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Consumer loan

Consumer loan

Consumer loan for various purposes

  • No collateral required
  • Minimum interest rate 7%
  • SEB Loan Protection keeps you safe from the unexpected

You can use the consumer loan for many purposes – renovate your home, buy household appliances, cover your medical expenses, go travelling, pay your tuition fees, or buy a car. Formalisation of the loan agreement is quick and simple. We usually grant  the consumer loan without requesting any collateral.

Terms and conditions
Loan amount

1,000–15,000 euros

The maximum loan amount depends on your income and existing obligations.

If you would like to take out a loan of less than 1,000 euros, we advise you to get a credit card with fixed payment .

Interest rate

7-22%

You can also influence the interest rate yourself. We charge you less interest on your consumer loan if you

Agreement fee 1.5% of the loan amount, min 35 euros
Term 6 months to 5 years
Grace period Up to 6 months
Annual percentage rate as a typical example

The annual percentage rate of charge of a consumer loan is 16.07% under the following sample conditions:

  • loan amount EUR 5,000 is paid out upon conclusion of the contract;
  • fixed interest rate 14% p/a on the loan balance;
  • repayment within 5 years in 60 monthly annuity payments;
  • contract fee EUR 75 is paid upon conclusion of the contract;
  • monthly fee of current account EUR 0.30.

The total amount of repayments payable by the client is EUR 7,010.55 and total amount is EUR 7,103.55.

Loan Product Terms and Conditions

How to apply

The easiest and quickest way is to fill in a consumer loan application in SEB Internet Bank.
You can also submit a paper copy of your consumer loan application to your nearest SEB branch.

If you are not an SEB client or your salary is not paid to an SEB account, you will also need to submit your bank statement for the last six months.

Requirements for applicant

You can apply for a consumer loan if

  • you are an adult citizen of the Republic of Estonia or hold a permanent residence permit or a long-term residence permit here;
  • your regular and verified net income is at least 400 euros per month

You can also apply for a consumer loan with a co-applicant.

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).

 

A small loan contract permits you to conclude SEB Loan Protection coverage. Loan protection offered by SEB Elu- ja Pensionikindlustus and PZU* Kindlustus* involves insurance solutions that help the policyholder to ensure that in the events of unemployment, severe health impairment, incapacity for work or death the loan or part of it will be repaid to the bank.

Loan protection coverage for a small loan includes

  • Life insurance cover, which provides a sense of security that in case of death of the policyholder due to an accident or illness the insurance undertaking shall repay the loan or the agreed part of it to the bank.
  • Severe disability cover, which can be concluded together with life insurance coverage. In case of this coverage option the insurance undertaking shall repay the loan or part of it to the bank in the event of severe health impairment (for example loss of vision, paralysis, coma).
  • Temporary disability cover, which enables you to fulfil your loan obligations in the event of temporary incapacity for work due to accident or illness.
  • Unemployment cover, which provides a sense of financial security for the period of unexpected unemployment. During unemployment or temporary incapacity for work the insurance undertaking shall compensate your loan repayments according to policy conditions.
     

SEB Loan protection coverage can be concluded for a small loan if

  • you are a permanent resident of Estonia of 18-55 years of age;
  • you have applied for a loan from SEB;
  • you are a taxable person in Estonia and you work for a company registered in the Republic of Estonia (an employer);
  • you do not work as a self-employed person;
  • before entry into the insurance contract you have been working for at least six months consecutively and for at least 30 hours a week;
  • you are not aware of a possible loss of employment;
  • you are not partially or completely incapacitated for work;
  • you are not awaiting the results of medical examinations, also, you are not undergoing diagnostic examinations and you are not using medication on a regular basis (daily or less frequently), with the exception of contraceptives, vitamins, food supplements and other over-the-counter drugs;
  • in the last 10 years you have not been diagnosed or treated for

    - cardiovascular diseases (for example, ischaemic heart disease, heart attack, angina pectoris/stenocardia, heart failure, arrhythmia, stroke or similar);
    - malignant tumour, leukaemia, lymphoma or other malignant disease, including brain tumour (either benign or malignant);
    - mental or nervous system disorders (diagnosed by a psychiatrist);
    - chronic or recurring disease (for example kidney, liver, respiratory tract, pancreas, digestive system or neurological disorders, epilepsy, diabetes or similar).

The insurance period of life insurance cover shall commence upon concluding the insurance contract and shall last until the end of the loan period. The insurance period of severe disability cover, temporary disability cover and unemployment cover shall be one year and it shall be extended automatically, unless the bank is informed of a wish to terminate the insurance contract.

Insurance premiums shall be paid together with loan repayments every month until the end of the loan period. The amount of the insurance premium depends on the actual loan repayment amount and/or loan balance.

Loan protection coverage can be concluded simply and conveniently in SEB Internet Bank or at a branch together with a small loan contract.

In case of an insured event you should inform SEB Elu- ja Pensionikindlus of the event at the first opportunity by calling 665 8020 or emailing . Further information on loss adjustment can be found here.

 

* PZU is the trademark of AB “Lietuvos draudimas” Estonian branch. AB “Lietuvos draudimas” is a Lithuanian non-life insurance company, belonging to the international PZU Group.
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.

