Funding for improving home energy efficiency
We apply a fixed interest rate of 5.9% per annum for the purchase and installation of solar panels or certain heating systems:
- Purchase and installation of new equipment for generating electricity: Solar panels, wind generators
- Purchase and installation of equipment for energy efficient heating: heat pump, wood biomass boiler (pellet boiler)
A well-considered purchase may be a step towards a more environmentally friendly lifestyle
There is no doubt that excessive consumerism has become a major problem relating to climate change and created many negative consequences for the environment. Everything we purchase has an environmental impact, and we strongly encourage conscious consumption: only consider buying a product or service you need and evaluate whether the use of that product or service can contribute towards mitigating climate change.
Consumer loan calculator
Calculation example:
The monthly payment is 106.76 euros, assuming that the loan amount is 5000 euros, the term of the loan agreement is 5 years, the fixed interest rate is 10%, the commission fee for the processing of the loan is 90 euros, the commission fee for servicing the current account is 1 euro per month. Annual percentage rate is 11.93%. The total amount that needs to be repaid is 6 556.53 euros. This example is of informative nature only, and the situation of each customer is assessed individually.
Which loan type is the most suitable for you?
Select the goal you wish to achieve and compare the available financing solutions.
What SEB offers
- No collateral and no down payment
- Loan is transferred to your account immediately after signing the agreement
- Fixed interest rate throughout the duration of the agreement
More about the consumer loan
| Service | Fee |
|---|---|
| Revision of the application | Free of charge |
| Processing of the loan (% of the granted amount)1 | 1%, min 90.00 EUR |
| Repayment of the loan before maturity2 | Free of charge |
| Extending the term of the loan or other changes on the customer's initiative1 | 30.00 EUR |
1 The commission fee must be paid on the day the agreement or amendments are signed.
2 In case of full early repayment of the loan, the customer has the right to a fair reduction of the commission fee paid for issuing the loan. In such case the customer should submit a request to SEB for the recalculation and repayment of the commission fee.
The available amount of the loan will depend on your income, your existing debt obligations, and your credit history.
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Basic lending conditions |
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The interest rate on the loan |
We offer consumer loan with a fixed annual interest rate starting from 7,9%, evaluating the individual solvency of each customer. When using the consumer loan for a purchase of a vehicle (passenger car, motorcycle, tricycle, moped or quadricycle), the vehicle must be registered in the Road Traffic Safety Directorate on your name within 2 months from the date you have received the consumer loan. When using a consumer loan for improving home energy efficiency, the bank may request a document verifying the purchase to ensure proper allocation of funds in alignment with the loan's intended purpose. When using a consumer loan for real estate purchase, the property must be registered in the Land Register under your name within 90 days of loan disbursement. |
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The amount of the loan |
From 1000 up to 20,000 EUR The available loan amount will depend on your income, existing credit obligations and credit history. |
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Issuing of the loan |
The amount of the loan will be credited to your account with SEB banka automatically after signing of the loan agreement. |
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Maturity date |
From 1 to 7 years If you decide to repay your loan early, you will be able to do so without incurring any additional costs. In case you make a full early repayment of the loan, you have the right to a fair reduction of the commission fee paid for issuing the loan. In such case, please submit a request to SEB for the recalculation and repayment of the commission fee. |
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Monthly repayment of the loan and interest |
May not exceed 40% of your net income (taking into account your other loans and lease payments). The repayment of the loan and interest occurs in equal monthly instalments, enabling your to monitor and plan your expenses easily. Each month, the amount repayable will be automatically deducted from your account with SEB banka. |
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Documents to be submitted |
A completed consumer loan application A document supporting your income if your salary is not credited to an account with SEB banka (such as a bank account statement for the last six months) |
Borrowing is an important decision involving risk, therefore we encourage you to:
- consider for what purpose and how much you need to borrow, and how you would repay the loan;
- give us true and complete information;
- clarify all the costs associated with the borrowing;
- consider how you would repay the loan should your financial situation deteriorate;
- read through all the loan related documents (the agreement, informative materials, etc.) before signing them;
- contact us as soon as you become aware of the likely loan repayment problems.
