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Payment break helps through difficult times

But for us here at Coop Pank it’s long-term cooperation that’s important – we want to be a trusted partner to our clients in good times and bad. That’s why in these uncertain times we’re offering our clients the opportunity to take a payment break. 

Home loan

We’re providing our home loan clients
with the opportunity to take a break from
repaying the principal amount of their loans.
Depending on your situation, you
can take this break for up
to one year.

Small loan

We’re providing our small loan clients with the opportunity to take a break from repaying the principal amount of their loans for up to six months. To apply for a payment break, please send us the loan details by clicking the button below.

Leasing

We’re providing Coop Liising clients with the opportunity to take a break from repaying the principal amount of their loans for up to six months. To apply for a payment break, please send us the lease details by clicking the button below.

FAQ

If you’re one of our home loan clients, we’re offering you the chance to take a break from repaying the principal amount of your loan for up to one year, depending on your situation. If you’re a small loan or leasing client, you can apply for a break of up to six months. Every application will be reviewed on a case-by-case basis, with a final decision being made that takes all of the circumstances into account. You should bear in mind that the break applies to the principal amount of your loan – you’ll still need to make your interest payments – and that the duration of your payment break is unlikely to be extended more than once.

Breaks from all payments are only granted in exceptional circumstances. Applications along these lines will be reviewed on a case-by-case basis, with a final decision being made that takes all of the circumstances into account.

The term of a home loan contract can be extended by the duration of a payment break, and in fact extended even further if need be, but no longer than up to the point the borrower turns 75.

In the case of payment breaks on small loans, the term of the contract can be extended to a maximum of 72 months including the break.

Applications to extend the term of leasing contracts will be reviewed on a case-by-case basis, with a final decision being made that takes all of the circumstances into account.

In general, the interest rates on home loan and leasing contracts are not changed.

If a payment break is taken on a small loan, the interest rate isn’t changed unless the borrower has gotten into arrears in servicing the loan.

Amendment agreements aren’t entered into for home loan and leasing contracts if they don’t affect the other terms and conditions of the contract and provided that all of the borrowers signed the application form for the payment break or informed us via a message in the Internet Bank that they’d like to take a break from payments. We issue clients with new payment schedules via the Internet Bank or e-mail.

Payment breaks on small loans require a new contract to be drawn up and signed, which can be done digitally.

The home loan payment break application form can be filled in here.

To apply for a small loan payment break, please send the loan details to the following e-mail: finants@cooppank.ee

To apply for a lease payment break, please send the details to the following e-mail: liising@cooppank.ee

Home loan payment breaks are free of charge provided you don’t want to amend any of the other terms or conditions of your contract.

Small loan payment breaks are subject to a fee of €15 per contract, which is added to your next repayment.

Leasing payment breaks are subject to a fee of €50, for which you’ll be issued with a separate invoice.

If you’re one of our home loan clients and you’re in arrears, you can apply for a payment break from the principal amount of your loan retrospectively.

If you’re a small loan client and you’re in arrears, you’ll first have to pay off the interest, penalty, administration fee and recovery costs arising from your arrears. To this end, you’ll be issued with a separate invoice.

If you’re a leasing client, you can’t apply for a payment break if you’ve missed any of your repayments. If you have any arrears on your leasing payments, we recommend contacting your leasing manager in order to find the most workable solution for you.

If you have, for example, home loan, small loan and leasing contracts, you’ll need to apply for a payment break from all of them individually. 

If, on the other hand, you have, for example, two leasing contracts, then one application is enough – simply mark the contract numbers on it that you’re applying for the payment breaks for.