How is the interest rate calculated?
- The interest rate for a loan is made up of the base rate and an additional margin that is set individually for each customer.
- The individual margin depends on the size of your income and liabilities.
- The base rate for a loan is Nordea EUR Prime.
Annual percentage rate for the consumer loan
For example, when taking a consumer loan in the sum of 5000 euros without real estate security, a floating loan interest of 16.4% a year, loan period 60 months and agreement fee 75 euros, the preliminary percentage rate of charge is 17.10% and the total sum of payments to repay the credit and cover the total cost of credit is 7434.33 euros.
You can find additional information on annual percentage rates on the website of the Consumer Protection Board.