1. Apply for a guarantee for your loan from Kela
As a general rule, applying for a student loan is possible if you are entitled to Kela’s study grant or you receive adult education allowance from the Employment Fund. In certain special cases you can receive a guarantee for your student loan even if you’re not entitled to a study grant. More information about these special cases is available on Kela’s websiteOpens new window.
Since the government always guarantees the student loan, you won’t need any other security or guarantee for the loan. Start the loan application process by filling in a study grant application, as on the one and same application you can apply for a study grant, housing supplement and the government’s loan guarantee from Kela. Fill in the application with care and attach all the required documents to it. After Kela has made a favourable decision on the loan guarantee, the guarantee decision will be forwarded to the bank automatically.
2. Applying for a student loan in Netbank or Nordea Mobile
Apply for a student loan in the old Netbank under Loans > Student loan > Student loan application. In Nordea Mobile, the application is under “More”. Even if you’re not entitled to a study grant, you can still receive a loan guarantee in certain special cases. Please check this on Kela’s website.
The processing of the application takes from one to three banking days. You need to sign the loan agreement in connection with your application online with the code app. Once you have been granted a loan, the loan agreement and terms and conditions will be available in Netbank.
The loan amounts and drawdown dates are stated in Kela’s benefit decision.
If you are a minor, you need your guardians’ (both guardians if you have two) consent for applying for a student loan. Your guardians can give their consent digitally through Omaposti, over the phone with their access codes or in a branch with a power of attorney.
After this, you can apply for and drawn down a student loan through Nordea Customer Service if you have Nordea’s access codes. Alternatively, you can visit a branch.
Drawdown agreement and partial drawdowns
When you’re filling in your student loan application, you need to choose between a drawdown agreement or partial drawdowns.
- The bank will transfer each loan drawdown automatically to your account on the first possible drawdown date, as stated in the guarantee decision.
- The loan drawdowns are transferred to your account on the payment dates mentioned in the benefit decision.
- If you make a drawdown agreement in connection with the first drawdown, no other fees will be charged except an arrangement fee or a raising fee.
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 determine the drawdown amount by making a drawdown request in Netbank.
- 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.