Bank loan
Suitable option when you need financing of over 10,000 euros and have collateralsTake out a bank loan to finance somewhat bigger expenses – whether it is renovation, vehicle or another bigger purchase.
-
Secured Bank loan is often a cost-effective option
You may get a better interest rate for your loan when you use collateral for your loan.
-
Large loan – low interest rate
A bank loan is a suitable choice when you need financing of over 10,000 euros. Secured loan is typically a lower-cost option than unsecured loans.
-
Owner-occupied home typical collateral
In addition to residential property, investments, savings and forest property can be used as collateral for a bank loan, whereas a car or consumer goods, such as electronics, aren’t eligible as collateral.
Apply for bank loan or consent to joint application
Start a bank loan application or continue a previously started application
Approve a joint bank loan application started by the other applicant
Start a bank loan application or continue a previously started application
Approve a joint bank loan application started by the other applicant
This is how you apply for a bank loan:
-
Fill in a loan application online
-
The application is not binding on you
-
You will receive a loan offer that suits your situation
Secured bank loan:
- You can apply for a bank loan starting from 10,000 euros, with no upper limit.
- You’ll need collateral for the loan: a home that you own, investments, savings or forest property.
- Bank loan is often a lower-cost option than unsecured consumer loans because collateral helps secure loan repayment to the bank.
- A bank loan will earn OP bonuses to OP cooperative bank owner-customers.
- You can also include loan protection insurance or an interest rate cap in your bank loan.
- If you use a bank loan to buy a motor vehicle, its ownership will transfer directly to you. Often the finance company will own the motor vehicle bought on hire purchase.
Bank loan repayment
- We’ll customise a bank loan repayment plan for you. You can also discuss a repayment holiday or loan modifications with us if you need to readjust repayment midway through the loan term to better suit your life situation.
- You can pay off your loan early any time. The loan terminates when the last instalment has been paid.
What is used as collateral for a bank loan?
In general, residential property (such as an owner-occupied home, a buy-to-let home or a holiday home), investments or forest property are used as collateral. An owner-occupied home is eligible as collateral if some of the loan taken out to buy it has already been repaid or if the home was bought partly or entirely with savings. A car or consumer goods, such as electronics, aren’t eligible as collateral for a bank loan.
Bank loan may be a suitable solution for consolidating loans
Have you thought of transferring your loans to a single bank? It pays to shop around for loans: you can find out whether you can get a loan better suiting your needs at a lower cost than your existing loans.
Can I get a Bank Loan even though OP is not my main bank?
If you are not our customer yet, you can apply for a Bank Loan online with another bank’s user ID. When you apply for a bank loan with us, ask for an offer for your other banking matters too. This way, you can get access to a comprehensive range of banking services that suit your particular needs. Learn more about OP cooperative bank’s many owner-customer benefits. The more you use our services, the more you benefit.
Security in case of unexpected events
If something unexpected happened, how would you cope? By taking out protection for your loan, you ensure that you will be able to repay your loan even if you face unexpected challenges. You can protect a secured bank loan by, for example, taking out loan protection insurance or interest rate cap.
Example calculation: A bank loan is one-off credit. If the 12-month Euribor is 3.701% (June 7, 2024) and the loan’s interest rate is a 3.9% margin plus the 12-month Euribor, the effective interest rate on a bank loan of 10,000 euros with a five-year repayment period will be 9.1%. A monthly servicing fee of 2.50 euros per month will be charged. An origination fee of 120 euros will be payable when the loan is drawn down. The estimated total amount payable will be 12,350.48 euros.
This calculation is based on the assumption that the entire loan has been drawn down, the loan interest rate, fees and charges are constant throughout the loan term, and the loan is repaid in equal instalments of 203,84 euros each month. The bank loan is granted by an OP cooperative bank.