Other term loans, auto loans, credit cards, revolving credit

•   Payments for Secured and Unsecured Loans (including other term loans, Auto Loans, Scotia lines of credit and credit cards) will be automatically deferred up to 6 months (first for a period of 3 months with the possibility of extension for a further 3 months).

•   Debt consolidation and Fixed Payment Plans are available for customers requiring long-term financial assistance 

•   Loan Fees and penalties for late payments will be waived on customer assistance facilities

  Our Business Banking Customers

  All products except credit cards

•   Payments for Secured and Unsecured Loans may be deferred up to 6 months (first for a period of 3 months with the possibility of extension for a further 3 months).

•   Debt consolidation and Fixed Payment Plans are available for customers requiring long-term financial assistance 

•   This offer includes mortgages, operating lines, and term loans and will be available for customers opting in to the program for up to 6 months (first for a period of 3 months with the possibility of extension for a further 3 months).

•   No processing fees will be applied to loans extended for working capital support for businesses affected by COVID-19.

  Credit Cards

•   Payments for credit cards will be automatically deferred for up to 6 months (first for a period of 3 months with the possibility of extension for a further 3 months).

•   Debt consolidation and Fixed Payment Plans are available for customers requiring long-term financial assistance 

  Please note that for customers whose payments are deferred, interest on the loan will continue to accrue, along with any loan insurance premiums due and will be payable at a later point in the loan’s cycle. Customers should contact Scotiabank for more information on the interest payments.

  Our Corporate and Commercial Customers

  Scotiabank will be offering support to our corporate and commercial banking customers impacted by COVID-19 across various industries to maintain their operations.

•   Temporary principal payment relief on term loans of up to 6 months, with a corresponding extension on the loan

•   The bank will also continue to offer a robust online banking platform to process payments to staff and suppliers thereby providing them with flexibility and ongoing connectivity to operate their business remotely.

•   These offers will be subject to applicable terms and conditions and requests will be assessed on an individual basis. Customers are encouraged to reach out to their Relationship Manager to discuss any needs for support.

  Given the public health guidelines around social distancing, Scotiabank is also strongly encouraging all customers to make use of the recently expanded functionality available through its self-service banking channels.