Product Overview
Personal Loan – Santander (BestCredit)
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Santander Consumer Bank AG offers online a simple way to get a personal loan with a minimum of paperwork.
Santander is a large bank based in Germany and a wholly-owned subsidiary of the major global bank Banco Santander. It has 211 local branches in Germany and is a member of CashPool. It is state supervised by BaFin; bank deposits are backed/ secured by the Einlagensicherungsfonds des Bundesverbandes deutscher Banken (German Security Fund to Protect Savings).
The key benefits of a Santander Consumer Bank AG loan are:
- interest rate from 1.99% / year (see website for concrete offer)
- possible credit amount from €1.000 and up to €60.000
- online calculation of credit costs according to the wanted credit amount and life
- online submission of basic data concerning personal and job data
- no physical and personal securities required
- prompt delivery of contract documents per post/ physical mail
“BestCredit Online Kredit” by Santander: Get a personal loan by Santander in a 100% digital application process. Just complete the identification on your phone or laptop and receive your desired amount in seconds. The BestCredit by Santander helps to make bigger purchases and has a fixed interest rate for the whole loan term. You won’t have to send any printed documents, everything is online. You can apply for an amount from €1000€ to €60.000. Find out more about the loan terms here.
| Interest Rate (Loan) | from 1.99% / year |
|---|
Prerequisites in order to apply for the loan:
- (Registered) Residency in Germany (non-EU citizens need to send in their German residence permit)
- Sufficient regular income (Employment or Pension)
- No negative entries in your SCHUFA (German credit score)
You might also be interested in credit cards (see overview here):
How to get your personal loan – What to do
A personal loan is a fixed amount of money given to an individual by a bank that comes with a fixed interest rate and a fixed repayment term. Personal loans are unsecured, which means that there is no collateral involved.
Therefore you have to have a REGULAR SALARY and to ensure there are NO ERRORS IN YOUR CREDIT FILE that could prevent your application from being approved. (In Germany, your creditworthiness is most likely tracked and recorded by Schufa Holding AG, Germany’s biggest credit agency).
Just follow the simple steps in the loan application process and answer a few questions. You will then receive a loan offer via mail, which you have to check, sign and send back.
First page:
- “Wunschkredit” – Enter your basic loan data
- Persönliche Angaben – personal data
- Berufliche Angaben – job data
- Einnahmen / Ausgaben – earnings / expenses
- Kreditantrag/ Bankverbindung – credit application/bank account
(You may find it helpful to read the list of explanation of german words below: Glossary)
Glossary (German/English technical terms)
| German term | English translation |
|---|---|
| Absicherungsoption | Option on Payment protection/ insurance |
| AGB (allgemeine Geschäftsbedingungen) | Standard business terms, the conditions of a contract |
| Antrags-, Abschlussgebühr | Application fee: the fee charged by a lender to cover costs associated with processing the loan. |
| Anzahl kindergeldberechtigter Kinder | Number of children you get child benefit. Kindergeld = child benefit, an amount of money that the government gives to families with children |
| Arbeitslosigkeit | Unemployment, job-loss |
| Arbeitsunfähigkeit | Sick leave, disability |
| Ausgaben | expenses |
| Auskunftei, SCHUFA | Organisation that review your credit information and create credit reports that can be checked by lenders to determine your eligibility for a personal loan. (In Germany, your creditworthiness is most likely tracked and recorded by Schufa Holding AG, Germany’s biggest credit agency. |
| Bankverbindung | Bank account, bank details |
| Berufliche Angaben | job data |
| Berufsverhältnis | job, profession; Selbstständig: employee or self employed/ freelancer Arbeiter, Angestellter Arbeiter, Angesteller: Rentner, Beamter |
| Beschäftigungsdauer | Job tenure; if less than 3 Years it will be sometimes necessary to give additional information |
| Bonität | Credit history, financial standing. It is a record of all the borrowing and repayment transaction an individual has undertaken. It is one of the most crucial factors that determine an individual’s eligibility for a personal loan. |
| Credit History: | It is a record of all the borrowing and repayment transaction an individual has undertaken. It is one of the most crucial factors that determine an individual’s eligibility for a personal loan. |
| Credit Report | A credit report is a report generated by a certified credit rating agency showing an individual’s credit history. |
| Credit Score; SCHUFA | A credit score is an individual’s valuation and ability to repay a loan. It is computed based on his/her history of borrowing and repaying. |
| Darlehensnehmer | A borrower is someone who takes a loan from a lender. Just you or an additional borrower (“zweiter Darlehensnehmer”) |
| Dauerauftrag (Automatic bill) payment | It is one of the repayment options for your personal loan. By choosing automatic payment facility, your monthly EMIs will be deduced directly from your bank account on a particular day each month and you won’t have to do it manually each time. |
| Dispokredit | Lines of credit are essentially loans that do not require any kind of security or collateral and are usually offered at variable interest rates. |
