|Terms and conditions|
EUR 1,920 in the 2016/2017 academic year or EUR 960 if the duration of your studies is less than nine months.
|How many times is the loan granted||
The number of times the loan is granted to you depends on the length of the standard period of your studies.
If you continue your studies on the same level of education or academic level (e.g. when acquiring second higher education) and have already taken out a student loan, then the number of times the loan is granted to you now is reduced by the number of times you took out a student loan before.
5% on the loan balance per year.
Tied to the standard period of study and/or the actual time during which a person studies and is eligible to a student loan pursuant to law.
The following security must be provided to obtain the loan:
|Requirements for applicant||
You can apply for a student loan if
You must also
You are not eligible for a student loan if you are on academic leave or have student loan arrears.
More about the requirements set for student loan applicants:
|Repayment of student loan||
You have to start repaying the principal of your student loan not later than one year after you graduate or terminate your studies, unless you resume your studies before one year has lapsed from termination.
If you do not complete your studies for any reason whatsoever, you must repay the loan in a period that equals one and a half times the length of time you spent studying in the educational institution, but is not shorter than six months and not longer than one-and-a-half times the nominal duration of the study program.
You can use a grace period in relation to childbirth, military service or time spent in residency.
If you would like to apply for a grace period, you must submit a grace period for student loan application (EST) and the child’s birth certificate before the child attains three years of age or a certificate issued by the military unit before the end of your military service. Please note! The grace period is applied from the moment the relevant certificate and application are submitted and not retroactively from the start date of the period of eligibility.
|Annual percentage rate as a typical example||
The initial annual percentage rate of charge of a student loan is 5.55% under the following sample conditions:
The total amount of repayments payable by the client is EUR 1,972.59 and total amount is EUR 1,976.19. The annual percentage rate of charge, amount of repayments and total amount may increase, if the repayment occurs over a longer period of time.
Applying for a student loan for the first time
Applying for a student loan for the second or more times
The conventional method of repayment for consumer loans is based on an annuity schedule. An annuity is a fixed-amount payment, consisting of both the loan principal and the interest calculated on the loan balance. When you make your first loan payments, interest represents a greater share of the annuity, but as the loan term approaches, the principal becomes proportionally greater.
Enter the initial loan sum, the term of the loan and the interest rate (percentage of the loan balance per year). An annuity consumer loan repayment schedule will be generated for the entire repayment period by each month. You will see the size of the annuity payment and be able to keep track of the decrease in the principal and size of the interest payments over time.
|1. Agreement fee|
|1,5% of the loan, min EUR 35|
|1% of the loan amount, min EUR 250|
|1,5% of the credit limit, min EUR 20|
|free of charge|
|1% of the loan limit, min EUR 150|
|legal entity (incl. sole proprietor, farmer)|
|1% of the credit limit, min EUR 175|
working capital loan
|1% of the loan amount, min. EUR 175|
|1% of the loan amount, min. EUR 175|
|start-up loan||1% of the loan amount, min. EUR 175|
apartment building renovation loan
|1% of the loan amount, min. EUR 175|
|2. Fee for changing of contractual terms|
consumer loan (1)
home loan, endowment loan (1)
|up to 1% of the remaining loan, min EUR 150|
|mortgage loan||up to 1% of the remaining loan, min. EUR 150|
limit loan (1)
|up to 1% of the loan limit, min EUR 35|
amending the student loan repayment schedule starting from second amendment
|EUR 7 (2)|
service fees applicable to all the loan products for private individuals except student loan
|change of the current account(s) related to the loan||EUR 20|
|change or replacement of the co-borrower of home loan, mortgage loan, endowment loan||EUR 130|
|change of the paying day once a year||free of charge|
|change of the paying day starting from the second change of the paying day within one year||EUR 20|
|grace period for the principle amount of the loan||
home loan and mortgage loan EUR 50;
|increasing the loan amount|
|- consumer loan||1,5% of the loan limit, min. EUR 35|
|- home loan||1% of the loan limit, min. EUR 250|
|- mortgage loan||1% of the loan limit, min. EUR 150|
|- overdraft||1,5% additional credit limit, min EUR 20|
|legal entity (incl. sole proprietor, farmer)|
|- increasing the loan amount/limit||1% additional loan amount/limit, min EUR 175|
|- changing of contractual terms||1% of the remaining loan /limit, min EUR 175|
|3. Contractual penalties|
|- contractual penalty for the violation of the notification obligation stipulated in the agreement, incl. for not submitting the insurance policy of collateral||EUR 32|
|- contractual penalty for the violation of any other non-monetary obligation stipulated in the loan agreement||up to 5% of the loan amount outstanding at the moment of violation|
|- contractual penalty for the violation of an obligation stipulated in the loan agreement||up to 5% of the loan amount outstanding at the moment of violation|
|4. Re-registration of a pledge established on a building into a mortgage||free of charge|
|5. Notice of debt to borrower|
|reminder of debt||free of charge|
|debt claim letter||EUR 5|
(1) All amendments to the loan, which have not been indicated under separate clauses in the price list (incl. amendment of collateral in a notarised or other form).
