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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
  • The interest rate is just 5% per annum
  • Agreement signing and early repayment is free of charge
  • You can sign the student loan agreement from 1st of August until 31st of May

Student Loan

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Student loan conditions

You can conclude a student loan agreement between 1 August and 31 May.

Applying for a student loan requires the following:

  • You must be a citizen of the Republic of Estonia or hold a long-term residency permit or the right of permanent residence.
  • The nominal period for your studies is six months or more.
  • 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.

If you do not meet these conditions, visit a branch of the bank to explore other ways to finance your studies. You can find other loan options here:

More about a home equity loan
More about a small loan

Student loan amount

During the 2021/2022 academic year, the maximum amount of the student loan received by the borrower is EUR 1250, if your nominal period of study is six to eight calendar months, and the maximum amount of the student loan received by the borrower is EUR 2500, if your nominal period of study is nine or more calendar months.

There are two options to secure a student loan:

  1. surety of two people;
  2. mortgage on real estate located in Estonia.
    • The real estate must belong to the student loan applicant or their parents.
    • Real estate collateral entails additional expenses (notary fees, state fee, and real estate appraisal).
    • If you want an additional amount next year, the real estate will have to be appraised again.

First-time borrowers

You can sign the student loan application and agreement at any branch of our bank or in the Internet Bank. If the length of your studies determined in curriculum is 6-8 months or you do not have Swedbank Internet Bank, you can only enter into the student loan agreement at the bank branch.

If you will sign the agreement in branch, you must submit the following documents with your application:

  • identification document;
  • the written consent of your legal representative if you are younger than 18 years;
  • if you are not an Estonian citizen, you need to submit an alien’s passport or a foreign citizen’s passport with a valid Estonian long-term residence permit;

In case of foreign studies:

  • submit the certificate issued by the foreign educational institution if you study abroad. Make sure that the certificate contains the following information:
    • 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); and
    • 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;
  • the application for a certificate of a foreign educational institution must also be submitted. The certificate and application for a certificate of a foreign educational institution are only valid for one year and you must submit them every year, even in case you don’t want to get student loan. Otherwise bank will compile student loan schedule and repayment period will start.

    The certificate and application bring to the bank branch or send via e-mail oppelaen@swedbank.ee. If you send documents via e-mail they should be digitally signed and in PDF format.

The money is transferred to your account in Swedbank once all of the conditions required to be eligible for the loan have been met (the collateral contracts have been signed, your name has been entered in the list of persons eligible for a student loan which the Ministry of Education and Research has sent to the bank, etc.). The bank starts transferring the loan money on 1 October 2020. You can check your compliance with the terms and conditions after the loan agreement has been signed in the Internet Bank.

If you do not have an account in Swedbank, we will open a current account for you. We will transfer the loan amount and withdraw the payments relating to the loan from this account.

The agreement cannot be signed between 9.00 pm and midnight for technical reasons.

Repeat borrowers

You do not have to re-apply this year if you took out a student loan in last year and noted in your application that you would like the loan amount to be automatically transferred to your account in the subsequent academic year.

The money is automatically transferred to your account if all of the conditions have been met (the collateral contracts have been signed, your name has been entered in the list of persons eligible for a student loan which the Ministry of Education and Research has sent to the bank, etc.). The bank starts transferring the loan money on 15 September 2020.

The bank will not transfer the amount of the student loan to your account automatically if you study in a foreign country or are a part-time teacher training student.

Those who study in foreign countries must submit the certificate of a foreign educational institution and the application for a certificate of a foreign educational institution in order to receive a student loan. Part-time students in teacher training must ask their employer to give them a certificate that verifies their work load.

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 at a branch of the bank or in the Internet bank from 1 October 2020.

If you do not wish to take a loan this year or you want to amend the terms and conditions of the loan (amount or date of receipt of loan), you can submit an application at a branch of the bank or send us a notice about your decision to not take another loan or your wish to amend the terms and conditions of the loan via the Internet Bank until 14 September 2020.

You cannot apply for a student loan for the previous academic year.

The person who provides surety to a student loan must be an adult with active legal capacity who is a citizen of the Republic of Estonia or a holder of a permanent right of residence or long-term residence permit of the Republic of Estonia whose regular and verifiable income for the last six months is at least equal to the minimum net salary valid in Estonia.

