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Student loan

Student loan

Loan for payment of study-related expenses

  • Loan with state guarantee for school or university students
  • Finance you studies in Estonia or abroad
  • Low interest

Student loan can be used to pay tuition fees, purchase a computer or cover living costs.

Terms and conditions
Maximum amount

2,000 euros in the 2018/2019 academic year or 1,000 euros if the duration of your studies is less than nine months.

How many times is the loan granted

The number of times the loan is granted to you depends on the length of the standard period of your studies.

If you continue your studies on the same level of education or academic level (e.g. when acquiring second higher education) and have already taken out a student loan, then the number of times the loan is granted to you now is reduced by the number of times you took out a student loan before.
Interest rate

5% on the loan balance per year.

Interest is due on 3rd November every year or as agreed in the loan repayment schedule.

 
Due date

Tied to the standard period of study and/or the actual time during which a person studies and is eligible for a student loan pursuant to law.

Loan security

The following security must be provided to obtain the loan:

  • sureties from two Estonian citizens or persons* holding a long-term residence permit or the right of permanent residence or
  • mortgage on residential property located in Estonia that is owned by you, your spouse, or a close relative.

*A surety provider must be 18–70 years of age and have received a regular and documented income equal to at least the current national minimum wage in the past three months.

Requirements for applicant

You can apply for a student loan if

  • you are a citizen of the Republic of Estonia or hold a long-term residence permit or the right of permanent residence and
  • the duration of your studies according to the study programme is at least six months.

You must also

  • study full-time or part-time in an Estonian university, institution of professional higher education, or vocational education institution or
  • be in formal education in an Estonian vocational educational institution or institution of professional higher education on the basis of secondary education or
  • study in an equivalent educational institution and equivalent form of study abroad.

You are not eligible for a student loan if you are on academic leave or have student loan arrears.

More about the requirements set for student loan applicants:

  • You may have a valid student loan agreement with only one of the banks that issue student loans.
  • You must have a current account in SEB to allow disbursement of the loan and payments related to the loan.
  • If you study or start to study in a foreign educational institution, you must submit a certificate issued by your school or university, which indicates the study programme, form of study, study loan, start of studies, standard period of study and the ISCED (International Standard Classification of Education) code. You have to submit an attested translation of the certificate if it is not issued in Estonian, English or Russian. Fill in the application for a certificate of a foreign educational institution (EST).
Repayment of student loan

You have to start repaying the principal of your student loan not later than one year after you graduate or terminate your studies, unless you resume your studies before one year has lapsed from termination.

After you graduate or terminate your studies, you must repay the loan principle and interest according to the schedule prepared by the bank, generally in equal monthly payments (annuity schedule).

If you do not complete your studies for any reason whatsoever, you must repay the loan in a period that equals one and a half times the length of time you spent studying in the educational institution but is not shorter than six months and not longer than one-and-a-half times the nominal duration of the study programme.
Grace period

You can use a grace period in relation to childbirth, military service or time spent in residency.
Repayment of the student loan and payment of interest will be suspended for the duration of parental leave (unless the other parent of the child has been granted a grace period for student loan on the same basis). Repayment of the student loan and payment of interest will also be suspended during military service and for the period of medical residency. The state pays the entire interest on the student loan for this period to the bank.

If you would like to apply for a grace period, you must submit a grace period for student loan application (EST)and the child’s birth certificate before the child attains three years of age or a certificate issued by the military unit before the end of your military service. Please note! The grace period is applied from the moment the relevant certificate and application are submitted and not retroactively from the start date of the period of eligibility.

Annual percentage rate as a typical example

The initial annual percentage rate of charge of a student loan is 5.53% under the following sample conditions:

  • the loan amount in the first year in amount of 2,000 euros is immediately disbursed upon conclusion of the contract;
  • fixed interest rate 5% per annum on the loan balance;
  • monthly fee of current account 0.30 euros;
  • repayment within one year in 12 monthly instalments.

The total amount of repayments payable by the client is €2,055.10 and total amount is €2,058.70. The annual percentage rate of charge, amount of repayments, and total amount may increase if the repayment occurs over a longer period of time.

