The Best Student Loans in Finland

Compare the best options on the market and choose the one which best adapts to your day-to-day needs.

Further Below: Our Guide To Student Loans in Finland, Everything you need to know.

1. Nordic bank

  • Offer loans of up to 70,000 euros
  • Flexible interest rates
  • Unsecured loan
  • Fast payout
  • Laxer application procedures
  • Excellent repayment period of up to 15 years
  • Loans available for any purpose
  • Offers free application 

2. OP (osuuspankki)- cooperative bank

  • Flexible loan limit of up to 15,000 euros
  • Annual interest of 7.9% plus a Euribor of 3 months 
  • Offers a grace month once a year 
  • Lenient application procedures
  • Loan purpose is diverse
  • Fast approval 
  • Limited to OP customers
  • Customized repayment terms

3. Saldo loan

  • Offer loans of up to 50,000 euros
  • Friendly interest rates of 13.99% p.a
  • Fast approval within 5 minutes
  • Hassle-free online application  
  • Long  repayment terms of up to 88 months
  • Simpler eligibility criteria
  • Applicants with stable income are preferred
  • Available for various purposes

Student Loans in Finland, All You Need To Know:

Are you considering attending undergraduate, graduate, or postgraduate school in Finland or participating in Erasmus studies?. The ability to finance your education in Finland has improved effectively to accommodate students who need credits. Many students are accomplishing their objectives every year. However, as we’ve covered below, several variables affect student loans. Take a 360-degree tour of this type of financing so that you may apply for a loan completely prepared.

Quick Summary

What you should know about student credits:

  • Are known as good debts as they possess more advantageous loan conditions.
  • To handle various financial problems, several lenders provide various student loans.
  • Compared to many other forms of finance, student loans have superior loan terms.
  • Frequently, while applying for a student loan, the applicant is asked to furnish a guarantor.
  • Even while students make up the majority of student loan applicants, some organizations let parents submit applications.
  • The grace period for student credits ranges from one to five years.
  • EU and non-EU students who match the outlined criteria can apply for state-funded student subsidies.
  • Student loans do not limit applicants from undertaking other loans.

Types of student loans we can apply for

Although the government and banks both offer student loans in Finland, we have categorized these loans according to their intended use. What varieties of student loans are offered?

  1. financing a bachelor’s degree at the undergraduate level. There are two ways to get loans:
  • loans that fully or partially pay the cost of education. You will have to provide the necessary academic documents to certify the amount approved by the lenders.
  •   loans that pay for all study-related expenses, such as tuition, lodging, travel, field trips, and other related costs.
  1. Scholarship Advances: Because scholarship money is awarded later in the semester, students who receive them must apply for scholarship advances. Advances on scholarships are repaid as soon as the student receives the award money.
  1. Postgraduate courses: These loans help pay for students pursuing master’s, postgraduate diplomas, or doctoral degrees. Either all of their study-related expenses or just their tuition fees will be covered by the loan.
  1. Education overseas. The loan will advance the scholarship money to enroll the student in the course at the start, much like scholarship advances. Once the loanee receives the scholarship money, they will repay the loan.
  2. Specialized training cycles and computer classes are the most common short courses in this category.
  1. Laptop financing: Because so many lenders have created loans, particularly for that purpose, buying laptops with student loans has proven to be cheaper.

With the various financing options available, finding a student loan that is ideal for you is now possible. Consult the lender if you have any queries or concerns.

Financing linked to the educational center

One of the finest ways to secure funding for your study is through this. In Finland, many institutions of higher education have arrangements with lenders of student loans who offer customized loans rather than standard ones. In this approach, the student receives funding for their particular course, and all costs associated with that course are covered. This distinguishes it from other student loans, which could require the borrower to cover some study-related costs.

Determining whether your school offers such loans and whether they are the best option for you should be done before applying for a student loan elsewhere.

Are student loans cheaper?

Compared to other loan kinds, student loans typically have better terms. They are typically linked to enticing interest rates, protracted repayment schedules, and grace periods that give students time to get ready before beginning loan payments.

