range of products and services for their everyday banking needs. You will find bank accounts, credit products, investment solutions, and estate and financial planning services. If you own a business, there are business accounts, lines of credit, and credit cards to meet your banking needs. Additionally, Scotiabank has products tailored to the needs of those working in agriculture, such as the AgriInvest account.

Personal bank accounts

Whether you bank a little or a lot, are a youth, student, or senior, Scotiabank has a bank account for you.

• Consider the Ultimate or Preferred Bank Accounts for a high volume of transactions. Each currently has a welcome bonus for new accounts of up to $300
• If you are under 18, enjoy banking with no transaction fees with the Getting There Bank Account
• The Student Advantage Account is available for students enrolled in a post-secondary institution, offering no-fee banking and a $60 welcome bonus
• Seniors (over 60) receive a $4 discount on service charges or can get an account with 12 transactions per month with no fees

Credit products

Scotiabank has credit products for almost every need if you are interested in borrowing. You can apply for:

• Overdraft protection on your bank account
• A wide variety of credit cards with different rewards such as cashback or reward points
• Personal loans, auto loans, motorcycle and leisure loans, RV loans, and marine and boat loans
• A personal lines of credit, student line of credit, and RSP catch-up line of credit
• Mortgages 

Investment products

You will find investment solutions at Scotiabank to help you meet your goals. Investment plans and products offered are:

• Savings accounts
• Tax-free savings account
• Registered Retirement Savings Plan
• Registered Retirement Income Fund
• Non-registered investment accounts
• Registered Education Savings Plan
• Registered Disability Savings Plan
• Guaranteed investment certificates
• Mutual funds

Available services

Scotiabank has advisors to help you plan your financial future. Some services you will find at Scotiabank are:

Investment planning

• Retirement planning
• Retirement income planning
• Wealth management

Business banking

Running a business can be complicated, but the right products and services can help make things easier. Scotiabank offers banking products and services for businesses that include the following:

• Bank accounts
• Credit Cards
• Loans, lines of credit, and credit cards
• Payment services such as wire transfers, bulk e-transfer, international money transfers, government tax payments as well as others

AgriInvest account

Scotiabank has been providing banking services to farmers and those involved in agriculture for most of its history -over 180 years. The AgriInvest account is designed for those working in agriculture and has the following features:

• No monthly fees, no transaction fees, and no fees for in-branch withdrawals
• Funds are available for in-branch withdrawal any time
• You can use the account to save up to 100% of your Allowable Net Sales to a maximum of one million dollars
• The government offers matching contributions on the first 1% of your deposits to a maximum of $10,000
• Interest is paid on the deposits in the account

How to apply or sign up at Scotiabank

The application process depends on what you are applying for. You can apply or sign up online for many products Scotiabank offers. Here’s how you sign up for:

Scotia Plan Loan

• Book an appointment at the branch

Auto loan, Grad Auto Loan, Start Right Auto Loan, Ecoliving Loan

• Apply at one of the 4,000 dealerships across Canada that offer Scotia Auto Loans and ask for Scotia financing

Motorcycle and Leisure Vehicle Loan

• Apply at the dealership by asking for Scotia financing
• Call 1-800-4Scotia if you have questions

Marine and Boat Loans

• Apply at the dealership by asking for Scotia financing
• Call 1-800-4Scotia if you have questions

 Recreational (RV) Loans

• Apply at the dealership by asking for Scotia financing
• Call 1-800-4Scotia if you have questions

Scotialine Line of Credit

• Apply online
• Apply over the phone
• Apply in person at a branch

Scotialine Personal Line of Credit for Students

• Apply in person at a branch near you

Scotia RSP Catch-up Line

• Apply over the phone
• Apply in person at a branch

The online application process looks like this:

Conclusion

Scotiabank is a full-service bank that offers financial products and solutions for personal, business, commercial, and agriculture clients. Customers can manage their accounts online, or they can phone or visit a branch for service. Scotiabank offers competitive rates, convenient banking options and a wide variety of great options for their customers.