 

Applying for a student loan for the first time

  • You can conclude a student loan agreement at any SEB branch or in the Internet Bank by using your ID-card or mobile-ID.
  • Ask your surety providers to sign surety agreements at a branch or in SEB’s Internet Bank in the sum that is at least 1.3 times bigger than the student loan you apply for in the current academic year. The agreement can be signed in a bigger amount so you do not have to increase the sureties every year. If the income of your surety providers is not paid to accounts in SEB, we ask the surety providers to bring their bank statements for the last three months period approved by the other bank; digitally approved bank statements can be sent via e-mail to .
  • If you offer property as collateral, then photographs must be presented that enable to evaluate whether the property is suitable for the bank or not.
  • The student loan is paid into your account in SEB if all the conditions required to obtain the loan are met.
  • If the loan or surety agreement has been entered into in SEB’s Internet Bank, a member of our staff will notify you of the need to submit additional documents.
  • You will be given the loan from 1st of October (if you are a first-year student) or 15th of September (if you are no longer a first-year student).

Repeated application for a student loan

  • If you have entered into a student loan agreement with SEB, the loan amount for the next academic year will be disbursed automatically, except in cases where:
    • you have declined to receive automatic disbursement
    • there are insufficient sureties
    • you have used property as collateral
    • you study abroad.
  • We ask the students who study abroad to submit the certificate issued by your school stating your study programme, form of study, whether you are a full-time or part-time student, the start of your studies, the standard period of study, and the ISCED (International Standard Classification of Education) code. You have to submit a notarised or sworn translation of the certificate if it is not issued in Estonian, English, or Russian. You also have to fill in the application for a certificate of a foreign educational institution.
  • If property is used as the collateral, we ask you to provide photographs of the property that enable to evaluate the value of the collateral.
  • If you do not want the bank to disburse the loan amount to you automatically, you have to submit an application for refusal of automatic student loan payments in the Internet Bank or at any SEB branch by 12th of September at the latest.
  • The student loan is disbursed into your account in SEB if all the conditions required to obtain the loan are met. You will be given the loan from 1st of October (if you are a first-year student) or 15th of September (if you are no longer a first-year student).
  • It is possible to receive the student loan every academic year until 1st of June (inclusive).

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
   
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 190
legal entity (incl. sole proprietor)  

   overdraft

1% of the credit limit, min EUR 200

   working capital loan

1% of the loan amount, min. EUR 200

   investment loan

1% of the loan amount, min. EUR 200
   start-up loan 1% of the loan amount, min. EUR 200

  apartment building renovation loan

1% of the loan amount, min. EUR 200
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 190

   overdraft (1)

EUR 15
   mortgage loan up to 1% of the remaining loan, min. EUR 190

   limit loan (1)

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

   amending the student loan repayment schedule

free of charge

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 of the paying day EUR 20
   extending the loan disbursement period EUR 50
   grace period for the principle amount of the loan

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

increasing the loan amount  
- overdraft 1,5% additional credit limit, min EUR 20
legal entity  (incl. sole proprietor)  
- increasing the loan amount/limit 1% additional loan amount/limit, min EUR 200
- changing of contractual terms 1% of the remaining loan /limit, min EUR 200
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).

 

Transfer your student loan to SEB

You can transfer your student loan from another bank to SEB. This is how you can transfer your student loan:

  1. Come to an SEB branch and submit a student loan transfer application (EST).
  2. A member of our staff will inform you of our decision on transferring your loan from another bank and you can agree the details of the new student loan agreement and surety agreements with them.
  3. It is important that you pay the interest calculated until you signed a new student loan agreement to your current bank after you have entered into a new student loan agreement with SEB. Your current bank will notify you of the exact amount payable.
  4. SEB will thereafter pay the amount equalling the balance of your student loan to your account in SEB and this amount is immediately transferred to your previous lender as a repayment of your student loan.
  5. You have now repaid your loan to your old bank in full and in the future, you only need to communicate with SEB in respect of your student loan.

Borrower’s checklist and further information for the student loan applicant

Taking a loan is an important decision, one that involves risks. We would like to help you in making an informed decision.

When applying for a loan you should do your homework:

  • consider what you need the loan for and how much you need, as well as your sources for repayment of the loan;
  • submit truthful and adequate information to us;
  • clarify the costs involved in borrowing;
  • consider the possibility that your financial situation may deteriorate and that you must also be able to repay the loan even if this happens;
  • carefully examine all loan documents (agreement, information sheet, etc.) before signing;
  • there are no unsolvable problems and situations, simply different possibilities – we are your partner, whom you should contact well in advance if you ever encounter problems with repaying the loan.

You have the right to request information regarding our lending terms and to receive explanations before concluding the loan agreement as well as during its term. In case you have any questions, please contact us via the general contacts for SEB Pank.
 

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


1. Student loan information sheet

Prior to the conclusion of a loan agreement we will provide you with a student loan information sheet, on which a brief summary of the important conditions of the agreement is provided. Carefully examine the information presented on the information sheet.