Student loans are referred to as “positive debts” since they assist the borrower becomes a better citizen and contributor to society. Most students pay back their loans once they have graduated from college, found employment, and established themselves as professionals in various fields of the economy.

Characteristics of student credits

Despite the low interest rates and lengthy repayment durations of student loans, gaining a comprehensive understanding of the loans can help you make an informed decision before taking them out.

  • Low interest rates on student loans range from 4.99% to 6%. Some lenders charge an interest rate of 0%.
  • Some lenders frequently add commission fees after the loan has been funded. To be ready for these expenses, it is advised to pay close attention to the contractual specifics.
  • Opening costs on student loans typically amount to 0.48 % of the loan amount. Always pay the charge in the first month of loan repayment.
  • Student loans frequently involve some sort of tying, usually in the form of complementary products that are attached and customized to the student’s profile, like a current account and a card they must use.
  • Most student loans need surety. This is due to a large number of minor candidates. We use guarantors with steady incomes to serve as collateral.

Requirements to be able to apply for a loan as a student

  1. being of age. Only applicants who are the appropriate age are granted a loan (above 21 years). The parent must apply on behalf of the applicant if they are a minor.

NOTE: Be aware that certain lenders may only accept applications submitted by the parents.

  1. To give the bank confidence in its ability to repay the loan, the applicant should maintain a strong credit history.
  1. own a reliable source of income. To decide if you qualify for the loan, the lender will look at your income and monthly costs.
  1. The entity will need a guarantor with a steady income if the applicant is unemployed (who is mostly the parent).
  1. Many times, applicants for student loans who do not have a source of income are approved, with the requirement that they repay the loans once their studies are over.
  1. Because the loan will be returned as soon as the scholarship money is disbursed, scholarship advances do not require applicants to have income or collateral.
  1. be a resident of Finland. This applies to both domestic and international students. Some financial institutions offer loans to non-EU students as long as they obtain Finnish residency status.

Documentation for applying for a Student Credit in Finland

  • National identity card or passport
  • Barcoded ID ( SA Green)
  • A registration proof from the learning institution
  • Fee structure for additional proof 
  • Taxpayer identification card (NIF)

Can I get a student loan if I don’t work?

  • The terms and conditions set forth by the lender heavily influence this. Some lenders will offer money to students who don’t have jobs if they can show guarantors who will return the loan. The guarantor will be expected to have a reliable source of income in this scenario.
  • However, some organizations won’t let guarantors enter for pupils without financial support. As a result, they only offer loans to students who can submit their salary stubs.
  • This condition does not apply to scholarship advances, so the candidate will need to provide documentation of the scholarship.

There are study credits that can be paid later

Different grace periods are offered for student loans. Some provide a complete grace period (up to 5 years), but others only provide 1 or 2 years. In contrast to a partial grace period, which allows the borrower to begin paying interest only while deferring repayment of the principal, a full grace period requires the student to begin repaying the loan after they have finished their studies.

About this page, our methodology

What is this page for: On this page, we focus on assisting you in selecting a financial solution that best fits your economic needs. For you to choose the most appealing product, we, marshal the best information that is currently available regarding consumer credits and what to take into account when selecting an option. This will help you obtain liquidity with lower payments.

Source: the information regarding business loans in Finland and their current regulation comes from the Finnish Consumer Credit Act, Government portals, and financial institutions such as banks among other reliable sources.

Methodology: The data relating to the conditions of these products (amount, term, interest, etc.) have been obtained through online research and consultation of the official statistics of the aforementioned reference sources.

About FUNDGECKO: This platform’s financial comparison tool attempts to give users useful personal finance knowledge. Through this website, all users can compare and choose between the top financial products available right now, completely free and without any obligations. They can also gain access to all the necessary information to make an intelligent and responsible purchase of the financial product that best suits their financial situation.
Note: the services we offer are totally free for the user, as FUNDGECKO obtains its income from advertising and its featured products.

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