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Loans for students with the government guarantee

Loans for students with the government guarantee

Use the opportunity of studying at better terms

  • Favorable interest rate: 2.5% + 6 month EURIBOR
  • Opportunity to study in Latvia and abroad
  • Repayment of principal ammount only after graduation
  • Study loan – funds to cover tuition fees at accredited higher education establishments and colleges in Latvia and abroad.
  • Student loan – funds to cover daily needs of students during studies (only for full-time students).

To apply for a loan you must submit an application and receive approval at in your school. After that fill out an application in internet bank come at branch of SEB bank.

Pieteikties kredītiem ar valsts galvojumu iespējams līdz 22.11.2019.

Borrow deliberately, assessing your capacity to repay the loan.

  1. Enrol at a university and sign a study agreement.
  2. Submit an application for a loan with the government guarantee. Students studying abroad must apply for the loan to the Administration of Studies and Research (ASR).
    You need collateral on the loan, for example, guarantee of a private person. More information you can find in Terms and conditions section.
    Students and guarantors other than the customers of SEB must open an account at any branch of SEB free of charge and connect the internet bank.

    Filiālēs Rīgā piedāvājam papildu iespēju – tiešsaistē rezervēt precīzu tikšanās datumu un laiku.

  3. Wait for an SMS with a confirmation of the granting of the loan.
  4. Provide on your current account 4.27 EUR for fee.
  5. Apply for a loan with the government guarantee via the internet bank. The guarantor must apply as such through its SEB internet bank.
    Application processing and loan agreement preparation can take up to 10 business days. During this time, please keep track of messages in internet bank.
  6. In case of a positive decision, an SMS will be sent to you and the guarantor with an invitation to sign the agreement in internet bank. The guarantor must sign the agreement using his/her internet bank.
  7. After a confirmation of the state granting bank will transfer the amount of the loan to current account of the university (Study loan) or the student (Student loan). For students studying abroad loan will be send to student current account.

 

Study Loan

Student Loan

Amount of Funding

Does not exceed the established tuition fee. The maximum amount of loan for the study curriculum is determined by the Ministry of Education and Science.

Does not exceed 80% of state's defined minimum wage  (per month)

Collateral on the Loan

As collateral on the loan can be:

  • Guarantee of a private person
  • A pledge of a real estate
  • Municipality guarantee
  • Securities

A guarantee is not required if:

  • The student is an orphan or has lost the custody of both parents and has not reached the age of 24
  • Person with 1st or 2nd category of disability

Cabinet Regulation

Criteria for Guarantors

  • A private person of full age with regular income at least in the amount of the minimum salary established by the government
  • If the guarantor has loans, the permissible sum total of loan payments must be less than 40 % of their income

Issues to be considered:

  • If the person provides guarantees for several people that are not children of the guarantor, the income must exceed the minimum salary multiplied by the number of students.
  • If the person applying for the loan has a loan repayment debt for the debt received earlier, the total sum of the debt is equal to the amount from two to ten minimum salaries established by the government and the delay of repayment exceeds 60 days, the income of the guarantor must not be less than two minimum salaries established by the government.

Loan Payments

Twice per year, by the transfer of the sum to the account of the higher educational institution.

Monthly (except for July and August), by the transfer of the sum to the account of the student held with SEB bank.

Period of Loan Repayment

The borrower shall repay loans exceeding the total amount of EUR 1,423 to the credit institution within 10 years.

The borrower shall repay loans that do not exceed the total amount of EUR 1,423 to the credit institution within 5 years.

 

Borrow deliberately, assessing your capacity to repay the loan.

 

Study Loan

 Student Loan

Interest rate on the loan

The interest rate depends on the year the loan agreement was concluded. Detailed information on the interest rates (LAT) of study and student loans.

Repayment of the loan during studies

The principal sum and interest on the loan do not have to be paid during the studies (including study breaks) or for 11 months after the graduation.

During the studies the borrower must repay only the interest on the loan by applying the interest rate (LAT) of the credit institution auctioned during the year when the loan agreement was concluded.

Academic leave of absence

During the academic leave of absence the bank suspends the payment of the loan sum to the student. In order to apply for an academic leave of absence, the student must first apply to their higher educational establishment for approval. After approval from the higher educational establishment which informs SEB bank on the granting of the academic leave of absence, the student must go to the nearest branch of SEB bank and fill out a form.

SEB banka shall renew the payment of the loan sum to the student only after the receipt of information on the termination of the academic leave of absence from the educational institution.

Repayment of the principal sum after studies

The repayment of the principal sum and interest shall commence only in the 12th month after graduation.

If the student terminates studies prior to graduation, the repayment of the principal sum must be commenced starting from 3rd month.

Detailed information on the interest rates (LAT) of study and student loans.

Loan repayment incentives

  • During pregnancy and maternity leave repayment of the principal sum and the interest on the loan is deferred.
  • Repayment of the principal sum and the interest on the loan is deferred during the child care leave (before the child reaches the age of 1.5 years), if the borrower does not work full time.
  • If the borrower continues to study on an accredited curriculum, the repayment of the principal sum and the interest on the loan is deferred.
  • If the lender receives unemployed status, the repayment of the principal sum is deferred for up to 2 years.
  • During pregnancy and maternity leave repayment of the principal sum and the interest on the loan is deferred.
  • Repayment of the principal sum and the interest on the loan is deferred during the child care leave (before the child reaches the age of 1.5 years), if the borrower does not work full time.
  • If the borrower continues to study an accredited curriculum the repayment of the principal sum is deferred, meanwhile interest payments must be continued.
  • If the lender receives unemployed status, the repayment of the principal is deferred for up to 2 years.
  • If borrower have had a child and have graduated the higher educational institution with a diploma, he must submit the birth certificate of the child to SEB banka and 30% of your loan balance may be cancelled.

 

Borrow deliberately, assessing your capacity to repay the loan.

Study loan and Student loan agreements with a guarantee issued on behalf of the state can be processed in internet bank or at any branch of SEB bank throughout Latvia.

Required documents:

  • The borrower must submit a passport or an ID card to the bank
  • The guarantor must submit to the bank a passport or an ID card and a document supporting your income (an account statement for the last six months) if the salary of the guarantor is not transferred to an account with SEB bank.

If you have questions, call +371 26668777 or via Skype (SEB_Latvija).

It must be remembered that the review of an application for a loan may last for 10 business days after document submission.

 

Borrow deliberately, assessing your capacity to repay the loan.

Kontakti

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