Loan comparison: santander bestcredit vs. Bank11direkt installment loan

 

The personal loan offer of Santander Consumer Bank, the Santander BestCredit, differs from the Bank11Direkt installment loan not only in terms of interest rate. Santander BestCredit is even still equipped with a BestPreis guarantee: The provider is willing to adjust the BestCredit to the better conditions of the competitor bank, if the borrower proves to him that the other bank actually offers a lower APR at otherwise the same conditions. However, in order to enjoy these benefits, the borrower must contact Santander Bank within the statutory withdrawal period of two weeks.

Apart from this BestPreis warranty the Santander Consumer bank can come up still with a separate autocredit to favorable conditions, while the bank11Direkt scores with a lucrative credit for self-employed persons and freelance active ones.

Interest rates of the two loans in comparison

The interest rate of the Santander BestCredit is calculated regardless of the creditworthiness of the borrower (!) forgive. It is a classic graduated interest rate, which is based on the loan amount granted and the desired loan term. The only requirement is that the loan prospect submits the loan application online: In the local bank branch, the BestCredit would not be available at such advantageous conditions.

Conditions for the BestKredit of Santander Bank:

For loan amounts from 1000 to 5000 euros, three interest rates apply depending on the term:

  • 2.69% for 12 to 36 months,
  • 3.95% for 37 to 84 months and
  • 4.44% for 85 to 96 months term.

For higher loan amounts, the conditions look as follows:

  • 4.44% is charged for loans from 5001 to 12500 euros and a term of 12 to 96 months.
  • 7,95% p.A. Have to pay customers, if they take up for 12 to 96 months a BestCredit at a value of 12501 to 60000 euro.

Interest rates for short terms are interesting: Pretty well stand borrowers,

  • If they pay off the lowest loan amount, the small loan up to 5000 euros, within a maximum of 3 years: 2.69% p.A. Hardly any other bank offers.
  • Even the next highest interest rate (3.95% p.A.) is still in the green range.
  • Only for sums over 12500 euros, the borrower must dig deeper into his pocket when paying off his loan.

The tied debit interest rate of the Santander installment loan is thus between 2.645 and 7.673% p.A.

How does the Bank11 compare?

At Bank11Direkt, the borrower has to pay a

  • Calculate effective annual interest rate from 2.95 to 8.99.
  • This corresponds to a tied borrowing rate of 2.91 to 8.61% p.A.
  • Since the Bank11Direkt Privatkredit is awarded depending on creditworthiness, only bank customers with excellent creditworthiness can benefit from the low interest rate of 2.95%.

If one has a really good creditworthiness, shows up in the pure interest conditions the credit offer of the Bank11direkt already now as test winner. If you have a poor credit rating, however, you are probably best advised to use the Santander and its "Best Credit.

Bank11direkt installment loan – website screenshot on 21.08.2015

Loan amounts, terms and other costs

Santander Consumer Bank scores with a wide range of loan amounts from 1.000 euros for the smallest loan and 60.000 euros for people with higher financing needs, while the Bank11 their installment loan starts only from 2500 euros. This minimum loan amount is typical for normal small loans. As maximum credit amount the customer can 40.000 euros received. Thus, the Santander Bank offer covers a broader range of customer needs than that of Bank11Direkt.

The two credit institutions also differ in terms of maturities: With Santander BestCredit, the normal loan duration for personal loans is extended by 12 months: instead of 12 to 84, it is 12 to 96 months term.

As far as the repayment start is concerned, the Bank11Direkt shines with a payment break of three months from the signing of the contract – which the loan prospect does not have with the Santander installment loan.

Other costs / fees (in addition to interest) do not arise with both personal loans apparently.

Special payments and early repayment of personal loans

Who would like to repay his Santander personal loan special, shortens thereby optionally the credit period or reduces its monthly rate. In order to be able to pay off the loan more quickly and avoid the early repayment penalty that normally applies, the borrower can give partial notice with a 3-month notice period. Even in the case of early settlement of the remaining loan, a termination with 3 months' notice is necessary in order not to be charged with an early repayment penalty.

In contrast, the borrower does not come with the Bank11Direkt installment loan around the 1% prepayment penalty on the remaining loan amount. However, it is reduced to 0.5% if the remaining term of the loan is less than one year.

Credit increase / increase

Santander Bank provides the bank customer with an installment guarantee offer: when increasing the loan amount, the borrower is assured that the usual installment amount will be maintained. This only extends the repayment period. In the case of a credit agreement that has already existed for a longer period of time, the bank will carry out a new Schufa inquiry. However, the applicant comes around it if he wants to increase his loan only slightly. If the interest rate has been reduced since the conclusion of the previous credit agreement, the borrower who needs more money is better advised to take out a second loan.

In contrast to Santander Bank, the Bank11Direkt installment loan customer only has the option of concluding a new loan agreement in which the outstanding loan amount is included. The contract will of course be made available at the current interest rate at the time. Since the direct bank always carries out Schufa inquiries, the creditworthiness of the borrower should not have deteriorated significantly in the meantime.

Residual credit insurance

Bank11direkt residual credit insurance – details (screenshot on 21.08.15)

Both banks offer the conclusion of a residual debt insurance (residual credit insurance) to their installment financing, which covers the usual risks (AU, unemployment and death).

At Santander Bank, the RSV consists of three combinable modules. Undue unemployment is covered for up to 3 years.

The Bank11Direkt offer convinces here with better conditions: The provider Credit Life pays the installments upon occurrence of the insured event on request up to 10 years – although this is not even needed in the case of the usual terms with the partner Bank11. There is no time limit on the inability to work. In addition, installments of up to 2000 euros per month are taken over.

Conclusion: Santander BestCredit vs. Bank11direkt installment loan

In the area of small loans up to 5000 euros, the Santander BestCredit is unsurpassed as far as the interest rate is concerned – provided that the borrower wants to pay off his debts within a short time. Higher loan amounts of 12501 euros or more have an unfavorable effect on interest rates, even if the borrower repays his loan within only 12 months.

The Bank11Direkt installment loan scores low interest rates across a range of terms and loan amounts – if the applicant has an impeccable credit score. Even if we in the installment loan calculator of the bank11 directly the maximum loan amount of 40.EUR 000 and the maximum term of 84 months: it remains with a "from 2.95% APR". So who has a good income, no negative Schufa history and thus a high credit rating, which can make a real interest bargain at Bank11 credit even for high loans and long repayment period.

For most other consumers, who can present just not quite so flawless credit rating, the BestCredit offer of Santander compared to the Bank11 financing is probably usually the better offer.

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