Loan application checklist

Applying for your loan is easier when you’re prepared. 

Before you meet with your Scotiabank Advisor, make sure you have the following documents handy.
  • One (1) valid, unexpired national photo identification
  • TIN Certificate
  • One (1) valid proof of address document e.g., Utility Bill, Other Bank’s Statement received within the last 3 months, Tenancy Agreement with last 3 receipts, Credit Report or Hire Purchase Agreement.
  • Source of down payment – account statement, letter signed by donor & borrower if it is a gift.
  • Invoice or Sale Agreement or Purchase and Sale Agreement Import Entry documents from car dealership.
  • Copy of motor vehicle title (individually owned)
  • Duty Free/ Tax Exemption Letter if applicable
  • For used/ foreign used vehicles - Current Appraisal ordered in the name of Scotiabank.
  • Transferred motor vehicle registration, receipt from tax office evidencing transfer.
  • Comprehensive insurance policy assigned in favour of the bank.
  • Non-indebtedness Letter, Credit card, Loan or Mortgage statement (as needed)
  • Proof of assets in the name of the Borrower: Statements showing investments or bank statements, copy of land title or Motor vehicle title, Pension Statements, Last valuation of property (as applicable)

Persons with Fixed Income – Salaried or Fixed Contract or where commission < 50% total income

  • Letter of employment (60-day date before application), and any one (1) of the following documents showing income:
    • Bank statements showing direct payroll deposits for the 2 most recent months- including BNS screen print, or
    • Pay slip(s) showing the most recent full monthly income (if pay slip shows a deduction at source indicating loan payment, letter of indebtedness is required), or
    • Most recent income tax return, or
    • Any official document issued by the local Government indicating the income, or
    • Valid unexpired employment contract executed between the employer and employee.
    • Commissioned Income: Letter of employment and last 6 months pay slips.

 

Self Employed Income:

  • Business Documentation – one of the following documents:
    • Valid Business registration / License, and most recent Annual Return (where applicable) or
    • Certification of incorporation/Articles of Association AND 
    • Most recent account statement for an active Scotiabank business or commercial bank account or other financial institution
  • Income Evidence Documents - one of the following documents:
    • Income Tax Returns for the last 2 years, or 
    • Audited Financial Statements for the last 2 years, or
    • Financial Statements for the last 2 years prepared and signed off by an Accountant on the Bank-Approved Panel, or in good standing with the relevant supervisory board, and six (6) months bank statements.
    • Any official document issued by the local Government indicating the income.