Personal Loan SECCI template
NOTICE: This English translation is a courtesy and office translation only - applicants for the consumer credit cannot derive any rights from the translated version. Upon applying for the consumer credit this standard information will be provided in Lithuanian. The Lithuanian language version of this standard information terms shall apply and prevail and be conclusive and binding. The Lithuanian version shall be used in any legal proceedings.
STANDARD INFORMATION ON CONSUMER CREDIT
For: <customer’s name surname>, personal code <customer’s personal code>
Standard information issuance date: <document date yyyy.mm.dd> <document date hour> <document date min.>
Name and address of the creditor
Revolut Bank UAB („Bank“)
Registered address: Konstitucijos ave. 21B, LT-08130, Vilnius.
Description of the main features of the consumer credit
The type of credit
Fixed-term consumer credit (<credit type: if personal loan -> “Asmeninėms Kredito gavėjo reikmėms”, if family loan -> “Kredito gavėjo šeimos poreikiams”>)
Total amount of consumer credit
This means the total sums made available under the consumer credit agreement.
<credit amount> (<credit amount in words>) EUR
The conditions governing the drawdown of funds
This means the amount available for you under the consumer credit agreement.
We will deposit the total amount of credit into your account opened with the Bank immediately after conclusion of the consumer credit agreement.
The duration of the consumer credit agreement
<loan period> months
Instalments and, where appropriate, the order in which instalments will be allocated
You will have to repay:
Interest and (or) fees are paid in the following order:
Interest are being calculated from the outstanding credit amount and should be paid along with credit installments each month.
A preliminary repayment schedule where preliminary amounts of instalments and interests including their due dates will be provided in the draft of the consumer credit agreement.
The total amount of consumer credit you will have to pay
This means the total amount of disbursed consumer credit plus applicable interest and possible costs related to your consumer credit.
<Total repayment> EUR.
Collaterals required to ensure the fulfilment of your obligations
Description of the collaterals required under the consumer credit agreement.
All existing and future funds in your accounts opened with the Bank and the right of claim to disburse funds (including future claim right) and interest (if any) are subject to an ordinary and maximum pledge for the benefit of the Bank on the basis of the consumer credit agreement to secure duly fulfilment of your obligations under the consumer credit agreement
Note: if you properly fulfill the obligations under the consumer credit agreement, disposal of pledged funds in the Bank accounts will not be restricted.
Total cost of the consumer credit
The borrowing rate or, if applicable, different borrowing rates which apply to the consumer credit
Fixed <annual interest rate>% annual interest rate
Annual rate of total cost of the consumer credit (AR)
Total cost of the consumer credit expressed as an annual percentage rate (APR)
The APR is there to help you compare different offers.
Assumptions based on which we calculate APR:
Typical example of APR calculation:
Is it compulsory, in order to obtain the consumer credit on the terms and conditions marketed, to take out:
If the costs of these services are not known by the creditor they are not included in the APR.
Yes. You must hold a payment account opened with the Bank until you have fully discharged all of your obligations under the consumer credit agreement.
Costs related to the consumer credit agreement
Maintaining one or more accounts is required for recording both payment transactions and drawdowns
Yes. It is required to have a payment account opened with the Bank. The standard payment account is free of charge.
Costs of particular means of payments (for example consumer credit cards)
Standard payment card (debit) is free of charge.
Costs in the case of late payments
Missing payments could have severe consequences for you (for example assignment of your debt to the debt collection agency) and make obtaining consumer credit more difficult.
If you fail to make a repayment, default interest at the rate of 0.05 percent will be charged on the overdue debt for each delayed day. Default interest will be charged for a period not exceeding 180 days.
Your consumer credit agreement might be terminated and all outstanding amounts recovered. The termination of the consumer credit agreement does not suspend the calculation of interest and default interest, nor does it remove your obligation to make repayment to the Bank. Debt recovery process may result in additional costs for you. We may transfer your data to data controllers managing data files of joint debtors.
Other important aspects
Right to cancel the credit agreement during cooling-off period
You have a right to cancel the consumer credit agreement for 2 calendar days after the date of disbursement of credit under the consumer credit agreement (cooling-off period) without specifying the reason and repay the credit in full without paying any interest and any other charges, costs, or compensations.
Right of withdrawal
You have the right to withdraw from the consumer credit agreement within a period of 14 calendar days.
You may, without giving any reason, withdraw from the consumer credit agreement within 14 calendar days:
If you decide to use your right of withdrawal from the consumer credit agreement, you have to:
You have the right to repay the consumer credit early at any time in full or partially.
If applicable, consumer credit provider and lender is entitled to receive compensation in the case of an early repayment.
You have the right to repay the consumer credit early at any time, either in full or partially.
There are no fees or charges for early repayments of the credit.
Once you fully repay the credit early at time, you will be obliged to pay all interest accrued prior to the repayment of the credit and all other payments calculated prior to the repayment of the credit.
Once you partly repay the credit early at time, all the outstanding amounts will be reduced accordingly without changing the repayment date indicated in the consumer credit agreement.
