SEB is now accepting student loan applications

As of Wednesday, 12 August, SEB’s Internet bank and branches will begin accepting student loan applications. The student loan is a State guaranteed loan for covering education related expenses.

The maximum student loan amount for the 2015/2016 academic year is EUR 1920, for which the borrower bays 5 per-cent annual interest. The loan may also be applied for in instalments, as needed during the academic year. Students who will be attending a vocational post-secondary course lasting less than 9 months will receive a student loan that is half the maximum amount (EUR 960).

“Taking out a student loan is advisable if the purposes for its use have been considered thoroughly. Therefore, it is reasonable to think through whether there is a need for the entire loan in a lump sum or, rather, in increments and whether the loan recipient is able to cope with the payment of annual interest on a student loan during his or her studies,” commented Sille Hallang, Head of SEB’s private client segment. “In general, the level of awareness and responsibility regarding the student loan as a financial obligation has grown from year to year, and usually a student loan is not applied for unless it is actually needed. Yet, for a student lacking other income, it might be necessary in order to pay tuition, buy a computer or cover living expenses,” Hallang added.

An Estonian citizen or a person holding a long-term residence permit or having the right of permanent residence is eligible to be the guarantor of a student loan, if the person has been earning a regular income equal to at least the minimum wage for the past three months. Once a student loan contract has been concluded, two guarantors who are private persons can sign the suretyship contracts at a bank branch or via the Internet bank. The student loan may be guaranteed against the collateral of real estate in Estonia; for detailed information on whether the real estate is suited for guaranteeing a student loan, contact any SEB branch.

SEB will begin transferring loan amounts into the accounts of first-year students from 1 October; more advanced students will receive their loan from 15 September, provided that they meet the conditions precedent to receiving a student loan. If the recipient of a student loan who has an existing student loan contract does not want the bank to transfer this year’s loan amount into his or her account or wishes to take the loan out in instalments, he or she is asked to notify SEB, at the latest, by 11 September. The application can be submitted through the Internet bank, by mail or delivered to any branch of SEB. For detailed information on the student loan, visit the SEB webpage at www.seb.ee.


For more information:

Maarja Gavronski
Project Manager for Communication
Marketing and Communications Division
SEB Pank

Phone +372 665 5270
Mobile +372 5656 5785
Address Tornimäe 2, 15010 Tallinn
E-mail maarja.gavronski@seb.ee
www.seb.ee