Questions and answers about loans and consumer credits

• You can apply for a home loan by filling in an application onlineOpens new window. If you are applying for a joint loan, both applicants have to confirm the application separately with their personal access codes.
• Once we have processed your application, you will get a home loan offer from us, which also serves as a loan commitment. Our commitment to fund your home loan is valid for six months, but the offered price is only valid for one month.
• With the promise of a loan in hand, you can make an offer on a new home right away. A loan commitment from us will speed up the final sale and give you an advantage if you are bidding against other homebuyers.
• You are not obliged to take out a loan from Nordea if you submit a loan application and get a loan commitment from us.

Read more about our loan commitment

If you are a first-time home buyer, you need to have saved at least 5% of the cost of the home you’d like to buy. Other buyers need to have saved 15% of the cost of the home.

The maximum home loan amount you may be granted is determined by a loan cap set by the Finnish authorities. For a first-time home buyer, it may be no more than 95% of the value of the collateral provided for the loan and for other buyers no more than 85%.

The standard collateral value of the home is 75% of the purchase price. This means that if the loan amount exceeds 75% of the value of the home, you need to provide additional collateral or have more savings. 

If you don’t have enough savings or additional collateral, you can purchase an OwnGuarantee from Nordea.

Read more about collateral for a home loan.

With FlexiPayment you can either reduce or increase your monthly repayment in mobile bank or Netbank. If you do not yet have FlexiPayment attached to your housing loan, you can apply for it hereOpens new window. If you wish to make an extra amortisation as an immediate debit, our Customer Service will help you. Please call 0200 70 000 and identify yourself for quicker service at the beginning of your call.

You can make changes to your loan with a separate application. You can apply to change: 

• the payment day
• the monthly payment
• the repayment method
• the servicing account or 
• the reference rate. 

You can also request the FlexiPayment feature or an interest-free period for your loan. Here’s how you can apply for a change to your loan: In Nordea Mobile, select the loan from the list of loans to open its details, then tap ‘Apply for a change’. In Nordea Netbank, go to the Overview page, then select the loan. In the loan details, click on ‘Apply for a change’.

Apply for a change to your loanOpens new window

The co-applicant can confirm your home loan application using this online formOpens new window.

FlexiCredit is an easy way to realise your dreams or finance your purchases. You can borrow between 2,000 and 50,000 euros and apply for FlexiCredit easily online. 

Secured consumer credit, in turn, is a way to finance the larger purchases in life. It can be a solution for you when you need to borrow more than 15,000 euros and you have collateral to back the loan. You can apply for a secured loan in the new Nordea Netbank and Nordea Mobile.

Try our loan helper and explore your options.

We process loan applications in the order we receive them. As a rule, we aim to process all applications in 3 banking days. If you have submitted an application for a home loan or secured consumer credit, we will contact you once your application has been processed. If you have applied for a card or FlexiCredit, we will usually send you the credit decision in a message via Nordea Mobile and Netbank the next day. You will find the decision in Nordea Mobile and Netbank under ‘Help’.   

If you have applied for FlexiCredit, the money will be paid to your account right after your application is approved (Mon–Sun 7.00–22.30). 

To be eligible for a loan, you need to have sufficient regular income to cover your loan repayments, a good repayment history from previous loans and a clean credit record. In general, regular income includes salary and pension income.

To be eligible for secured consumer credit, you also need to mainly bank with us and have collateral to back the loan.

We will make the credit decision based on your application, taking into account all the information you have provided. We use this information to make an overall assessment of your eligibility.  

If you have FlexiCredit, you can make changes to your loan in Nordea Mobile under Overview -> Loans. Open the details of your FlexiCredit and select ‘Apply for changes’. You can edit your FlexiCredit settings, including the instalment-free months, payment date and instalment percentage. If you want to repay some extra or pay off your loan in full, you can do this using the account number and reference number on your previous invoices. 

Please note that the instalment-free months cannot be consecutive months. The minimum monthly instalment is 2%. 

Please make sure you have updated your Nordea Mobile app to the latest version to enjoy all the new features. 

The changes are free of charge except if you want to reduce your instalment percentage, which is subject to the fee stated in our tariff.

If you have secured consumer credit, you can make changes to your credit in Nordea Netbank or Nordea Mobile. Simply open your credit details and apply for changes.

Please note that if you can’t see a button that says ‘Apply for changes’ under your credit details in Nordea Mobile or Netbank, you can access the same application also on our website.  

See the fees we change for changes to secured consumer credit

Here’s how you can increase the amount of your FlexiCredit:

• In Nordea Netbank, go to Loans > Apply for FlexiCredit > Raise your credit amount.
• In Nordea Mobile, go to Overview > Services > Loans > FlexiCredit > Apply for FlexiCredit > Increase existing FlexiCredit.
• Alternatively, you can contact our Customer Service.

Apply for an increase to your FlexiCreditOpens new window

You must submit a new application in Nordea Netbank or Nordea Mobile every time you want to increase your secured consumer credit.

If you have outstanding FlexiCredit, you can repay it in full or partially using the reference number and account number on your latest invoice. If you choose to repay your outstanding loan in full, you will receive one final invoice including the remaining interest and fees to be paid. 

If you have outstanding secured consumer credit, you can repay it in full by calling us on 0200 70 000Opens new window or contacting us via chat.

FlexiPayment is a free-of-charge feature included in Nordea’s loans which allows you to reduce the amount of your loan instalment or skip it entirely (you still have to pay interest and fees, though). For example, you can halve the instalment, in which case you will continue to repay your loan, or alternatively pay only interest and fees.

