Pre-contractual information

Borrower’s reminder and information for private consumer loan applicant 

Taking a loan is an important decision, one that involves risks. We want to help you make this decision. 

When applying for a loan, you need to think through and find answers to the following questions: 

  • make it clear to yourself for what and how much you need, where you will get the money to repay it and what are the costs that will be incurred by taking a loan; 
  • provide us with true and sufficient information about your income, expenses, and the purpose of the loan; 
  • consider the possibility that your economic situation may deteriorate, and you must also be able to pay the loan in this situation; 
  • carefully read all credit documents (agreement, information sheet, etc.) before signing the agreement; 
  • if you have problems repaying your loan, contact us and we will try to find solutions together. 

Use the opportunity to ask us for information and clarification on the loan terms and conditions both before and during the loan agreement. You can find our contact details in the agreement documents and on the website at

When reviewing loan terms and loan agreement, pay attention to the following: 

1. Standard European Consumer Credit Information

Before you sign a loan agreement, we will provide you with a personalised Standard European Consumer Credit Information form with summary information on the main terms of the agreement. Carefully review the information in the document. 

2. Joint liability of multiple borrowers 

If there are multiple borrowers, each borrower is fully responsible for the repayment of the loan and other contractual obligations.

3. Loan currency 

We only issue loans in euros. 

4. Loan disbursement term and conditions 

In most cases, we will disburse the loan to your Citadele current account after all the pre-conditions for disbursement set out in the loan agreement have been met (e.g. an additional agreement, certificate, invoice, etc., has been submitted, collateral has been provided, and you have not withdrawn from the loan agreement). Depending on the financing project, we pay out the loan in one or several instalments.

5. Right to withdraw from the loan agreement 

After signing the loan agreement, you have the right to withdraw from this agreement within 14 days. 

6. Interest rate 

Interest is the fee you pay for using a loan. The interest rate is stated in the agreement. In case of a consumer loan, the interest rate is fixed for the entire loan period. Interest is payable on the outstanding balance. 

7. Loan repayment 

Payments due under the loan agreement will be debited from your current account. If you have taken out a loan with a co-borrower, we have the right to take loan payments from their current account as well. 

You will have to make monthly repayments in accordance with the payment schedule. Generally, the repayment is the same and you pay the same amount in monthly payments (annuity payments). The payment consists of a repayment of the loan principal amount and interest. If there is a change in the interest rate or a change in the maturity date of the loan, or if you repay the loan in larger early repayments, the amount of the payment will also change. 

During the grace period agreed with us, you only pay interest. During this period, the loan balance decreases more slowly (compared to the period when there is no grace period) and, therefore, the total interest cost on the loan increases. 

8. Early loan repayment 

You have the right to repay the loan early in full by giving us a three (3) banking days’ notice. 

9. Changing the terms and conditions of the loan agreement 

Generally, changes to the terms and conditions of the agreement are made with the agreement of both parties and are formalised as an annex to the agreement. There is usually a fee for changing the terms and conditions of the loan agreement. 

10. Special terms and conditions of the loan agreement 

If the loan agreement contains special terms and conditions, then it is necessary to pay special attention to them. Only then can you be sure that the agreement will remain in force. 

11. Consequences and costs of the breach of the loan agreement 

If you do not pay your contractual payments on time, we may charge you interest on late payments at the rate indicated in the agreement. Should you find yourself in debt, we will first send you a reminder. If the debt remains unpaid, we will send you a payment order. If your contractual obligations are covered by a surety, we will also notify the guarantor about the arrears. For more than 45 days of arrears, we will provide information to the supervisor of the payment register (Creditinfo Eesti AS). 

If you violate a non-monetary obligation, we will be entitled to charge a contractual penalty at the rate set out in the agreement. 

12. Termination of the agreement and its consequences 

We have the right to terminate the agreement if you fully or partially delay at least three consecutive loan repayments. You are responsible for all costs associated with debt collection.

13. Expenses related to the loan agreement 

When signing the agreement, it is necessary to pay the agreement fee in the amount and terms stated in the agreement. See also the price list for loans, the general terms and conditions for banking services and the rules for processing personal data

In addition to the loan and interest payments, you will also have to pay a monthly current account fee. 

14. Obligation to open an account and transfer income 

You (and your co-borrower) must have a current account with Citadele bank no later than the day you sign the loan agreement. The account must be open for the entire duration of the loan. Your (and your co-borrower’s) regular income must be paid into your Citadele bank account if agreed so in the loan agreement. 

15. Risk of the borrower losing solvency 

Think carefully about how you will fulfil your obligations to repay the loan in case of deterioration of the general economic situation, reduction in wages or unexpected expenses. 

If you should experience payment difficulties, an unexpected termination of employment, enforcement proceedings or a seizure of your bank account, please contact us immediately. Together, we will find the best solution. 

16. Complaints and disputes 

If you have a disagreement, try to resolve it by contacting us first. If our response does not meet your expectations and you still think we have violated your rights when we granted you the loan, you can seek advice and clarification from the Consumer Protection and Technical Regulatory Authority (Sõle 23a, 10614 Tallinn; or Finantsinspektsioon (Financial Supervision Authority) (Sakala 4, 15030 Tallinn; 

You can also take your dispute to the Consumer Disputes Committee of the Consumer Protection and Technical Regulatory Authority or to court.