Bank of Norway is perhaps one of the most popular foreign banks on the Finnish financial product market in recent years. The Bank strives to keep its product portfolio simple and competitive and its products are aimed at the private market. Do you already know the bank’s star product, unsecured consumer credit?
Norwegian financial institution
Bank of Norway is a Norwegian financial institution founded in 2005. In Finland, the Bank has been providing its services since 2015. Bank of Norway does not have physical bank branches, but all transactions with the bank are done online. Bank of Norway is a trustworthy bank and is covered by Norwegian Deposit Guarantee.
Bank Norwegian products
Bank Norwegian’s product line includes consumer credit, credit card and savings account. Bank Norwegian currently offers the highest interest rate on a continuous savings account (1.75%) in Finland. In addition, the Norwegian credit card, which is part of the bank’s selection, is particularly attractive to travelers; The annual fee-free credit card includes travel insurance and can be used to collect Cashpoints to purchase Norwegian flights and additional flight services.
What kind of loan does Bank of Norway offer?
Although Norwegian Bank’s credit card and savings account are high quality products, the most important bank’s product is unsecured consumer credit. The bank markets its loans under different names, such as home improvement loans or car loans, but virtually all loans offered by the bank have the same characteristics.
You can get a loan from Norwegian Bank for between € 1,000 and € 50,000. You can choose the loan repayment schedule from 1 to 15 years to suit your personal cash situation. The loan repayment method is an annuity, and the loan can also be partially or fully paid off in advance, even at no extra cost.
The interest rate for Norwegian Bank’s loan is determined on a customer-by-customer basis based on the customer’s ability to pay. The nominal interest rate range is between 8.99% and 22.49%, for example, the effective annual interest rate is for EUR 10,000 loan is between 11.24% and 27.01%. The loan set-up fee is € 45-95 depending on the loan amount, and the monthly maintenance fee is € 5.
Who can apply for a Norwegian Bank loan?
Bank Norwegian imposes a number of requirements on loan applicants: The applicant must be at least 23 years old, must have no defaults, and must have been in the Finnish population register for the last 36 months. You can also apply for a loan with a co-applicant, which allows you to get a bigger loan than applying alone.