2. Loan currency

We issue the loan in the currency of your residence in Estonia, i.e. in euros.

3. Loan disbursement term and conditions

Each year, the state establishes the maximum amount for a student loan. We will inform you of this amount each year via media before 1 September.

We will disburse the student loan to your SEB bank account after the loan agreement has been signed by both parties; however, not before 15 September of the current academic year and not before 1 October for first-year students.

In order to disburse the loan, all preconditions for loan disbursement must have been fulfilled:

  • According to law, you are eligible to apply for a student loan;
  • all of the requested documents have been submitted;
  • collateral has been appropriately established. Collateral and the extent of establishing the same (limit of liability of the provider of surety or amount of pledge) are specified in the collateral agreement.

4. Right to withdraw from the agreement

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

5. Additional obligations related to collateral

If the economic situation of a person who provided surety to the agreement has deteriorated, the provider of the surety dies or the value of real estate established as collateral has been impaired, you will have to provide additional collateral by the date specified by the bank.

The real estate provided as collateral must be insured under the conditions set forth in the security contract. In order for us to establish that the insurance obligation has been met, you will have to send us the insurance policy. If you do not submit the policy to us within the specified term, we shall present you with a claim for a contractual penalty.

6. Interest

Interest is a fee, which is paid for using the loan. Interest on the student loan is 5% of the outstanding amount of the loan per year. The interest rate is fixed for the entire loan period.

You will pay interest on 3 November of each year or based on the agreed loan repayment schedule.

7. Loan repayment

You will start repaying the principal amount of the student loan no later than 12 months after graduation, unless you continue with your studies prior to 12 months having passed.

If you terminate your studies, you must repay the loan during a period equal to one and a half times the length of time you spent studying, but which is not shorter than six months and not longer than one-and-a-half times the nominal duration of the study program.

We prepare the payment schedule within 45 days after we have received a notice regarding your graduation or exmatriculation from school. The payment schedule will be sent to your most recently provided postal address.

We debit the payments to be made under the loan agreement from your bank account. As a rule, your monthly payments are equal, i.e. annuity payments, consisting of the principal amount of loan and interest.

8. Early repayment

You may repay the loan prematurely, in full or in part, at any time.

9. Amendment of conditions of your loan agreement

Generally, the conditions of the agreement are amended upon agreement of both parties and this shall be recorded in the annexes to the agreement.

10. Consequences of delaying the payments and violating the agreement

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

Should you find yourself in arrears, we will first send you a reminder. If the debt remains unsettled, we shall send you a debt notice, for which you will be charged, and we shall also inform the persons providing the surety or pledgers of the debt. If the payments are overdue for a period of more than 45 days, we shall forward the debt information to the payment default registry (Creditinfo Eesti AS).

If you delay making payments, we will be entitled to apply the state guarantee: the state pays your student loan and interest to the bank and the debt collection procedure will be transferred to the state. This way the state will incur a right of claim against you within the paid amount and thus may realise the collateral transferred to it.

We are also entitled to extraordinarily cancel the loan agreement, for example, if you have partly or fully delayed at least three successive payments; also, if the value of collateral is insufficient and you have not fulfilled the obligation to provide additional collateral to the bank.

If you do not repay the loan upon cancellation of the loan agreement, we shall request repayment of the loan and fulfilment of other monetary obligations from the provider of the surety or settle it from the proceeds earned from the sale of collateral. All costs related to debt collection shall be borne by you.

11. Costs related to the loan agreement

Please examine the loan price list, which can be found on our webpage at http://www.seb.ee/eng/price-list.

In addition to loan and interest payments you will pay the monthly fee for the bank account and cover any other relevant expenses, such as ordering a valuation report or insuring the property and, when establishing real estate collateral, also the notary fee and state fee.

12. Complaints and disputes

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

If you feel that our answer is not what you were expecting from us and you still think that we have violated your rights by granting the loan, you have the option to contact 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 within the Consumer Protection Board or take the matter to court. A complaint to the Consumer Dispute Committee can also be submitted digitally, via the Online Dispute Resolution website at http://ec.europa.eu/odr.https://webgate.ec.europa.eu/odr/main/index.cfm?....

Base rates

Valid as 15.11.2018
1-month EURIBOR® -0,3710
3-month EURIBOR® -0,3160
6-month EURIBOR® -0,2570
12-month EURIBOR® -0,1470
EONIA® -0,3680
Bank's base interest 0,0000
EURIBOR® historical data
EONIA® historical data

 

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