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Student loan

Ask of study loan from Swedbank and concentrate on your studies

  • A student loan with a state guarantee helps you cover the costs of studying either in Estonia or abroad.
  • Interest only 1,99% + 6 months’ Euribor.
  • Both entry into the agreement and early repayment are free of charge.
  • Bring your student loan to Swedbank. It is simple. Read more

Examples of the annual percentage rate

Student loan

The initial annual percentage rate of charge is 2,72% under the following sample conditions:

  • loan amount €3 000;
  • 6 month Euribor + interest rate 1,99% per year;
  • agreement fee €0;
  • the sum of repayments €3 043,83;
  • the total cost of the credit €43,83;
  • the total sum of the credit €3 043,83.

The rate was calculated on the assumption that the loan amount is taken into use immediately and in full, and repaid within one year in 12 equal payments made after equal intervals of time.

Student Loan

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Results are approximate and may differ from conditions offered to you.

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Detailed result

See the examples of the annual percentage rate

Student loan amount

In the academic year 2022/23, a maximum of €3,000 can be taken out as a student loan. If your studies last less than 9 months, you can get a student loan up to €1,500.

Student loan conditions

You can sign a student loan agreement from 1 September to 31 May.

You can apply for a student loan provided that

  • You must be a citizen of the Republic of Estonia or hold a long-term residency permit or the right of permanent residence;
  • your studies will last at least 6 months based on the curriculum;
  • You are studying full-time or part-time
    • in an Estonian public or private university or vocational educational institution or
    • in a municipal or private vocational educational institution providing vocational training based on the secondary education level or
    • in a foreign country, in an educational institution that is comparable to the above listed educational institutions.
  • You are not on academic leave;
  • You do not have any outstanding debts.

You can sign a student loan agreement via the Internet Bank. If you do not have an account, you can open one here.

If all the conditions for obtaining a loan are met, we will transfer the student loan to your Swedbank account from 15 September, to a first firts year student from 1 October.

If you are studying abroad please send two digitally signed documents in PDF format to the following e-mail address: oppelaen@swedbank.ee.

  • a certificate from a foreign educational institution stating your details:
    • name, ID code or date of birth;
    • the faculty in which and the specialty that you study;
    • whether you are a full-time or part-time student;
    • the level of studies (vocational education based on secondary education; BA, MA or PhD studies);
    • the start and expected end of the studies (nominal duration of studies);
    • ISCED (International Standard Classification of Education) level code.

If the certificate is not in Estonian, English or Russian, the bank may request submission of a certified translation of the document;

For technical reasons, it is not possible to sign a student loan agreement from 21.00–00.00.

If you did not indicate that you want automatic transfer of the loan amount, or if you are studying abroad or part-time in teacher training, the bank will not automatically transfer the amount of the student loan to your account.

Student loan info

Repeat borrowers

If you signed a loan agreement with us prior to the 2022/23 academic year and expressed your wish in the application that the loan amount be transferred to your account automatically for the next academic year, you do not have to submit a new application this year. If you did not indicate that you want an automatic transfer of the loan amount, or if you are studying in a foreign country or part-time teacher training, you will need to submit an application to receive the loan amount.

When all conditions are met, the bank will transfer the loan amount to your account from 15 September.

If you are studying abroad, you will need to submit a certificate from a foreign educational institution and a transcript of a certificate from a foreign educational institution in order to obtain a student loan. In the case of part-time teacher training, you will need to obtain a certificate from your employer confirming your workload. Submit a digitally signed certificate in PDF format and/or submit it to oppelaen@swedbank.ee.

If the automatic transfer of the student loan to your account failed for some reason, e.g. some of the eligibility conditions had not been met or the school had not confirmed that you are a student, but you still wish to take out a loan this academic year, you can apply for the transfer of the student loan to your account from 1 October.

If you do not want to take out a loan this year, or want to change the loan amount or the date of receipt of the loan, please let us know by 14 September via a bank message or write to oppelaen@swedbank.ee.

Transfer of student loan to Swedbank

You can only have a valid student loan agreement with one bank.

How to bring your student loan from another bank to Swedbank:

  • if you do not have a Swedbank account, open one digitally here;
  • fill in a student loan application in the Internet Bank and indicate that you want to transfer your loan to us;
  • we will contact you, if necessary, to clarify the data;

There are two options to secure a student loan:

  1. surety of at least one person;
  2. mortgage on immovable property located in Estonia:
    • the immovable property must belong to the student loan applicant or their parents;
    • immovable property collateral entails additional expenses: notary fees, state fee, and valuation of the immovable property;
    • if you want a new study loan next year, the immovable will have to be re-appraised.