Surety providers submit application and sign suretyship contract at a Swedbank branch or in the Internet Bank.

Suretyship contracts can be signed with an ID card in the Internet Bank if the surety provider is an Internet Bank user, has an ID card and can use an ID card reader and a computer that is equipped with the relevant software.

A surety provider must have their passport or ID card with them if they submit a suretyship application and sign the suretyship contract at a branch.

A surety provider can sign a suretyship contract without you being present if surety provider know the number of your student loan contract and your ID code.

If the income of the surety provider is not received in a Swedbank account, the other bank's digitally confirmed statement for the last 6 months must be submitted to the Swedbank branch or to the e-mail address oppelaen@swedbank.ee before entering into the surety contract.

Payslip is not a document for verification of income.

If you do not have any surety providers and offer property as collateral for the loan, the property will be encumbered with a mortgage in favour of Swedbank. You can work out the approximate amount of the mortgage by multiplying the amount you wish to borrow 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.

  • The calculation of interest begins immediately after the loan amount has been transferred. The interest rate for a student loan is 5% on the loan balance per year, and it is fixed for the entire loan period. Interest is paid on the deadlines stipulated in your student loan agreement. The bank will debit the interest automatically from your account.
  • After you have finished your studies, the principal amount and interest on your student loan shall be repaid under a payment schedule drawn up by the bank. We will prepare the payment schedule within 45 days after the education institution or you have notified the bank that you have finished or interrupted your studies. We will send the payment schedule to the address you have provided to us. Please visit the Internet Bank and make sure that your contact address is correct.
  • 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. You do not have to begin with repayments of the principal amount if you commence studies again within 12 months. Please inform us about continuing your studies via a bank message, send a digitally signed application to oppelaen@swedbank.ee or submit the application at a bank branch.
  • 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 wish to change the payment schedule (shorten the loan period, change the payment date or frequency, etc.), send a respective bank message or submit an application at a bank branch. When changing the payment schedule, you will have to pay a service fee as per the price list.

    Student loan price list

Early repayment

  • If you would like to repay the student loan amount early, you must submit a relevant application at a branch of the bank or in the Internet Bank two days before the repayment. The bank will withdraw the repayable amount from your account that is tied to the student loan agreement on the agreed date.
  • Option for early repayment of loan without any additional fees.

Application for early repayment of student loan in Internet Bank

Grace period and state support

  • You can suspend the repayment of your student loan principal until your child turns three (provided that the other parent of the child has not already been given a grace period on the same basis), and also for the time you spend in compulsory military service or study as a resident.
  • The state pays the interest on your behalf during the grace period. In order to use this 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. The state does not pay the loan amount if the student loan was applied for after the borrower was declared permanently incapacitated for work or for after the borrower’s child was declared handicapped. Contact the bank to find out what documents you need to submit in such a situation.

How to formalise a grace period or state benefit?

In order to apply for a grace period or state benefit, you need to submit the following documents to the bank:

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
  • 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.)

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

  • Application (PDF)
  • Consent to forwarding personal data to the Social Insurance Board (PDF)

If the borrower is not capable of working

  • Application (PDF)
  • Consent to forwarding personal data to the Social Insurance Board (PDF)

If borrower dies:

  • Application in free form
  • Certficate of borrower’s death

All documents can be submitted to the bank by e-mail at oppelaen@swedbank.ee, but in this event the documents must be digitally signed. Please call us on 6310 310 or send an e-mail to info@swedbank.ee if you have any questions.

Transfer of student loan to Swedbank

You may have only one valid student loan contract with one bank. If you would like to transfer your student loan from another bank to Swedbank, find out how this can be done.

  • Submit a student loan transfer application to our branch. documentStudent loan transfer application
  • An employee of the bank will inform you of the decision to transfer banks and agree the details of the student loan agreement and the collateral contracts with you.
  • You have to pay the other bank the loan agreement termination fee and interest calculated until you signed a new student loan agreement after you have signed a new student loan agreement with Swedbank. You can find out the exact amount from the relevant bank.
  • Swedbank then pays the balance of your student loan principal to your account in Swedbank and the amount is immediately transferred to the pervious lender in order to repay the loan to them.
  • After this, you only have to communicate with Swedbank on matters concerning the student loan.

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