Overdraft

Overdraft is a loan product, which enables the client to overdraw his/her bank account within the prescribed limit.

Preconditions for overdraft applicants:

• the applicant's income has to be transferred to his/her Nordea bank account for at least 6 months prior to submitting the application. The time period may be shorter in exceptional cases.
• Together with a housing loan, which is secured by a mortgage. The overdraft application is accepted as soon as the security is notarised.

Terms and conditions for applying for overdraft:

• Minimum limit of 320 EUR (5 006.91 EEK)
• Limit of Overdraft is 12 000 EUR (187 759.20 EEK) the maksimum limit is depending on applicants monthly income and existing liabilities
• A 1-year period with an automatic renewal

Interest:

• Interest (10,95% base rate + customer based margin). The interest is calculated on the basis of the credit used.