ABN AMRO: How to take out a loan in the Netherlands
Got a major expense coming up? Like a new car, new furniture or home renovations, for example? If you haven't got enough money saved up, a loan might be the answer. So how does borrowing money from a bank work in the Netherlands? And why should you take out a loan with ABN AMRO?
When can you get a loan in the Netherlands?
Expats are allowed to take out loans in the Netherlands. At ABN AMRO, you can take out a loan if you're between 21 and 68 years of age, have sufficient income and live in the Netherlands. However, the terms and conditions will vary per lender. The bank then matches the period in which you have to pay back the loan (the term) to the duration of your residence permit or employment contract.
Personal loan
The only type of loan you can apply for at ABN AMRO is a personal loan. Personal loans are perfect for major, one-off expenses, such as a car or home renovations.
The money is paid into your account as a single lump sum. The benefit of a personal loan is that you will know exactly where you stand because you agree to the monthly payments and loan term with ABN AMRO upfront, giving you certainty. You are also always free to repay the loan sooner at no extra charge.
Applying for a loan
When you apply for a loan, ABN AMRO will look carefully at your personal and financial situation, such as your income, expenses and living situation. A loan needs to fit within your budget, so it's a good idea to first calculate how much you can borrow and what your monthly payments will be.
Dutch Credit Registration Office
Anyone in the Netherlands who takes out a loan amount of over 250 euros will get a positive registration with the Dutch Credit Registration Office (BKR). This is in line with an agreement made between all lenders which is designed to prevent people from borrowing too much or getting into debt.
So if you are given a loan, it will automatically be registered with the Dutch Credit Registration Office. If you repay the loan on time, there will be no further consequences. If you've been behind on payments within the past five years, you will have a negative registration, making it more difficult to take out another loan or a mortgage.
Why get a loan with ABN AMRO?
- Everything online: From applying for your loan to viewing and changing it, with ABN AMRO you can do everything simply and easily in the app or via Internet Banking.
- Personal contact in English: If you have any questions, the staff at the ABN AMRO Loans Desk are happy to help. Their free service has no strings attached and is, best of all, in English.
- No hidden costs: If you borrow money from ABN AMRO, you only pay interest and principal repayment. There are no hidden costs, so you know exactly where you stand.
- You don’t need to be a client: You can apply for a personal loan even if you don't use ABN AMRO's banking services. If you're an EU citizen, a representative will pay you a visit to verify your identity. If you're from a non-EU country, you'll have to visit an ABN AMRO branch.
- All your banking under one roof: If you already use ABN AMRO, for instance if you have a current checking account, you'll have all your banking under one roof. The loan process then becomes clear and convenient for you.
- Lots of satisfied clients: ABN AMRO loan clients are clearly satisfied with the bank and its loan application process - 93 percent of reviewers on the website, Klantenvertellen, recommend ABN AMRO.
ABN AMRO: Calculate your loan today
Want to learn more about how the loan process works? Visit the ABN AMRO Personal Loans website today for all the information you need - all in English!