An instalment-free period is a one-off change to your agreed loan repayment schedule. You will have to agree with us on the duration of an instalment-free period, during which you will only pay interest and fees. The amount of your loan will not be reduced during an instalment-free period. Usually the instalments you leave unpaid will be postponed until the future, extending your loan period.

You can add FlexiPayment to your home loan by sending us an application through Nordea Mobile or Netbank. 

The FlexiPayment feature will become valid as of the next loan repayment. However, please apply for the change well in advance of the due date on your next home loan payment.

If you share your loan with someone else, we will send the second borrower an SMS informing them that they need to confirm the application to change the loan repayment schedule. The second borrower can confirm the FlexiPayment application on the www.nordea.fi/housingloan page by clicking on ‘Housing loan modification application - Apply or confirm ’ and verifying their identity with the Nordea ID app, the code calculator or another bank’s online credentials. The application can also be confirmed in Nordea Netbank, under the ‘Apply for a change’ link. Once the application has been confirmed, it will be sent to Nordea for processing.

Apply to add FlexiPayment to your home loanOpens new window

If your loan has the FlexiPayment feature, then it is the primary and easiest way of obtaining flexibility for your loan repayments. If you still would like to apply for an instalment-free period (e.g. if you have used up the FlexiPayment feature), it is possible to do so and your application will be processed based on your specific case.

You can use FlexiPayment at any time during your loan period. The amount of the FlexiPayment available, however, will decrease every time you skip instalments. Here’s how you can check the amount of your FlexiPayment in Nordea Mobile: go to the Overview tab and tap Loans, then select the loan you want to check to open its details. In Nordea Netbank, you can find this information by selecting the loan you want to check from the Overview page. In the loan details, you will see the amount of FlexiPayment that is still available for this loan.

FlexiPayment allows you to pay only a part of your instalment or to skip instalments entirely, although you must still pay interest and fees. FlexiPayment usually amounts to 5–10% of your total loan amount, so when used as a repayment holiday, it will last from one to two years.

Student loans are state-guaranteed loans. If Kela grants you a loan guarantee, you can apply for the loan from the bank of your choice. The student loan should be paid back according to the agreed repayment schedule, which begins 1,5–2 years after graduation.

• The amount of your student loan depends on how old you are and where you study. The loan guarantee covers between 300 and 800 euros per month.
• You can see the size of your student loan from the student financial aid decision you received from Kela.

• Most students can draw down their student loan in two instalments during the academic year.
• In the autumn term, the earliest possible drawdown date is 1st of August, and in the spring term, it’s 1st of January.
• In certain exceptional cases, you can draw down your student loan in one instalment for the entire academic year.

You will need to apply for the state guarantee from Kela. If you are a university student entitled to a study grant, you will receive a decision on the state guarantee for your student loan automatically.

If you are studying in a secondary school or a vocational school, you should apply for the state guarantee at the same time as you apply for a study grant and the housing supplement. And you should apply for the state guarantee for your entire period of study on one application. After Kela has granted you the state guarantee, you can apply for the student loan from the bank of your choice.

• Since the state guarantees the student loan in full, you won’t need any other collateral for the loan.
• The state guarantee is valid for a maximum of 30 years from the first time you draw down your student loan.

1. Start by applying for a state guarantee from Kela.
2. After this, apply for a student loan either on an application form provided at Nordea.fi or in Nordea Netbank or Nordea Mobile.

Drawing down a student loan means that the loan will be transferred to your account. There are two options for drawing down a student loan:

1. You can conclude a drawdown agreement with the bank, in which case the loan amounts will be automatically transferred to your account.
2. Alternatively, you can conclude a partial drawdown agreement, in which case you must make a drawdown request on a student loan application form every time you wish to have a part of your loan amount transferred to your account.

If you make a drawdown agreement, we will transfer the student loan amount to your account automatically on the first possible drawdown date in accordance with Kela’s guarantee decision. The loan will be transferred to your account on the payment dates mentioned in the guarantee decision. You can check the payment dates on Kela’s website or from the state guarantee decision.

No other costs will be charged besides an arrangement fee or a raising fee.

• If you choose to draw down your student loan in accordance with a partial drawdown agreement, the loan will not be transferred to your account automatically on the first possible drawdown date. Instead, you need to request for the drawdown separately.
• You can make a partial drawdown of your student loan when you have outstanding loan balance and wish to have a part of your loan amount transferred to your account. You can make a partial drawdown request online on a student loan application form.
• In addition to an arrangement fee or a raising fee, you will be charged a partial drawdown fee for the second and subsequent partial drawdowns.

• The amount of your student loan guarantee depends on your age and educational institution, so Kela cannot grant a loan guarantee higher than the maximum amount. Should such a change take place in your circumstances that entitles you to a higher student loan amount, you can apply for an adjustment to the guarantee decision from Kela. If Kela grants you a new loan guarantee for a larger student loan amount, please contact Nordea Customer Service in order to agree on the drawdown of the supplementary loan.
• A raise to a student loan may be justifiable during a study period abroad, for example.

Before you start your student loan repayments, we will send you a proposal for a repayment schedule in a message to Nordea Mobile and Netbank.

If you want to make changes to the proposed schedule, you can contact Nordea Customer Service. If you accept the proposed schedule, you don’t need to do anything.

Repayment of a student loan begins about 2 years after you have finished your studies. A student loan payment means the amount you pay each month to Nordea. The monthly payment includes the instalment (which amortises the student loan principal), interest and fees.

• No, you won’t need to repay your entire student loan in a single payment. Instead, you will agree on a repayment schedule together with us.

• Yes, you can. You can apply for an instalment-free period for your student loan or change the amount and due date of your repayment, the management account, the repayment method and the reference rate. Go to the applicationOpens new window. Any changes are subject to a fee in accordance with our tariff and it will be charged in connection with the next repayment of the loan.