When examining the terms and conditions of the loan and the agreement please pay attention to the following:
1. Standard European Consumer Credit Information
Before signing the loan/overdraft agreement we will issue the Standard European Consumer Credit information sheet to you, which provides and overview of the most important terms and conditions of the agreement.
2. Joint and several liability of several borrowers
In case of several co-borrowers, they would need to assume joint and several liability for the performance of the agreement, i.e., each borrower is responsible for the repayment of the loan as well as for the full performance of other obligations assumed under the agreement.
3. Loan currency
We issue the loan in the currency of your residence country, i.e., Latvia (in euros).
4. Loan disbursement terms and conditions
In most cases you may start using the loan immediately after signing the agreement and fulfilling any required preconditions.
The consumer loan will be disbursed (the overdraft will be opened) to your current account at SEB bank.
5. Right to withdraw from the consumer loan agreement
Within 14 days of signing the agreement, you may withdraw from it subject to fulfilling the terms and conditions set out in the agreement.
6. Interest
The interest rate is specified in the agreement.
The interest rate applicable to a consumer loan and overdraft is fixed. Interest on a consumer loan is payable on the outstanding loan balance, whereas interest on overdraft is payable on the used overdraft limit.
7. Loan repayment
We will withhold the payments due under the loan agreement from your current account. Where there are several borrowers, we will have the right to withhold loan related payments also from the current accounts of other borrowers as specified in the agreement.
A consumer loan is repaid according to the payment schedule on monthly basis. The amounts of your monthly payments / loan principal repayments and interest payments are broken down into equal payments to the extent possible.
In case of an overdraft, the used part of the overdraft limit is repaid, and the overdraft limit become available again once the funds are credited to your account. You will pay monthly interest on the used overdraft limit.
8. Early repayment
You can repay a consumer loan in whole or in part before the maturity date at no additional cost.
In case you make a full early repayment of the loan, you have the right to a fair reduction of the commission fee paid for issuing the loan. In such case, please submit a request to SEB for the recalculation and repayment of the commission fee.
9. Amending the terms and conditions of your loan agreement
Usually, the terms and conditions of the agreement (including interest rates) are amended subject to a written agreement between the parties. A commission fee is charged for amending the terms and conditions of a loan agreement.
10. Consequences and costs of violating the terms and conditions of the loan agreement
If you do not make loan principal repayments when they fall due, we may charge late payment interest at the rate set out in the agreement. If you do not make interest and/or commission fee payments when they fall due, we will have the right to charge contractual penalty at the rate set out in the agreement.
If you owe us money, we will first send you a reminder. If the amounts owed to SEB bank are overdue, we will have the right to publish the debt related information in the established public and private debt history databases.
11. Terminating the agreement and the consequences thereof
We have the right to unilaterally terminate the agreement if the obligations laid down in the agreement are not performed in full. In that case you would be required to cover all debt collection related costs.
12. Loan agreement related costs
Upon signing the agreement you will pay a commission fee for the paperwork in the amount and on the terms and conditions set out in the agreement. Please read the price list of SEB bank: Price list
13. Duty to open an account and remit income
By the date of signing the loan agreement, you (and your co-borrower) would need to open a current account at SEB bank for the entire term of the loan. In case of an overdraft, your regular income would need to be transferred to your current account at SEB bank. In case of a consumer loan, you should ensure that there are sufficient funds on your current account to cover the monthly payments.
14. Complaints and disputes
If you have any complaints concerning our activity, we encourage you to first discuss the matter with us.
If you are not satisfied with our response and continue to think that we have violated your rights when granting the loan, you may turn to the Consumer Rights Protection Centre (Brivibas street 55, Riga, LV-1010; www.ptac.gov.lv) .
In order to resolve a dispute, you may contact the Consumer Dispute Resolution Committee the carrying out of the activities of which is ensured by the Consumer Rights Protection Centre, or refer your case to a court.
Simple to apply
- Fill in and submit the application
- We will contact you if there are any additional questions
- After a positive decision, sign the agreement in the internet bank
