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Car loan
With the car loan, you can buy any vehicle suitable for you. The vehicle will then belong to you and optional motor vehicle insurance will not be mandatory.
- Loan amount 1,000–15,000 euros
- No collateral or downpayment
- The fastest answer when applying in the Internet Bank
| Car loan conditions | |
|---|---|
| Loan amount |
1,000–15,000 euros The maximum amount of a car loan depends on your income and obligations. If you want a loan of over 15,000 euros, we recommend a car lease. |
| Interest rate |
7–22% You can influence the car loan interest rate. We charge you less interest on your loan if you:
|
| Agreement fee | 1.5% of the loan amount; a minimum of 35 euros |
| Loan term | 6 months to 5 years |
| Grace period | Up to 6 months |
| Requirements for an applicant |
You can apply for a car loan if:
You can also apply for a car loan with a co-applicant. |
The car loan percentage rate of charge is 16.07% per annum under the following sample conditions:
- the loan amount, which is paid upon conclusion of the agreement, is 5,000 euros;
- the fixed interest rate is 14% per annum of the loan balance;
- the loan is paid back over five years, in 60 monthly annuity payments;
- the agreement fee, which is paid upon conclusion of the agreement, is 75 euros;
- the monthly fee for the current account is 0.30 euros.
The amount of repayments paid by the customer is 7,010.55 euros and the total amount is 7103.55 euros.
| Car loan | Car leasing | |
|---|---|---|
| Loan amount | 1,000–15,000 euros | From 5,000 euros |
| Term | Up to 5 years | Up to 7 years |
| Agreement fee | 1.5% of the loan amount; a minimum of 35 euros | 1% of the price of the vehicle; a minimum of 225 euros |
| Self-financing | Not necessary | From 10% of the price of the vehicle |
| Vehicle valuation report | Not necessary | Necessary if the seller of the vehicle is not a partner of SEB |
| Optional motor vehicle insurance | Recommended | Obligatory |
| Loan Protection | Recommended | Not possible |
| Ownership | The car belongs to the buyer; if the car is sold, the bank does not have to be notified | The car is owned by the leasing company |
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.
With the car loan agreement, you can voluntarily conclude an SEB Loan Protection, a PZU* optional motor vehicle insurance, and/or a traffic insurance agreement as well.
Loan Protection
SEB Elu- ja Pensionikindlustus and PZU* Kindlustus* offer insurance solutions in the form of loan protection, which ensure that the loan is paid back to the bank in the case of the insurant's loss of job, serious health impairment, loss of ability to work, or death.
Loan Protection for a car loan includes
- life insurance cover, which gives a sense of security that if the insurant dies due to an accident or illness, the insurance company will pay the loan back to the bank;
- severe health impairment cover, which can be applied for with the life insurance cover. With this cover, the insurance company will pay the loan back to the bank in the case of a severe health impairment (for example, loss of vision, paralysis, coma);
- temporary disability cover, which will enable you to fulfil your loan obligations if you become temporarily incapacitated for work due to an accident or illness;
- unemployment cover, which gives financial security for an unexpected period of unemployment. The insurance company will reimburse your loan payments under the terms of the insurance during unemployment or temporary incapacity for work.
Vehicle insurance
We mediate PZU*'s optional motor vehicle insurance and traffic insurance, with which the insurance premium can be paid together with the monthly payment. If you wish, you can conclude insurance agreements in the insurance company of your preference. Optional motor vehicle insurances and traffic insurances are not compulsory when taking a car loan, but we recommend entering into these agreements to avoid unexpected situations.
