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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.

 

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 350 euros per month

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

   
1. Agreement fee  
private individual  

   consumer loan

1,5% of the loan, min EUR 35

   home loan

1% of the loan amount, min EUR 250

   overdraft

1,5% of the credit limit, min EUR 20

   student loan

free of charge

   mortgage loan

1% of the loan limit, min EUR 150
legal entity (incl. sole proprietor, farmer)  

   overdraft

1% of the credit limit, min EUR 175

   working capital loan

1% of the loan amount, min. EUR 175

   investment loan

1% of the loan amount, min. EUR 175
   start-up loan 1% of the loan amount, min. EUR 175

  apartment building renovation loan

1% of the loan amount, min. EUR 175
2. Fee for changing of contractual terms  
private individual  

   consumer loan (1)

EUR 35

   home loan, endowment loan (1)

up to 1% of the remaining loan, min EUR 150

   overdraft (1)

EUR 15
   mortgage loan up to 1% of the remaining loan, min. EUR 150

   limit loan (1)

up to 1% of the loan limit, min EUR 35

   amending the student loan repayment schedule starting from second amendment

EUR 7 (2)

service fees applicable to all the loan products for private individuals except student loan

 
   change of the current account(s) related to the loan EUR 20
  change or replacement of the co-borrower of home loan, mortgage loan, endowment loan EUR 130
   change of the paying day once a year free of charge
   change of the paying day starting from the second change of the paying day within one year EUR 20
   grace period for the principle amount of the loan

home loan and mortgage loan EUR 50;
consumer loan EUR 20

increasing the loan amount  
- consumer loan 1,5% of the loan limit, min. EUR 35
- home loan 1% of the loan limit, min. EUR 250
- mortgage loan 1% of the loan limit, min. EUR 150
- overdraft 1,5% additional credit limit, min EUR 20
legal entity  (incl. sole proprietor, farmer)  
- increasing the loan amount/limit 1% additional loan amount/limit, min EUR 175
- changing of contractual terms 1% of the remaining loan /limit, min EUR 175
3. Contractual penalties  
private individual  
- 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
legal entity  
- contractual penalty for the violation of an obligation stipulated in the loan agreement up to 5% of the loan amount outstanding at the moment of violation
4. Re-registration of a pledge established on a building into a mortgage free of charge
5. Notice of debt to borrower  
   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) Amendment of student loan schedule due to a grace period (for the time the borrower is engaged in military services or for three years after the birth of a child) - free of charge.

 

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.

en

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 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?....

Base rates

Valid as 13.10.2017
1-month EURIBOR® -0,3710
3-month EURIBOR® -0,3290
6-month EURIBOR® -0,2740
12-month EURIBOR® -0,1810
EONIA® -0,3590
Bank's base interest 0,0000
EURIBOR® historical data
EONIA® historical data

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