Education Loan

The more we know, the more clearly we see things. Education is a timeless asset and it is never too late to acquire it

General terms and conditions

• The loan amount is up to 6400 EUR (100 138.24 EEK) per academic year
• The loan is disbursed on the basis of invoice(s) issued by the educational institution
• Interest 9.5%
• The education loan can be taken for the standard period of study specified in the curriculum
• The repayment period is equal to 2 standard periods of study
• The loan must be secured by 2 sureties
• Signing fee 15,98 EUR (250 EEK)
• The education loans cannot be applied for retroactively, i.e. for an academic year which has already lapsed by the time the application is filed.

Required documents

• The loan applicant’s identity document (passport or ID card)
• Identity documents for the two sureties
• The two sureties’ bank account statements for the last 6 months (unless salaries were direct-deposited with Nordea Bank)
• Invoice for tuition, issued by the school, and a certificate from the school confirming that the applicant is studying there. The certificate must include information on the loan applicant’s field of study, year of study, standard period of study, amount of tuition in the relevant academic year, and tuition payment due date.
• Loan application on the bank’s form
• If the applicant is studying at an educational institution abroad, a legalized certificate from that educational institution (name of school, standard period of study, curriculum).

Requirements for sureties

• The loan must be secured by up to 2 sureties (depending on whether the student is employed as well and will retain the same income level during the period of study)
• The surety’s net earnings during the last year must be a minimum 540 EUR (8 449.16 EEK), which must have been deposited on the bank account. An account statement for the last 6 months must be filed.
• One of the sureties must already be transacting his or her banking with Nordea Bank, or must begin to do so.

Repayment

• Loan repayments will begin to fall due 12 months after graduation from the educational institution or 2 months after studies are discontinued (if no certificate regarding continuation of studies has been submitted to the bank).
• In the case of graduation, the repayment period is equal to 2 standard periods of study.
• In the case of exmatriculation, the repayment period is equal to the actual time studied at the educational institution.
• Monthly repayments will be debited from the customer’s account on a fixed date specified by the customer.
• If the borrower has not by 15 October notified the bank of a desire to use the line of credit for the current academic year (i.e. the required documents have not been submitted), the borrower is obliged to pay interest accrued for the previous period on 31 October of the current academic year.