AS SEB Elu- ja Pensionikindlustus acts as the insurance agent of the Estonian branch of AB “Lietuvos draudimas”, and is entered in the list of insurance intermediaries published on the website of Financial Supervision Authority. The list is available at www.fi.ee.
| Private person | |
|---|---|
| 1. Home loan, mortgage loan | |
| - agreement conclusion | 1% of the loan amount, min. EUR 250 |
| - agreement amendment (1) | up to 1% of the remaining loan, min. EUR 250 |
| - changing the payment date once in a year | free of charge |
| - changing the payment date as of the second change of payment date in one year | EUR 20 |
| - change of the current account(s) related to the loan | EUR 20 |
| - extending the loan disbursement period | EUR 50 |
| - grace period for the principle amount of the loan | EUR 50 |
| 2. Consumer loan | |
| - agreement conclusion | 1,5% of the loan, min. EUR 35 |
| - agreement amendment (1) | EUR 35 |
| - changing the payment date once in a year | free of charge |
| - changing the payment date as of the second change of payment date in one year | EUR 20 |
| - change of the current account(s) related to the loan | EUR 20 |
| - grace period for the principle amount of the loan | EUR 20 |
| 3. Overdraft | |
| - agreement conclusion | 1,5% of the credit limit, min. EUR 20 |
| - agreement amendment (1) | EUR 15 |
| - increasing the loan amount | 1,5% additional credit limit, min EUR 20 |
| - changing the payment date once in a year | free of charge |
| - changing the payment date as of the second change of payment date in one year | EUR 20 |
| 4. Student loan | |
| - agreement conclusion | free of charge |
| - agreement amendment (1) | free of charge |
| - amending the student loan repayment schedule | free of charge |
| 5.Endowment loan | |
| - agreement amendment (1) | up to 1% of the remaining loan, min. EUR 250 |
| - changing the payment date once in a year | free of charge |
| - changing the payment date as of the second change of payment date in one year | EUR 20 |
| - change of the current account(s) related to the loan | EUR 20 |
| 6. Limit loan | |
| - agreement amendment (1) | up to 1% of the loan limit, min. EUR 35 |
| - changing the payment date once in a year | free of charge |
| - changing the payment date as of the second change of payment date in one year | EUR 20 |
| 7. Other loan-related services | |
| -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 |
| - re-registration of a pledge established on a building into a mortgage | free of charge |
| - reminder of debt | free of charge |
| - debt claim letter | EUR 5 |
| - certificate on paid interests (2) | EUR 4 |
| Legal entity | |
|---|---|
| 1. Investment loan | |
| - agreement conclusion | 1% of the loan amount, min. EUR 200 |
| - agreement amendment | 1% of the remaining loan /limit, min EUR 200 |
| 2. Working capital loan | |
| - agreement conclusion | 1% of the loan amount, min. EUR 200 |
| - agreement amendment | 1% of the remaining loan /limit, min EUR 200 |
| 3. Overdraft | |
| - agreement conclusion | 1% of the loan amount, min. EUR 200 |
| - agreement amendment | 1% of the remaining loan /limit, min EUR 200 |
| - increasing the loan amount/limit | 1% additional loan amount/limit, min EUR 200 |
| 4. Start-up loan | |
| - agreement conclusion | 1,5% of the loan amount |
| - agreement amendment | 1% of the remaining loan /limit, min EUR 200 |
| 5. Apartment building renovation loan | |
| - agreement conclusion | 1% of the loan amount, min. EUR 200 |
| - agreement amendment | 1% of the remaining loan /limit, min EUR 200 |
| 6. Other loan-related services | |
| - 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 |
| -re-registration of a pledge established on a building into a mortgage | free of charge |
| - 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) Commission fee applies to certificates issued at a bank office. A certificate issued automatically in the Internet Bank is free for the client (for enclosing electronically to income tax return).
Borrower’s checklist and explanations for the applicant of consumer loan and overdraft
Taking a loan is an important decision, involving risks. We would like to help you in preparing an informed decision.
When applying for a loan you should do your homework:
- consider for what and how much you need to borrow and what are your sources for repayment;
- submit us true and adequate information;
- make clear for yourself what costs are involved in borrowing;
- consider the possibility that your financial situation may deteriorate , but you must still be able to repay the loan;
- examine carefully all loan documents (agreement, information sheet, etc.) before signing;
- there are no unsolvable problems or situations, only different options – we are your partnerwho you should not hesitate to contact even if you encounter problems with repaying the loan.
You may ask information about our loan conditions and get explanations both before concluding the loan agreement and during its term. In case of questions, contact us via our general contact channels.