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Loan repayment holiday and other changes to your loan

If the repayment scheme you have agreed with your bank does not fit your present life situation for some reason, your loan repayment terms can be changed. You can change your repayment scheme easily online.

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.

Repayment holiday

During a repayment holiday, you will not repay the loan capital but only the interest. You can apply for a repayment holiday for a home loan, student loan and bank loan. You can’t apply for a deferment month for these loans.

Deferment month

You can get one deferment month per year for Flexible Consumer Credit and Special Consumer Credit. During this month, you will not make a repayment or pay interest. The deferment month is free of charge. The deferment period is the same calendar month every year. You can’t apply for a longer repayment holiday for these loans.

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

The changes are subject to a service fee that owner-customers can pay with their OP bonuses. Otherwise, the service fee will be added to the next repayment instalment. You can easily find your own bank’s list of service charges and fees in the online application.

  • Log in to op.fi with your user identifiers and select the loan to which you wish to make changes. Check the price list.
  • Select the change you wish to make, fill in the application and send it.
  • We will start processing your application within three banking days. If we need further information, we will contact you by phone.
  • We will inform you by online message whether your application has been approved or rejected.

Flexible Consumer Credit and Special Consumer Credit

You can only change future instalments for which you have not yet received a bill.

  • 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.

An extra loan repayment does not change your loan repayment scheme but repays the loan in addition to the normal monthly repayment. An extra loan repayment is not subject to a charge, except in the case of a fixed-rate loan for which the bank may charge a fee as stated in the loan terms and conditions. For more information on charges, please contact your own OP cooperative bank.

You make the extra loan repayment yourself at op.fi or on OP-mobile. At op.fi, do the following:

  • Log in with your user identifiers, go to the "Loans" section and check the number of the loan to which you wish to make a payment.
  • 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.

You can change the loan management account by sending us an online message. If the loan has several borrowers, every borrower must send an online message with similar content on the change of the loan management account. Please state in your online message that it is the question of a change of the loan management account. Include in your message the loan number and the number of the account to which subsequent loan repayments will be debited.