Consumer loan

(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).

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.

 

Borrower’s checklist and additional information 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 a proper homework:

• consider for what and how much loan you need and what would be your sources for repayment;
• submit us true and adequate information;
• make it clear for yourself which costs are involved in borrowing;
• consider with the possibility that your financial situation may deteriorate and you must be able to repay the loan also when it happens;
• examine carefully all loan documents (agreement, information sheet, etc,) before signing;
• there are no unsolvable problems and situations, but there are different options – we are your partner, who you should contact well in advance even if you encounter problems with repaying the loan.

You may ask information about our loan conditions and get explanations both, before concluding loan agreement as well as during its term. In case of questions, contact us on the general information lines of SEB Pank.
 

When examining the loan conditions and agreement please pay attention to the following.

1. Standard European Consumer Credit Information

Before conclusion of a loan agreement we deliver to you for your information a personal Standard European Consumer Credit Information sheet, on which we give brief information on the more important conditions of the agreement. Please examine carefully the information presented on the information sheet.

2. Solidary liability of several borrowers

If there is more than one borrower, they shall bear solidary liability upon 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.

4. Loan disbursement term and conditions

In most cases you may start using the loan immediately after having signed the agreement and fulfilled any possible preconditions, however no later than within three working days.

A consumer loan will be paid out or overdraft opened to your current account with SEB Pank.

5. Right to withdraw from the agreement

After signing the agreement you may still withdraw from it within 14 days on conditions set out in the agreement.

6. Interest

Interest is a fee, which is paid for using the loan. Interest rate is specified in the agreement.

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

7. 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 loan is repaid on monthly basis according to a payment schedule. As a rule, your monthly payments are equal i.e. annuity payments, consisting of a principal part of loan and interest.

For an overdraft you repay the used part of 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.

8. Early repayment

You may prepay the 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.

9. Amendment of conditions of your loan agreement

Generally, the conditions of the agreement (incl. interest rate) are amended upon agreement of both parties and this shall be recorded in the annexes to the agreement. As a rule, a fee is charged for amending the conditions of a loan agreement.

10. Special conditions of the loan agreement

If the loan agreement contains mandatory special conditions, you will have to follow these with utmost care. Only this way you may be sure that the agreement will remain in effect.

11. Consequences and costs of violating the loan agreement

If you do not make the contractual payments in due time, we may demand penalty for late payment in the rate as set out in the agreement. If you violate a non-monetary obligation, we will be entitled to charge contractual penalty in the rate as 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 notify also the provider of surety of the debt. If the payments are overdue for more than 45 days, we shall forward the debt information to a payment default registry (AS Krediidiinfo).

12. Cancellation of the agreement and the consequences thereof

We are entitled to extraordinarily cancel the loan agreement for example if you have partly or fully delayed at least three successive payments. All costs related to debt collection shall be borne by you.

13. 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 from our webpage at http://www.seb.ee/eng/price-list.

Besides loan and interest payments you shall be charged a monthly fee for the current account and cover other relevant costs, if applicable.

14. 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. Your regular income must be transferred to your current account at SEB Pank.

15. Risk of possible decrease in solvency of the borrower

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. Call us right away also if your employment is terminated or an execution proceeding is commenced against you or your bank account has been seized. Together we shall find the most suitable solution to the situation. One possible solution could be for example amendment of the payment date or granting a grace period.

Grace period means that we shall suspend the repayment of principal part of loan for a certain period. Whereas you may also postpone the final repayment date by the grace period.

16. 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 the disputes on our website at http://www.seb.ee/eng/legal/how-complain.

If you feel that our answer is not the one you expected from us and you still think that we have violated your rights when granting the loan, you will have the right to turn to 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 at the Consumer Protection Board or turn to court. A complaint to the Consumer Dispute Committee can be submitted also digitally via Online Dispute Resolution website at http://ec.europa.eu/odr.https://webgate.ec.europa.eu/odr/main/index.cfm?....