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Scotiabank Student Loans of february 2023

Apply for a Scotiabank Student Loan verified by our specialists. On 08.02.2023 1 Student Loans are available to you. Increase your chances of getting a loan — fill out an online application with a free credit rating check.

Offers: 1

Updated
29.12.2022
13:37
ScotiaLine® Personal Line of Credit for Students
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Scotiabank Student Loan calculator

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GoDay
1.6
JUDGEV
JUDGEV
26.05.2022 at 15:46
the application is easy and takes less then 5 mins to fill out. but the funding time is quite long. if looking for instant funding then its not here...
Review
Scotiabank Student Loans of february 2023

Types of Scotiabank Student Loans

Scotiabank has designed ScotiaLine® Personal Line of Credit for Students — a banking solution tailored to students’ needs. With this program, you can get financing for your education or other essential needs. Student lines of credit from Scotiabank feature deferred principal payments during your study and a 12-month grace period after graduation on repayment of the principal amount borrowed.

Along with lines of credit, students who are about to graduate or have graduated recently can take advantage of the Grad auto loans from Scotiabank. Having applied for it, you can purchase a car up to 90 days before starting a full-time job. The program allows you to get 100% financing for a new or a used car (no older than 3 years). For up to 90 days, you can make no loan payments.

How to apply for a Scotiabank Student Loan?

You can apply for ScotiaLine® Personal Line of Credit for Students in person at your local Scotiabank branch. You can schedule an appointment with a Scotiabank finance specialist online.

As for the Grad auto loan, you can apply for it right at a dealership — just ask them about Scotiabank financing.

Requirements

To qualify for the ScotiaLine® Personal Line of Credit for Students, you must meet the following eligibility requirements:

  • Being a Canadian citizen or permanent resident.
  • Being enrolled in a certificate, apprenticeship, degree, or diploma program at a Canadian or American post-secondary school.

If you are an International student enrolled in a Canadian Graduate program, you can still apply for a student line of credit from Scotiabank. In this case, you will need to find a co-borrower who is a Canadian citizen or a permanent Canadian resident.

To qualify for the Grad auto financing, you need to provide a college diploma, a university degree, or any proof that you are graduating in 90 days or less.

Pros and cons

Here are the advantages of Scotiabank student loans and lines of credit:

  • Flexible payment schedules.
  • Deferred principal payments for student credit lines while studying.

The significant disadvantage, though, is the lack of information about the interest rates on the website.

How to make a payment?

Just like with other loans from Scotiabank, you can make payments right from your bank account — online or through the mobile app.

FAQ

What will my credit limit with the ScotiaLine® Personal Line of Credit for Students look like?

The maximum credit limit varies for different categories of students. Full-time students enrolled in certificate, apprenticeship, or diploma programs can count on a maximum credit limit between $20,000 and $40,000. The maximum credit limit for part-time students ranges from $10,000 to $20,000, depending on the program type. Students enrolled in graduate programs have a maximum credit limit of $100,000.

Do I need to make a down payment with the Grad auto financing?

With Grad auto loans from Scotiabank, you can enjoy 100% financing — no need to make a down payment.

I have no balance on my line of credit. Do I have to pay interest?

In case of a zero balance on your credit line, there is no interest to pay.