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Bank loan

Take out a bank loan to finance somewhat bigger expenses – whether it is renovation, vehicle or another bigger purchase.

  • A low-cost alternative to larger loans

    A bank loan is a suitable choice when you need financing of over 8,000 euros. The bank loan is a lower-cost option than unsecured loans.

  • Earn bonuses through your loan

    As OP's customer you earn bonuses through your loan. You can use bonuses to pay, for example, your insurance premiums.

  • Apply for a loan online right away

    You can apply for the bank loan directly online. 

Apply for loan

OP's customers (in Finnish)

Apply for loan

Others:

Contact us to apply

This is how you apply for a bank loan:

  1. Fill in a loan application online

  2. The application is not binding on you

  3. You will receive a loan offer that suits your situation

 

For what purpose is the bank loan suitable?

The bank loan is a lower-cost financing option than consumer loans. The bank loan is a suitable choice when you need money worth over 8,000 euros and you have collateral for the loan, such as your home. You can also include Payment Protection Insurance or an interest rate cap in your bank loan.

  • You can apply for the bank loan for purchases worth over 8,000 euros.
  • You need collateral for the loan, such as an owner-occupied home.
  • We can customise a loan repayment plan for you.
  • The loan terminates when the last instalment has been paid.

If you use a bank loan to buy a vehicle, its ownership will transfer directly to you. The finance company most often owns a vehicle bought on a hire-purchase basis.

 

Apply for bank loan and sign the loan agreements electronically

You can now sign the agreements on a new loan electronically, say, at the comfort of your home! If you wish, you can handle the loan negotiation and signatures entirely online. For the electronic signature, you need your personal online service user identifiers.

 

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.

 

Applying for loan, and collateral granting a loan, collateral

Fill in an application at op.fi. 

You can fill in the loan application online even if you were not yet our customer. When you fill in your loan application, you do not yet need to know the exact loan amount you need. The loan application is nothing more than an invitation to make an offer ‒ it does not bind you to raise the loan.

You are eligible to apply for the secured Bank Loan if you have regular income in terms of pay or pension, have sufficient financial standing, have managed your personal finances well and can provide collateral.

Why is collateral needed?

Banks require collateral to ensure that loans are repaid on time. Having to pledge collateral for the loan also benefits you, as the costs of a secured loan are lower than those of an unsecured loan. 
 
What can be used as collateral? 

You can use as collateral, for example, an owner-occupied home, a summer cottage, deposits, securities or a forest estate. Homes are the most popular type of collateral. If you have repaid instalments on your earlier loans, such as a home loan, you may have spare collateral and can use that as collateral for your new loan. 
  
How much collateral is needed? 

The collateral value of your collateral is always calculated on a case-by-case basis. Different types of collateral have different calculated collateral values.
 
Ask more about collateral 

When applying for a loan, you don’t yet need to have a clear idea of what you intend to use as collateral. You can discuss it with our expert after having submitted the application. We’ll help you determine the value of your collateral, if needed.

 

Loan repayment repayment method, monthly repayment, due date

Your bank agrees with you on the repayment method and the monthly repayment. You can choose a due date that suits you best. The recommended loan term for the secured Bank Loan is a maximum of 5 years. You can discuss the loan term with your bank if the period of five years seems too short.

The loan terminates when the last instalment has been paid.
Loan costs interest rate, effective interest rate, markup, service fee

Loan costs consist of the reference interest rate, bank's markup and service fees related to loan repayment. In addition, loan drawdown and any possible partial drawdowns are subject to a charge based on the bank's list of service charges and fees.

The Bank Loan markup is determined on a customer-specific basis by, for example, collateral lodged, repayment capacity and other customer relationship. Our loan offer shows you the effective interest rate of the loan which you can use to compare any other possible loan offers. The loan drawdown and servicing costs are taken into account in the effective interest rate.

A monthly service fee of €2.50 is charged for the bank loan, and an origination fee of maximum €120 is charged when the loan is drawn down. The loan interest is the 12-month Euribor rate + the markup you have agreed on with the bank. 

The bank loan is a one-off loan. The effective interest rate for a loan of 20,000 euros with a seven-year loan period is 3.9%, when the loan interest is the 12-month Euribor + 3.65% (3.366% 2/2020), the monthly service fee is €2.30 and the one-off origination fee charged at the loan drawdown is €120. 

The estimated total amount payable is €2,825.48. 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 period, and the loan is repaid in equal instalments of €270.30 per month. The loan is granted by the OP cooperative bank. 

Loan repayment holiday and other changes Repayment instalment, payment date, extra repayment

You can apply for a repayment holiday for your Bank Loan on OP eServices, during which you will pay only interest. You can also apply for a change to the repayment instalment and date. Such changes are subject to a charge based on the bank's list of service charges and fees.

Extra repayment

You can amortise your loan in addition to your normal monthly instalment. This extra repayment does not defer the next instalment or payment date. The extra repayment is not subject to a charge.

To make an extra repayment, you need the number of your loan which you can find in the Loans section. After that, go to "New payment" under the Daily banking services section and enter your loan's number in the "Payee's account or IBAN" field. Then proceed as instructed. The amount of your extra repayment is debited to your account on the same day.

If you have a fixed-rate loan, please contact the bank that has granted the loan because extra repayment may be subject to a charge under the general loan terms and conditions.

Loan protection insurance covers the most significant risks

During the loan term, life can bring unexpected situations in which you have difficulties in paying your loan. By taking out loan protection insurance, you can secure the finances of yourself and your family against various risks, such as unemployment, incapacity for work, serious illness, death and permanent disability due to an accident.

The price of loan protection insurance depends on the loan amount, the monthly repayment amount and the policyholder’s age. 

Example of the price of loan protection insurance:

Loan 20,000 euros, loan term 10 years, monthly repayment 173 euros

  • 30-year-old insured person, loan protection insurance premium €10.31/month
  • 50-year-old insured person, loan protection insurance premium €20.11/month

You can take out loan protection insurance when applying for a new loan, or add it later to an existing loan. The insurance may be granted either as individual cover or as joint cover with a co-borrower.

 

Interest rate cap adds security to your loan

By taking out an interest rate cap, you can ensure that the interest rate of your loan will not exceed the agreed limit. If the general interest rate level begins to decrease, so will the interest rate of your loan. OP provides an interest rate cap of up to 14 years. Its price is determined by the loan amount, the level and duration of the interest rate cap as well as the situation in the fixed income market. 

You can take out an interest rate cap for a loan tied to the Euribor when applying for the loan or add it later to an existing loan. 

 

Owner-customer benefits and OP bonuses through banking services

OP bonuses

As an owner-customer, you will earn OP bonuses for example from:

  • loans
  • savings and investments
  • purchases you have paid with credit
  • insurance premiums for home, family and motor vehicle policies.

From 1 November 2020, OP bonuses will accrue from:

  • home loans, secured bank loans, student loans
  • savings and investment accounts
  • mutual fund units and unit-linked insurance
  • non-life insurance bills

The change on 1 November 2020 means that no OP bonuses will accrue from:

  • deposits in current accounts
  • unsecured consumer loans (Flexible Consumer Credit, Special Consumer Credit, One-off Credit and Overdraft Facility)
  • OP hire purchase
  • Purchases paid using OP Visa as a credit card, the balance of credit with interest of OP-Visa and OP-Mastercard cards

OP bonuses are used for the bank’s service charges and insurance premiums.

Terms and conditions, and forms

Take a look at the terms and conditions governing loans, pledges and guarantees. You will accept the terms and conditions of the loan and collateral agreement at the time of signature.

The loan is granted by the OP cooperative bank.