If you repay the consumer credit early at any time, either in full or partially, the total cost of credit will be reduced accordingly. The reduction will include interest and fees (if any) for the remaining period from the date of the consumer credit repayment in full or partly until the end of validity of the consumer credit agreement (final loan repayment date). If you partly repay the consumer credit early at time, you can review your amended repayment schedule in your Revolut App.
Creditworthiness checks with registers and databases
The creditor must immediately and free of charge inform you of the result of creditworthiness checks in the registers and databases, if a consumer credit application is rejected on the basis of such a consultation. This does not apply if the provision of such information is prohibited by other laws or is contrary to objectives of public policy or public security.
If we decide to reject your credit application on the basis of information obtained from the registers and databases we will, when immediately and free of charge inform you of our decision and provide you with the results of your creditworthiness checks. This does not apply if the provision of such information is prohibited by other laws or is contrary to objectives of public policy or public security.
Right to obtain a draft consumer credit agreement
You have the right, upon request, to obtain a copy of the draft consumer credit agreement free of charge. This provision does not apply if the creditor is unwilling to proceed to the conclusion of the consumer credit agreement with you at the time of the request.
You have a right to obtain a copy of the draft consumer credit agreement free of charge at any time in your Revolut App. This provision does not apply if at the time of the request we will not be willing to proceed to the conclusion of the consumer credit agreement with you.
Time period during which the creditor is obliged under the pre-contractual information
This information is valid for 24 hours, i.e. until <document date yyyy.mm.dd + 1 day> <document date hour> <document date min>
Information concerning the creditor
The Bank’s (legal entity’s) code: 304580906; registered address: Konstitucijos ave. 21B, LT-08130, Vilnius. All the data is collected and saved in the Register of Legal Entities of the Republic of Lithuania.
The supervisory authority
Financial supervision of consumer credit providers is carried out by the Bank of Lithuania, located at: ave Gedimino. 6, LT-01103, Vilnius. The Bank of Lithuania's website is: www.lb.lt/en/.
Information concerning the consumer credit agreement
The law governing relationships between you and the creditor before the conclusion of the consumer credit agreement
Law on Consumer Credit of the Republic of Lithuania;
Civil Code of the Republic of Lithuania;
Procedure on creditworthiness checks of the borrowers of the consumer credit and responsible lending No 03-62, adopted by the Board of the Bank of Lithuania on 19 March 2013.
Clause stipulating the governing law applicable to the consumer credit agreement and/or the competent court
The consumer credit agreement is governed by the laws of the Republic of Lithuania. The disputes arising out of the consumer credit agreement will be dealt with by the courts of the Republic of Lithuania.
Information and terms of the consumer credit agreement will be provided in Lithuanian language. We intend to communicate with you in English and Lithuanian languages during the validity term of the consumer credit agreement.
Information concerning redress
Disputes resolution in out-of-court procedure and redress mechanism
You should contact us and ground your request, if you believe that you have suffered any damages due to our actions or we have violated any of your interests or rights protected by law.
We will provide our response to your request (complaint) not later than within 15 business days after your request has been received.
In exceptional circumstances that we cannot control and the response is not possible to be provided within 15 business days, we will provide you with the indefinite response and let you know the reasons for the delay in responding and the deadline by when you will be provided with the final response. The deadline for the provision of the final response shall not exceed 35 business days after your complaint has been received.
We will handle your request (complaint) free of charge.
If you are unhappy with our response or if you haven’t been responded to, you can refer it under the procedure prescribed by laws to the Bank of Lithuania as an out of court dispute resolution authority within 1 year of the date you sent your request to the Bank. For more information about out of court dispute resolution in the Bank of Lithuania please refer to:
ANNEX NO 1 TO THE STANDARD INFORMATION:
Given that you have applied for consumer credit, we have provided you with the standard information on consumer credit, based on Article 5 of the Law on Consumer Credit of the Republic of Lithuania.
We undertake to conclude a consumer credit agreement with you in accordance with the terms specified in the standard information for the period indicated in the standard information, except when it turns out that any information provided by you which is necessary for us to make a decision of granting a consumer credit under the conditions specified in this standard information:
- is incomplete, false and/or misleading;
- has changed in the way that we would not have made a decision of granting a consumer credit in accordance with the terms specified in this standard information, if we had known about the changed circumstances before the appointment of such decision, for example, a decrease in your income, which serves as a basis of your ability to fulfill obligations under the consumer credit agreement, or occurrence of other circumstances which give reasonable doubt of the possibility to fulfill obligations under the anticipated agreement.
The total price of the consumer credit and its annual interest rate provided in the standard information is calculated assuming that the full amount of the credit will be disbursed on the same day. The total price of consumer credit and its annual interest rate may slightly differ from the total price of the consumer credit and its annual interest rate specified in the standard information due to the calendar month in which the consumer credit agreement will be concluded.
If you have any questions related to the standard information, please contact us via Revolut App and (or) via Bank’s email indicated in the Revolut App.