Consumer credit loan

[ram316]

Hi,

My wife and I, non-EU citizens, are working on permanent basis in software companies in Helsinki from August 2013. Our gross monthly salary is 7000 Eur combined. We are looking for a personal loan of 10K Euro which we would like to obtain for our own finance needs. Is it possible to get a consumer credit loan with interest rate around 4% as mentioned in the link here http://www.expat-finland.com/finance/lo ... l#interest? Nordea where we do our banking said no but flexi credit with interest rate >8%. Please suggest if there are any other banks who would provide this kind of loan? We don't have any collateral with us.

[betelgeuse]

Is it possible to get a consumer credit loan with interest rate around 4% as mentioned in the link here http://www.expat-finland.com/finance/lo ... l#interest?

My guess it that 4% category includes all kinds of collaterized loans like automobile loans.

We don't have any collateral with us.

This means you haven't been saving anything which makes you risky customers to banks. I would try for both of you applying for S-Bank visas. It's currently under 6%. I have heard they can be quite picky in approving people but there's nothing else to else than time when you apply.

https://www.s-pankki.fi/fi/arjen-raha-a ... rtti-visa/

[ram316]

This means you haven't been saving anything which makes you risky customers to banks. I would try for both of you applying for S-Bank visas. It's currently under 6%. I have heard they can be quite picky in approving people but there's nothing else to else than time when you apply.

https://www.s-pankki.fi/fi/arjen-raha-a ... rtti-visa/

Thank you for the response. Looks like an option.

We have our savings currently but we are searching to buy a home and we have a loan promises from couple of banks, not yet with S-Bank.
Assume we buy a home with the down payment of 15% on original home value, can we use that as a collateral for getting consumer credit sometime in near future, say within next 1 year.
Will that makes us eligible for those loans which are around 4%?
Do not mind if it sounds stupid.

[betelgeuse]

Assume we buy a home with the down payment of 15% on original home value, can we use that as a collateral for getting consumer credit sometime in near future, say within next 1 year.
Will that makes us eligible for those loans which are around 4%?

I don't think any bank accept the home at 85% so you will most likely have some extra collateral / guarantee like the state involved. Even if the bank did, you would be better of taking an interest only period in the beginning and saving the money you need. In Nordea, this is trivial to do with their FlexiPayment system:

http://www.nordea.fi/en/personal-custom ... yment.html

[tavastia]

You can also buy more guarantee from the banks which will reduce amount of advanced payment you need.
This is an insurance which does not come free but is a solution to avoid flexiloan.

E.g. Nordea has: http://www.nordea.fi/henkiloasiakkaat/l ... inaisuudet