Repayment holiday for a home loan, student loan and bank loan
Typical situations in which you may wish to change your loan repayment scheme include a new job, a change in salary, or going on a study or parental leave. You can, for example, apply for a repayment holiday for your home loan or change the due date of future repayment instalments. With Flexible Consumer Credit and Special Consumer Credit, you can easily make changes without the need for an application.
During a repayment holiday, you will not repay the loan principal but only interest. You can apply for a repayment holiday for a home loan, student loan and bank loan. You can’t apply for a grace month for these loans.
Grace month for Flexible Consumer Credit and Special Consumer Credit
You can get one grace month per year for Flexible Consumer Credit and Special Consumer Credit. During this month, you will not make a repayment or pay interest. The grace month is free of charge. The grace month is the same calendar month every year. You can’t apply for a longer repayment holiday for these loans.
Learn how to make changes to Flexible Consumer Credit and Special Consumer Credit
Repayment plan changes to hire purchase car financing and a one-off loan and overdraft facility
You can apply for a repayment holiday of a maximum of three (3) months for your hire purchase agreement. You can apply for a repayment holiday for car hire purchase granted by OP Corporate Bank on OP Financing online service.
If you have a one-off loan or overdraft facility, you can get a grace period of two months per calendar year. You can apply for the grace period on OP Financing online service.
Go to OP Financing online service (in Finnish)
Changes to loan repayment (repayment instalment and date)
Do you want to make changes to your future loan repayments? You can change the loan repayment instalment, i.e. the repayment amount, and the repayment date.
The loan calculator is handy for determining the instalment amount that suits you. A suitable amount is usually 25–30% of your monthly net income because, in addition to the loan repayment, you should also have enough money for your daily life and savings. The recommended loan term is a maximum of 20–25 years for home loans and 5 years for consumer loans.
To change your repayment scheme, do as follows
Home loan, student loan and bank loan
Changes are subject to a service fee, which owner-customers can pay with OP bonuses. Otherwise, a service fee will be added to the next repayment instalment. Use the online app to find your bank’s list of service charges and fees.
See the list of charges and fees directly, or after logging in.
- Log into the op.fi service with your user identifiers and select the loan to which you wish to make changes.
- Be prepared to provide information on matters such as your income and expenses.
- If you are applying for a repayment holiday because of the coronavirus pandemic, state how the pandemic is affecting your repayments.
- To be valid, the application must be approved by all co-borrowers (in the case of joint loans).
- We will contact you by phone if we need further information on matters such as collateral, which may need to be revaluated in some cases.
- We will inform you by online message of whether your application has been approved or rejected. Unfortunately, you cannot follow our progress in processing your application: please wait until we contact you. We will process your application as soon as possible.
Flexible Consumer Credit and Special Consumer Credit
You are only able to change upcoming instalments of which you have not received invoice yet.
- Log in to op.fi with your user identifiers and select the loan to which you wish to make changes.
- Fill in and save the data.