I am a student

Example

Peter already has a student loan granted by another bank. He has spent LVL 600 on his tuition fees and will need another LVL 2500. Taking into account the difference in interest rates, for Peter, it is more advantageous to refinance with Nordea Bank. Peter wants to use a co-borrower, his older brother. The co-borrower’s monthly salary must be at least LVL 485. 

** The loan interest rates used have been obtained from the aforementioned banks interviewed on 14.07.2011.

What documents are required?

• Study contract with the University    
• The student’s and / or the rest of the borrowers’ statement of taxes paid issued by the State Social Insurance Agency (SSIA) or the account statement for the past 6 months   
• Statement of income for the past 6 months issued by the student’s and / or the rest of the borrowers’ employer
• If the borrower has been a student at the University for more than six months, a statement affirming that Peter is still currently a studen

What is the procedure for obtaining the loan?

• After the completed application form and documents are submitted, the bank will verify the existing debt obligations of Peter and the rest of the borrowers as well as possible debts incurred by them
• After the approval of the loan, the student and the rest of the borrowers will open a bank account with Nordea where they will also receive their future salaries and pay monthly interest payments (if the interest rate payments are to be commenced during the study period)
• The student and the rest of the borrowers will sign the student loan contract
• In case of the refinancing, the student within 5 days will terminate his / her loan commitments with the bank the student loan was transferred from and provide documentary evidence of the termination to Nordea Bank
• The Bank will transfer the remaining amount to be paid for studies to the University
• The student will begin to repay the loan after completion of the studies

1. Swedbank study loan (without State guarantees): LVL - variable base rate 6 m Rigibor 1.3 %+ added rate 3.9 % = 5.2 %, EUR-13 % fixed for the entire period

2. SEB study loan (without State guarantees): LVL - variable base rate 6 m Rigibor 1.3 % + added rate 3 % = 4.3 %, EUR - variable base rate 6 m Euribor 1.8 % + added rate 8 % = 9.8 %

3. Nordea student loan (without State guarantees): LVL – variable base rate 1m Rigibor 0.53 %+ added rate 3 % = 3.53 %, EUR - variable base rate 1m Euribor 1.34 % + added rate 7 % = 8.34 %