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