How much can I borrow?
Work out what is left of your income each month and the loan it covers. An estimate of your own before you apply.
Work out how much you can borrow
An estimate. The lender makes its own credit assessment, with its own stress rate, and may offer a lower amount.
Compare personal loans for SEK 395,000What is left decides your borrowing room
The calculator takes housing, living costs and other loans from your income after tax. What is left is what a new loan can cost each month, and with the rate and term that becomes a loan amount.
Leave a margin. A loan that takes everything that is left leaves nothing for unexpected costs.
KALP: what the bank subtracts from your income
KALP (kvar att leva på) means money left to live on. The bank starts from your income after tax and subtracts housing costs, what you pay on loans and credit you already have, childcare and an amount for living costs. That amount is based on the reference values of Konsumentverket, the Swedish Consumer Agency, for your household.
Housing costs are your rent, or the running costs plus interest and amortisation if you own your home.
The bank uses its own living costs and its own stress rate. If you entered lower costs than the bank uses, the bank's amount will be lower than the calculator's.
| The calculator's example | Per month |
|---|---|
| Income after tax | SEK 28,000 |
| Housing cost | SEK −8,000 |
| Other living costs | SEK −9,000 |
| Other loans and credit | SEK −1,500 |
| Left each month | SEK 9,500 |
How the rate and term change what you can borrow
With SEK 9,500 left each month, you can borrow SEK 395,000 over 5 years at 15%. If you assume 10% instead, the amount is SEK 50,000 higher over 5 years and SEK 130,000 higher over 10 years.
A longer term gives a larger amount but more interest. Over 10 years at 15%, the same SEK 9,500 a month covers SEK 585,000, but the interest comes to SEK 547,571 in total, against SEK 168,821 over 5 years.
| Rate | 5 years | 10 years |
|---|---|---|
| 10% | SEK 445,000 | SEK 715,000 |
| 15% | SEK 395,000 | SEK 585,000 |
| 20% | SEK 355,000 | SEK 490,000 |
SEK 9,500 left each month. Amounts are rounded down to the nearest SEK 5,000.
Other loans and card limits lower the amount
Everything you already pay on loans and credit comes off what is left. In the example, SEK 1,500 a month goes to other loans, and that lowers the amount you can borrow by SEK 65,000 at 15% over 5 years.
Credit cards often count as debt up to the full limit, even when the balance is zero. Cancelling a card you do not use costs nothing and can leave more room to borrow.
| Other loans per month | Left | You can borrow |
|---|---|---|
| SEK 0 | SEK 11,000 | SEK 460,000 |
| SEK 1,500 | SEK 9,500 | SEK 395,000 |
| SEK 3,000 | SEK 8,000 | SEK 335,000 |
15% interest, 5 years. Other costs as in the calculator.
Common questions about how much you can borrow
How does the bank work out how much I can borrow?
The bank looks at two things: what you have left each month (KALP) and your debt-to-income ratio, which is all your debts divided by your annual income before tax. Both are calculated at the bank's stress rate, which is often higher than the rate you are offered. Many banks also cap the debt-to-income ratio, with all loans included, mortgages too.
Why should I use a higher rate?
The rate can change during the loan, and the bank checks that you can manage a higher rate than today's. Better to assume too high a rate than too low. The nominal rate on consumer credit in Sweden may not be higher than the reference rate plus 20 percentage points, today 22.00%.
What counts as living costs?
Food, clothes, hygiene, phone, insurance, travel and anything else you pay every month. Konsumentverket (the Swedish Consumer Agency) publishes guideline figures that many banks use. Enter what you actually pay, and round up.
What changes with a co-applicant?
The bank then assesses two incomes against the household's shared costs. You both become jointly liable, which means each of you is responsible for the whole debt. If you work out a joint loan, enter both incomes and all the household's costs.
Should I include my CSN loan?
Yes. What you pay to CSN, Swedish student finance, each month belongs under other loans and credit. The CSN loan also counts in the debt-to-income ratio, but with its low rate and long term the monthly payment weighs less than a personal loan of the same size.
Does my type of employment matter?
Yes. Probationary, fixed-term and self-employed work almost always lead to a lower amount, because the bank wants to see income it can count on. If you are self-employed, you normally need to show declared income for previous years.
Is there a maximum amount?
The lenders we compare offer unsecured loans from SEK 5,000 up to SEK 800,000. The calculator therefore shows at most SEK 800,000, even if what is left would cover more.
Does working it out here mean a credit check?
No. The calculator only uses the figures you enter, and Kreddo makes no credit checks. The lender makes one when you apply to it.
Can I borrow as much as the calculator shows?
Not necessarily. This is an estimate of your own. The lender makes a credit assessment with a credit check and may say no or offer a lower amount.