(2) Amendment of student loan schedule due to a grace period (for the time the borrower is engaged in military services or for three years after the birth of a child) - free of charge.
You can transfer your student loan from another bank to SEB. This is how you can transfer your student loan:
Taking a loan is an important decision, one that involves risks. We would like to help you in making an informed decision.
When applying for a loan you should do your homework:
You have the right to request information regarding our lending terms and to receive explanations before concluding the loan agreement as well as during its term. In case you have any questions, please contact us via the general contacts for SEB Pank.
Prior to the conclusion of a loan agreement we will provide you with a student loan information sheet, on which a brief summary of the important conditions of the agreement is provided. Carefully examine the information presented on the information sheet.
We issue the loan in the currency of your residence in Estonia, i.e. in euros.
Each year, the state establishes the maximum amount for a student loan. We will inform you of this amount each year via media before 1 September.
We will disburse the student loan to your SEB bank account after the loan agreement has been signed by both parties; however, not before 15 September of the current academic year and not before 1 October for first-year students.
In order to disburse the loan, all preconditions for loan disbursement must have been fulfilled:
After signing the agreement you may still withdraw from it within 14 days, under the conditions set out in the agreement.
If the economic situation of a person who provided surety to the agreement has deteriorated, the provider of the surety dies or the value of real estate established as collateral has been impaired, you will have to provide additional collateral by the date specified by the bank.
The real estate provided as collateral must be insured under the conditions set forth in the security contract. In order for us to establish that the insurance obligation has been met, you will have to send us the insurance policy. If you do not submit the policy to us within the specified term, we shall present you with a claim for a contractual penalty.
Interest is a fee, which is paid for using the loan. Interest on the student loan is 5% of the outstanding amount of the loan per year. The interest rate is fixed for the entire loan period.
You will pay interest on 3 November of each year or based on the agreed loan repayment schedule.
You will start repaying the principal amount of the student loan no later than 12 months after graduation, unless you continue with your studies prior to 12 months having passed.
If you terminate your studies, you must repay the loan during a period equal to one and a half times the length of time you spent studying, but which is not shorter than six months and not longer than one-and-a-half times the nominal duration of the study program.
We prepare the payment schedule within 45 days after we have received a notice regarding your graduation or exmatriculation from school. The payment schedule will be sent to your most recently provided postal address.
We debit the payments to be made under the loan agreement from your bank account. As a rule, your monthly payments are equal, i.e. annuity payments, consisting of the principal amount of loan and interest.
You may repay the loan prematurely, in full or in part, at any time.
Generally, the conditions of the agreement are amended upon agreement of both parties and this shall be recorded in the annexes to the agreement.
If you do not make the contractual payments on time, we may demand a penalty for late payment at the rate set out in the agreement. If you violate a non-monetary obligation, we will be entitled to charge a contractual penalty at the rate set out in the agreement.
Should you find yourself in arrears, we will first send you a reminder. If the debt remains unsettled, we shall send you a debt notice, for which you will be charged, and we shall also inform the persons providing the surety or pledgers of the debt. If the payments are overdue for a period of more than 45 days, we shall forward the debt information to the payment default registry (Creditinfo Eesti AS).
If you delay making payments, we will be entitled to apply the state guarantee: the state pays your student loan and interest to the bank and the debt collection procedure will be transferred to the state. This way the state will incur a right of claim against you within the paid amount and thus may realise the collateral transferred to it.
We are also entitled to extraordinarily cancel the loan agreement, for example, if you have partly or fully delayed at least three successive payments; also, if the value of collateral is insufficient and you have not fulfilled the obligation to provide additional collateral to the bank.
If you do not repay the loan upon cancellation of the loan agreement, we shall request repayment of the loan and fulfilment of other monetary obligations from the provider of the surety or settle it from the proceeds earned from the sale of collateral. All costs related to debt collection shall be borne by you.
Please examine the loan price list, which can be found on our webpage at http://www.seb.ee/eng/price-list.
In addition to loan and interest payments you will pay the monthly fee for the bank account and cover any other relevant expenses, such as ordering a valuation report or insuring the property and, when establishing real estate collateral, also the notary fee and state fee.
If you have any complaints concerning our activity, then first try to resolve the issue by discussing the matter with us. You can read about the general procedure for settling the disputes on our website at http://www.seb.ee/eng/legal/how-complain.
If you feel that our answer is not what you were expecting from us and you still think that we have violated your rights by granting the loan, you have the option to contact the Consumer Protection Board (Pronksi 12, 10117 Tallinn; www.tarbijakaitseamet.ee) or the Financial Supervision Authority (Sakala 4, 15030 Tallinn; www.fi.ee), for advice and explanations.
Furthermore, in order to resolve a dispute, you may contact the Consumer Disputes Committee operating within the Consumer Protection Board or take the matter to court. A complaint to the Consumer Dispute Committee can also be submitted digitally, via the Online Dispute Resolution website at http://ec.europa.eu/odr.https://webgate.ec.europa.eu/odr/main/index.cfm?....
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