| Effektiver Jahreszins | The Annual Percentage Rate is basically the overall cost of credit. A loan’s APR is essentially its overall finance charge. It includes the principal as well as the interest component of the loan, and is shown as an annual rate. The APR enables customers to compare various loans with different charges and interest rates. |
| Einnahmen | Earnings; the money that you earn from your work |
| Erste Rate fällig am | The first payment will be due in ... |
| Fester Sollzinssatz | Fix borrowing rate |
| Fixed Interest Rates: | Interest rates that remain unchanged over the tenure of the loan are called fixed interest rates. |
| Fremdverpflichtungen, die man ablösen will. | Replacement of old debt by new debt |
| Gebühr | Fee |
| Gesichertes Darlehen | It is a loan that requires the borrower to pledge assets as security or collateral |
| Garantiegeber / Bürgschaftsgeber | A guarantor is essentially an individual who guarantees that you will repay the loan in full. Lenders usually require guarantors when the credit history of a borrower is not up to the mark. In these cases, guarantors become legally liable for the repayment of the loan. |
| Interest Rate | Interest rates are basically the cost paid by the borrower for availing a loan from a lender. It is a percentage of the loan amount that will have to be paid along with the principal amount every month. |
| Kleinkredit | These loans are unsecured personal loans that can be availed based on your job. They are ideal for financial emergencies. In case you run short of money towards the end of the month, payday loans can be taken for a few days and the repayment can be done once your salary is credited to your account. |
| Kredit-/ Darlehensnehmer | A borrower is someone who takes a loan from a lender. |
| Kreditantrag | Borrowing request, request for a loan |
| Kreditgeber: Bank | A lender is usually a bank or a financial institution that lends money to borrower |
| Kreditgebühren | see effektiver Jahreszins |
| Kredithöhe, Kreditbetrag | The principal amount of a loan is the amount you borrow, exclusive of fees or interest |
| Kreditrahmen | It is the official document representing the terms and conditions of a personal loan. It also includes the rights as well as the obligations of a lender and borrower. |
| Kreditsicherheit, Pfand, Sicherheit | Security as it is also called, a collateral can be any asset that backs your loan. In case you fail to repay the loan on time or continuously default on payments, the lender has the right to repossess the asset you pledged as collateral for the loan. |
| Kreditwürdigkeit | A credit score is an individual’s valuation and ability to repay a loan. It is computed based on his/her history of borrowing and repaying. |
| Laufzeit | It is the tenure of the loan – the time frame given to you to repay the amount borrowed |
| Nachweispflicht | Obligation to produce proof, e.g. copy of an employment contract |
| Nettoeinkommen | net income; the amount that remains after everything has been taken away from it ( e.g. taxes) = monthly net income |
| Persönliche Angaben | personal data |
| Persönliches Darlehen, ungesichertes Darlehen | It is a loan that does not require the borrower to pledge any asset as collateral. |
| Prepayment Fees | In case you wish to repay your loan ahead of schedule, you will be charged a prepayment fee. Not all lenders charge this fee, but those that do levy a charge in order to recover some of the money they were expecting to collect as interest on the loan. |
| Ratenschutzversicherung | Payment protection |
| Ratenzahlung | repay a loan |
| SCHUFA | In Germany, your creditworthiness is most likely tracked and recorded by Schufa Holding AG, Germany’s biggest credit agency. See also Bonität. |
| Sicherheit (dingliche -), Pfand | Something (physical) pledged as security for repayment of a loan, to be forfeited in the event of a default; collateral |
| Sozialversicherungssystem | The social security system in Germany is funded through contributions paid by employees and employers. The contributions are paid on all direct wages as well as indirect wages up to a ceiling. |
| Todesfall, Unfall, Arbeitsunfähigkeit, Arbeitslosigkeit (Wartezeit 3 Monate, (ausgenommen Unfalltod)) | Death, Accident, Inability to Work, Unemployment (special fees for these incidents) |
| Umschuldung | These are loans that can be taken to combine all your debts into one. These loans come with lower interest rates and are ideal if you have multiple loans to repay in addition to credit card dues to clear. They club all your debts under a single umbrella, thereby effectively ensuring that you have only one loan to clear. |
| Unterlagen | Documents, records |
| Variabler Zins | As opposed to the working mechanism of fixed interest rates, floating interest rates are those that keep changing over the tenure of the loan. |
| Vertrag/ unterschriebener Vertrag | contract, deal, here: loan / signed in person |
| Verzug, verspätete Zahlung, Säumniszuschlag | When you delay your monthly payments, it is called late payment and lenders usually charge a late payment fee to customers who do not make their payments on time. |
| Wohnart | Rental flat = Mietwohnung; Wohneigentum = home ownership; living with your parents = bei den Eltern wohnen |
| Wunschkredit | credit amount |
| Wunschlaufzeit | life/period of a loan |
| Zahlungsverzug, Säumnis, Ausfall | In case a borrower does not meet the legal obligations of a loan, he/she is said to be defaulting on the loan |
| Zinsen | Interest rate: refers to the annual cost of a loan to a borrower and is expressed as a percentage |