Small loan

Consumer credit is a good option when you need a specific amount of money for a specific goal or purchase, such as refurbishing your home, improving your garden, travelling or covering medical expenses.

• The money will be available in your account immediately after setting up the contract
• Convenient planning of expenses and budget - the credit is repayable according to a schedule by monthly instalments
• The available amount and the interest rate varies on case-to-case basis depending on your regular income, existing loan commitments and credit history (interest rate per annum from 16%)
• Quickly from your Internet bank!

Step-by-step guide to receiving consumer credit

1. Fill out the consumer credit application on the Internet Banking site or at any branch.
2. After submitting your application, a bank employee will contact you in 2 business days' time to arrange the next steps.
3. Sign the consumer credit agreement on the Internet Banking site.
4. After signing the contract, the money will be transferred to your current account at Swedbank.
5. Congratulations! Now you can materialize your plans.

Eligibility requirements

• Passport (if not in possession of account with Swedbank)
• At least 18 years of age
• Regular income of at least EUR 252 a month after taxes
• Positive credit history (if any loans have been taken out in the past)
• Total monthly loan payments do not exceed 30% of the total monthly income
• Customers who, at the time of issuing the loan, do not receive their income in their account with Swedbank, must ensure, within the following 3 months, that salary or funds equivalent to their salary are transferred to their account at Swedbank

Before the consumer credit

• How long does it take for the bank to decide on consumer credit application?

  A reply to your loan application will be given within 2 business days.

• Is my eligibility for loan affected by the fact that I'm a guarantor for other person's loan?

  Yes, all of the customer's loan obligations (including guarantees) are taken into account.

• What do I need to do if I want to repay part of the credit before final maturity date?

  If you wish to repay part of the loan principal, write us a message on the Internet Banking site. After partially paying off the loan, the new repayment schedule will be available on the Internet Banking site (if the loan is repayable according to a schedule).

• Do you offer consumer credit of EUR 300?

  Such an amount of credit can be received if you have a personal offer for consumer credit on the Swedbank Internet Banking site.

• What documents are required in addition, if my salary is transferred to current account with other bank?

  Additionally with Small Loan application please on request send us one of proof of your income indicated below by e-mail to risinajums@swedbank.lv.

  • VSAA information on social insurance contributions and insurance periods, which can be received in the form of e-services on the portal Latvija.lv.
  • Last 6 months' account statement from another bank.

• Do I qualify for credit if my salary is transferred to current account with other bank?

  Yes, you can receive consumer credit if you receive regular income in your current account with other bank. However, the terms of loan will be more beneficial for customers who receive their regular income in their Swedbank account.

During the credit

• Can Swedbank take over my consumer credit agreement from another bank?

  Swedbank does not offer such a possibility but we can assess the possibility of granting a new loan to you if your current loan obligations and income permit this. Then you can use the loan amount made available as you see fit, for example, for paying off other loans.

• How can I modify the terms of my credit (change the date of payments, revise the interest rate or increase the amount of the loan)?

  All changes in an existing credit can be requested via Swedbank Internet Banking.

  • If you want to change the date of payment or repay part of the principal, select the relevant credit agreement on the Internet Banking site under "Loans, leases, credit cards", click on "Modify" and select the new terms of the agreement.
  • If you want to have your credit limit raised or your interest rate revised, make a new loan application via Internet Banking under "Loans, leases, credit cards" and select the relevant type of credit. After receiving your message or application, a bank employee will contact you to arrange the next steps.

• May I repay my loan (in full or in part) early or does this entail a penalty?

  It's possible to pay off a loan early in whole or in part. If you want to repay all of the loan, first, find out the remaining balance of the loan and accrued interest, and make sure you have that amount or more in your Swedbank account. Then write a bank message about early repayment of the loan in the "Bank messages" section of the Swedbank Internet Banking site.

  • The loan will be closed without any penalty or fee. If you want to repay part of the credit, you can make the required modifications on the Internet Banking site under "Loans, leases, credit cards". Select the relevant credit agreement, click on "Modify", specify the amount to be repaid, and make your selection - reduce the amount of monthly payments or the repayment period of the credit.
  • After partially paying off the loan, the new repayment schedule will be available on the Internet Banking site.

• Where can I see my repayment schedule?

  You can see the repayment schedule on the Swedbank Internet Banking site under "Loans, leases, credit cards" > "My Obligations".

• How will monthly payments be made: automatically or will I need to make the transfer myself?

  Monthly payments, including principal repayments and interest payments, will be debited automatically from your Swedbank account on a date of your choice.

• Can I, as a guarantor, make changes in the agreement or receive information about loan payments?

  As a guarantor, you cannot make any changes in the agreement singly - this is possible only together with the borrower. Nevertheless, you can receive information about this loan (for example, about the outstanding balance, amount of monthly payments, interest rate).

Effective from 18.04.2017.