It may be possible for foreigners to obtain a loan or credit from a Polish bank, but there are some specific requirements and procedures involved. Below you will find a detailed guide to obtaining a loan, terms and conditions, interest rates and a comparison of loan offers.

How to get a loan in a Polish bank?

Required documents:

  • Identity document: Passport or identity card (for EU/EFTA citizens).
  • Residence permit:
    • For non-EU nationals: residence card.
    • For citizens of the European Union and citizens of Iceland, Liechtenstein, Norway and Switzerland: certificate of registration of residence of a citizen of the European Union.
  • Certificate of employment: Employment contract, income certificate, bank statements.
  • Credit history: Credit report from the BIK (Bureau of Credit Information) or other equivalent in the home country.

Steps to obtain a loan:

  • Bank selection: Finding a bank that offers loans to foreigners.
  • Credit application: Completing and submitting a credit application with the required documents.
  • Creditworthiness assessment: The bank assesses creditworthiness based on income, credit history and other factors.
  • Credit decision: After a positive creditworthiness assessment, the bank issues a credit decision.
  • Contract signing: Signing of the loan agreement and establishment of collateral (e.g. mortgage on the property in the case of a mortgage loan).

Loan terms and interest rates

Types of loans:

  • Mortgage loan: A loan for the purchase of a property, secured by a mortgage. The interest rate can be fixed or variable.
  • Cash loan: A consumer loan for any purpose, usually for a shorter term than a mortgage.
  • Car loan: A loan for the purchase of a car, secured by a vehicle.

Interest rate:

  • Fixed interest rate: The interest rate remains constant for the specified term of the loan. This is beneficial in the event of anticipated interest rate rises, as it provides certainty over the loan instalment for that period. At the end of the fixed rate period, the rate may change in accordance with the terms of the loan agreement.
  • Variable interest rate: The interest rate may fluctuate depending on interest rates in the market. It can be advantageous during periods of falling interest rates, but carries the risk of rising interest rates.

Credit terms:

  • Own contribution: For mortgages, the required own contribution is usually 10-20% of the value of the property.
  • Loan term: Mortgages can be granted for up to 30 years, cash loans usually for up to 10 years.
  • Collateral: For mortgages, the property is the security for the loan. Cash loans may require additional collateral or guarantors.

Comparison of loan offers

Loan calculators:

  • Online: Many banks offer loan calculators on their websites that allow you to estimate your loan instalment based on the loan amount, loan term and interest rate.
  • Credit advisers: Using a credit counsellor can help you find the best loan offer and guide you through the application process.

It is possible for foreigners to obtain a loan from a Polish bank, but it requires meeting certain conditions and providing the relevant documents. Credit terms and interest rates may vary depending on the bank, the type of loan and creditworthiness. Comparing the offers of different banks and using a credit adviser can help to find the most advantageous offer.

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