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.
 

When examining the loan conditions and agreement, please pay attention also to the following:


1. Standard European Consumer Credit Information

Before conclusion of a loan agreement we provide you with a personalised Standard European Consumer Credit Information sheet, containing brief information on the more important conditions of the agreement. Please examine it carefully.

2. Solidary liability of several borrowers

If there is more than one borrower, they shall bear solidary liability for performance of the agreement: each borrower is responsible for the repayment of loan and fulfilment of other obligations assumed under the agreement to the full extent.

3. Loan currency

We issue the loan in the currency of your residence in Estonia, i.e. in euros. The currency cannot be changed.

4. Loan disbursement term and conditions

You may start using the loan after signing the agreement and fulfilling all contractual preconditions. A consumer loan will be paid out or overdraft opened to your current account with SEB Pank.

5. Interest

Interest is a fee you pay for using the loan. The interest rate is specified in the loan agreement.

The interest rate of a consumer loan and overdraft is fixed for the entire loan period. For a consumer loan, the interest is paid on the outstanding loan balance, for overdraft on the used loan limit.

6. Loan repayment

We debit the payments to be made under the loan agreement from your current account. If you have taken the loan together with a co-borrower, we will have the right to debit the loan payments also from their current account.

A consumer loanis repaid on a monthly basis according to a payment schedule in equal, i.e. annuity payments, consisting of the principal part of loan and interest.

For an overdraft , you repay the used part of the limit when you receive funds in your current account. Later you may take the repaid part of loan into use again. You will pay monthly interest on the used overdraft limit and a limit fee, which is calculated on the total limit.

7. Early repayment

You may prepay a consumer loan in full or in part if you inform us of your wish 10 days in advance and pay a contractual fee, which is 0.5–1% on the prepaid amount.

No contractual fee applies to the early closing of an overdraft.

8. Amendment of conditions of your loan agreement

The conditions of the agreement, incl. the interest rate, can be amended upon agreement of both parties and the amendment is usually recorded in an annex to the agreement. A fee is charged for amendments initiated by you.

9. Special conditions of the loan agreement

If the agreement contains special conditions, you will have to follow these with utmost care. Only then can you be sure that the agreement will remain in effect.

10. Consequences and costs of violating the loan agreement

If you do not make contractual payments in due time, we may demand penalty for late payment in the rate set out in the agreement. If you violate a non-monetary obligation, we will be entitled to charge a contractual penalty in the rate set out in the agreement.

Should you remain in arrears, we will first send you a reminder. If the debt is still not settled, we shall send you a debt notice, for which you will be charged. If a suretyship contract is signed to secure your agreement, we shall also notify the surety. If payments are overdue for more than 45 days, we shall forward the debt information to a payment default registry (Creditinfo Eesti AS).

11. Cancellation of the agreement and the consequences thereof

The grounds for cancelling an agreement are shown in the terms and conditions of the agreement. For example, we are entitled to extraordinarily cancel the agreement if you have delayed at least three successive payments. If you do not pay the loan balance, interest, and other arrears, we will start collecting the debt, which may include enforcement or judicial proceedings. All costs related to debt collection shall be borne by you.

12. Costs related to the loan agreement

When signing the agreement you will pay a contract fee in the amount and on conditions set out in the agreement. Please read also the price list of loans, which you can find on our webpage at http://www.seb.ee/eng/price-list as well as the general terms and conditions of the bank at www.seb.ee/eng/seb-pank-general-terms-and-conditions-and-procedure-proce....

If the time of use of the overdraft is extended automatically, you will be charged the fee noted in the agreement.

In addition to loan and interest payments, you shall be charged a monthly fee for the current account.

13. Obligation to open an account and transfer the income

You (and your co-borrower) will have to open a current account with SEB Pank by the date of signing the loan agreement for the entire loan term. We have the right to require you (and co-borrower) to receive all your income in your current account at SEB Pank and make settlements with SEB.

14. Risk of possible decrease in solvency

Please consider how you will cope with the repayment of loan, should the overall economic environment deteriorate, your salary or other income decrease or your other expenditures increase.

Analyse the actual financial situation of your family and consider taking out a suitable insurance contract (such as SEB Loan Protection).

Contact us immediately if you encounter solvency problems. Also call us right away if your employment is terminated or execution proceedings are commenced against you or your bank account has been seized. Together we shall find the most suitable solution to the situation. Possible solutions include amending the payment date or granting a grace period, whereas you may also postpone the final repayment date by the grace period.

15. Complaints and disputes

If you have any complaints concerning our activity, then first try to resolve the issue by negotiating with us. You can read about the general procedure of settling disputes on our website at http://www.seb.ee/eng/legal/how-complain.

If you feel that our answer is not what you expected and still think we have violated your rights when granting the loan, you have the right to turn to the Consumer Protection and Technical Regulatory Authority (Sõle 23a, 10614 Tallinn; www.ttja.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 at the Consumer Protection and Technical Regulatory Authority or turn to court. A complaint to the Consumer Dispute Committee can also be submitted digitally via Online Dispute Resolution website at http://ec.europa.eu/odr.https://webgate.ec.europa.eu/odr/main/index.cfm?event=main.home.show&lng=ET.

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