(edit title) Help with bank loan Best aproach Options

[dilkush]

Hello Localers,

I completed 1year work in sweden.
I am single and get more than 26k net p.m and have clean credit.
I have applied online for couple of banks for Loan but they have not responded.and one of the banks is Nordea.
I dont get time to visit the bank cos of work.
Is GE money bank good?

I want to apply for 250k loan for 10yr period as personal loan to be used in my home country in purchasing property,can you please tell which is the best bank and best approach to proceed?
Does it take more than 1month for approval if everything goes well?

ThankU.

[johnjohn]

It is always best to discuss such a loan in person. The trouble with your loan is they have no assist here to seize if you default. It might be different if you were buying property here. I would suspect you will have an uphill struggle. Best of luck.

[dilkush]

Thank you John.I will try to discuss in person.
Hope it works out as a personal loan.

[Darwinder]

If you have perfect credit in Sweden, have been working more than a year, make 26k take home every month and have a statement saying you work a fulltime job you should have no problem getting a loan for that amount. Just go into the bank and talk to them, you dont need to disclose what the money is being used for because its a pretty small amount and you are personally going to guarantee the loan. They should be able to set everything up for you in less than 20 minutes, good luck.

[dilkush]

Thanks a lot Darwinder.That was helpful:).

[Fishtank]

Forget Nordea, they will just waste your time.

Try this one:
https://www.nordnet.se/toppenlanet/start.html

They are internet bank and not some fly by night operations. Internet banks does not have overheads like main street banks and hence they offer you better rates. They are fast in processing the loans too..

Check pricerunner.se and there is some website where you can apply for loan and all the interested loan providing institutions can give you and you can choose from.

You do not need to inform them what the money is for. But if asked, answer honestly.
Being evasive does not help your cause with any FIs in any part of the world.

[Yorkshireman]

You wont get a loan from Nordnet, they have a requirement of 3 years income registered in Sweden.

And I suspect that is why You have not heard anything from the other places also. OP, how long have You been in Sweden? 1 year?

In the past for loans even with an asset as security, eg. home, car etc..., most banks required 3 years of living and earning in Sweden, many have lowered that to approx 2, if it is for a car they often reduce that even further to around 6+ months, and only if the car is not older than a few years.

If you find an institute that is prepared to offer 250K unsecured loan to someone that has only been in the country for 1 year... you will either be lucky, or paying a very high interest rate!

[aino]

Think of it from bank's point of view (well, hopefully you already thought about it): you want them to give you money to buy something in another country, which they can't even put a lien on? Why would they want to do that?

[dilkush]

Good to see advices...thanks.Right,no use going to nordea,just hopeless service.
Atleast from my point of view.Having a permanent job,decent salary,no bad credit and 250k loan is not a huge amount(less than half of my yearly salary).I think banks in sweden should have no problem to give me loan as im the personal guarantee...why should i even mention the reason when its personal loan and not a home loan...For sure, im not the first non swede to take such loan.
Telling the reason of buying property in home country will definetely scare the bank away.I agree.

[chazza]

Now I'm curious to know where one can buy property for 250k ?

[Yorkshireman]

Having a permanent job,decent salary,no bad credit and 250k loan is not a huge amount(less than half of my yearly salary).I think banks in sweden should have no problem to giv ... (show full quote)

Having a permanent job,decent salary,no bad credit and 250k loan is not a huge amount(less than half of my yearly salary).I think banks in sweden should have no problem to give me loan as im the personal guarantee... ... (hide full quote)

Would a bank in your home country give you a loan? They could use the property as security, as You say You have a good job, clean credit.

If someone came to You, 1 year living and working in Sweden, no assets to use as security, good credit rating since only 1 year credit history! and asked to borrow 250K, would You lend it out?

Even for students here in Sweden it can be hard to borrow, even after 1 year. The part of the risk analysis is not just ability to pay back, but also history. You have none really. Your income shows only 1 year ... but more importantly as part of Your ability to pay back, as you say, 250K is half of your annual salary, do you already have savings with any bank in Sweden? That can be a definate plus when applying for a loan, as regular savings into an account also shows that You do have spare income to repay a loan!

[dilkush]

@chazza Mate...i think you should read the messages again.I am not going to buy anything here.
@yorkshireman Yes i understand what you said about not having stayed here for long and worked for more than 1 year.I guess 1 year working should be good enough for me or any bank to give a loan.Thats my thinking ofcourse.yes i have decent savings here and i can get a loan in my homecountry,almost all banks give loan after working 1 year there and some for 6months but i am not going for it because of high interest rate and tedious process.It is bit hasselfree for me for repaying it here.I am sure somebank will call me or il get one.Cheers!

[Eastiseast]

If we do some quick math(i hope i get this right now) so 250k sek in loan for 10 years amounts to abt 3.5k-4k per month at a 6% rate of interest ... depending upon the rate that u get ..if ur in hand salary is 26k (i.e. ur beforetax salary is something between 36-37k sek) the loan represents a only a very small fraction of ur monthly expenses... (thats how they calculate the feasibility) .. i dont think there should be any problem if u meet any of the banks... u can try www.lendo.se .. register, fill all ur details and u get a reply within 24 hours... whats more they also try to get the best rate for u ...i dont think there should be any problem at all looking at ur case even if its just a year ... they can have some reservations if ur visa is less than 10 years i guess but otherwise i dont see any hurdles...
good luck

[Kibiri]

prisjakt.nu and compricer.se for a list of lending banks and bank-like companies.

[dilkush]

Thanks a lot guys..Eastiseast and Kibiri.
the calculation is correct It was helpful.