Surety provider

A person who is a citizen of the Republic of Estonia or an adult with active legal capacity staying in the Republic of Estonia on the basis of a permanent right of residence or a long-term resident’s residence permit, and whose regular verifiable income for the past 6 months is at least equal to the minimum wage in force in Estonia, is suitable as a guarantor for a student loan.

The guarantor may also conclude a contract of suretyship at a bank branch without the student being present; for this you will need the student’s student loan agreement number and personal identification code.

If the surety provider’s income is not received by Swedbank, the surety provider will have to submit a digitally certified bank statement for the last 6 months from another bank before signing the suretyship contract. It can be sent to the address oppelaen@swedbank.ee or submitted at a bank branch where the contract of suretyship is being concluded.

Immovable property collateral

If you offer real estate as collateral for a student loan, a mortgage will be set on that property in favour of Swedbank. You can find out the approximate size of the mortgage by multiplying the desired loan amount by 1.3.

Repayment of student loan

Learn more about how to pay the principal amount and interest on your student loan and when are you eligible for a grace period.

  • Interest begins to be calculated immediately after the transfer of the loan amount, and the calculation ends on the day of full repayment of the loan amount. The bank will automatically debit interest from your account at the deadlines indicated in your student loan agreement. Interest is calculated on the loan balance.
  • After graduation, you will start to pay the principal amount and interest on your student loan according to a payment schedule set by the bank. We will prepare and make the schedule available in the Internet Bank within 45 days after graduating from an educational institution or interrupting studies.
  • You will begin repaying the principal amount of the student loan at the latest within 12 months after you have graduated from the educational institution or left the school for another reason. Upon request, we can extend the start of the repayment period up to 18 months.You do not have to begin with repayments of the principal amount if you commence studies again within 12 months. Please let us know about continuing your studies with a bank message or send a digitally signed application to oppelaen@swedbank.ee.
  • You have twice as much time to repay the loan as the length of your studies according to the curriculum, but no more than 20 years. You can calculate the principal amount and interest payment of your loan with the help of the calculator.

Student loan calculator

  • If, for some reason, you do not complete your studies, you will have to repay the loan during a period equalling one and a half times your studies in the educational institution, however no less than within a period of 6 months and no longer than within one and a half times the nominal duration of the curriculum.
  • If you want to change the payment schedule (shorten the loan period, change the payment date or frequency, etc.), please send a bank message or a digitally signed application to oppelaen@swedbank.ee. A schedule change may involve a service fee.

Student loan price list

Early repayment

You have the option to repay the loan before maturity free of charge. To do this, please fill in 2 days before repayment on the Internet Bank Application for early repayment of student loan in Internet Bank.

Grace period and state support

You can suspend the repayment of the principal amount of the student loan until your child reaches the age of 3 (if the other parent has not already received a student loan grace period on the same basis), as well as during periods of military service and residency.

The state pays the interest on your behalf during the grace period. In order to use the support, submit an application to the bank with a document evidencing your right to obtain it: your child’s birth certificate or a certified document from your unit. The support will apply from the day you submit the application to the bank.

If the borrower is not capable of working or borrower constantly takes care of his/her severe or profound disability child or borrower dies, the state will repay the loan in full. If the student loan has been obtained after the borrower has been declared incapable of work or the borrower’s child has been diagnosed with a severe or profound disability, the state will not pay the loan amount.

How to formalise a grace period or state benefit?

You can suspend the repayment of your student loan principal until your child turns three, also for the time you spend in compulsory military service or study as a resident.

To quality for a grace period and/or a state incentive, you must provide the bank with a

  • application in free form;
  • document forming the basis of receiving a grace period or benefit (e.g. child’s birth certificate, a certified document from your unit etc.).

If borrower constantly takes care of his/her severe or profound disability child:

  • student loan deletion application (PDF);
  • consent to forwarding personal data to the Social Insurance Board (PDF).

If the borrower is not capable of working:

  • student loan deletion application (PDF);
  • consent to forwarding personal data to the Social Insurance Board (PDF).

If borrower dies:

  • application in free form;
  • certificate of borrower’s death.

The documents can be submitted in a digitally signed form to oppelaen@swedbank.ee.

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