Consumer Loan

Consumer loan is a convenient and fast option to cover unexpected expenses or make larger purchases. It can be used for travelling, renovations, furnishings or covering health or car related costs. Consumer loan is usually granted without requesting any collateral.
 
  • The maximum amount of the consumer credit is 12.000 € but it must not exceed 6 net wages of the applicant.
  • The maximum term for a consumer loan is 5 years.
  • Applicant's monthly income after taxes and payment of debt liabilities must be at least EUR 450.
  • The total loan and lease payments must not exceed 40% of your income.
  • Applicant must have received the salary in the account at Luminor Bank for at least 3 months.
  • Low commission fee if consumer loan application is submitted via Netbank or by calling the Contact Centre.


Apply for the Consumer Loan:

  • Fill in the online application form in Luminor Netbank section Applications - Application for credit.
  • Call the Contact Centre at +371 67 096 096.
  • At any Luminor Customer Service Unit.
  • Applications submitted via Netbank or by calling the Contact Centre are subject to reduced commission fee for document handling.

 

General Terms for Consumer Loan with Payment ScheduleOpens new window

Terms for Consumer Loan:
 
  • Maximum limit: 6 net monthly salaries (up to EUR 12 000).
  • Credit limit is set depending on your regular income.
  • redit currency: EUR.


Criteria for Granting the Consumer Loan:

  • The applicant must be in the age between 18 and 70.
  • Applicant's monthly income after taxes and payment of debt liabilities must be at least EUR 450.
  • Applicant must have received the salary in the account at Luminor Bank for at least 3 months.
  • Applicant's debt liabilities at Luminor and other banks, such as credit card credit limit, overdraft, housing loan.
  • The applicant must have a positive credit history.


Required Documents

  • Completed application form in Luminor Netbank or at our Customer Service Unit.
  • Passport or ID card.
  • Account statement and a statement from the State Social Insurance Agency (VSAA) on income in the last 6 months (possibility to order the statement at Luminor Bank).
  • Statement is not necessary if your salary is being transferred to your account at Luminor Bank.

 

Procedure of Granting Consumer Loan

  • Having received and examined the submitted application form and supporting documents the bank will decide on granting the consumer credit based on your credit history and debt liabilities.
  • In case of a positive decision the granted loan will be transferred to your account at Luminor.


 Repayment of the Consumer Loan

  • Choose repayment period from 3 to 60 months.
  • Choose the exact repayment date: 5th, 15th or 25th day of the month.
  • Repayment of the loan takes place automatically via transfer from your account specified in the contract.
  • A monthly payment consists of a payment of the principal amount and the interest.
  • Interest rate will be set depending on your customer status at the bank.
  • Interest is charged only on the outstanding balance of the consumer credit.
  • It is possible to repay the consumer credit before the end date specified in the contract without charge by submitting a written application at any Luminor Customer Service Unit or via Luminor Netbank under section Mail.

The example which depicts the total cost of your loan:

Assuming that the bank grants you a loan in the amount of EUR 1500 at the annual interest rate of 16%, the agreement is concluded for the period of 3 years by monthly repayment and the costs of drawing up the loan documents comprise the amount of EUR 45: the annual interest rate is 19.78 % (the total cost of the loan expressed in percent), the total sum of the loan including the interest and other costs shall be EUR 1 943.64, and the monthly payment shall be EUR 53.91. The calculation mentioned in the example was made on 24.07.2017.