What information do I need to supply to start an application procedure?
The KunstKoop is a loan, so Santander requires information to assess whether you are creditworthy. A distinction is drawn between loans up to € 999 and loans above € 999. The Santander checklist outlines exactly what is required for your application.
Why do I have to supply so much information to Santander?
The KunstKoop is a loan. In order to establish whether you are able to repay the loan within the agreed term, Santander is obliged by the Financial Supervision Act to request information in order to assess your creditworthiness. The Dutch Credit Registration Office (BKR) is involved with this assessment.
I’m self-employed and my income varies month to month. Am I still eligible for a KunstKoop loan?
Yes. Santander determines your income based on your filed income tax return. This must not be older than 18 months at the time of your application. Read more about the terms & conditions here.
Are self-employed people required to submit additional documentation?
Yes. Santander also asks for your filed income tax return, which cannot be older than 18 months at the time of your application. Additional terms & conditions are available here.
Does a KunstKoop loan impact a future mortgage?
The loan itself will not impact a future mortgage. However, a loan will slightly increase your total monthly expenditure, and can hence potentially indirectly impact a mortgage. Tip: repay your KunstKoop loan in full (you will not incur any additional charges) before you apply for a new mortgage.
Can I make additional repayments?
Yes. You can always make accelerated payments or repay the loan in full. You will not incur additional charges or have to pay penalty interest.
I have been rejected for a KunstKoop loan for an artwork costing € X. Am I still eligible for a loan for a lower sum?
Yes, you may be eligible for a smaller loan if the initial rejection was associated with the income and expenditure assessment. The new amount that you would like to borrow obviously also plays a role. If you would like an indication of whether you will be able to borrow a lower sum, use the tool here to calculate your monthly repayments.
I earn less than the minimum single income, but earn more than enough together with my partner. Are we eligible for a loan together in my name?
Yes, you may be eligible. Submit your application together with your partner. Both you and your partner will receive an email inviting you to upload the required documentation and sign the contract. Remember to also enter your partner’s email address! Please note that a higher income is no guarantee that your application will be approved. Your total monthly expenditure also plays a role, and whether you are registered with the Dutch Credit Registration Office (BKR).
I’m a student, but I earn enough with my part-time job. Am I eligible for a KunstKoop loan?
Yes, as long as you are at least 18 years old and the loan is not repaid using student grants.
What is the definition of ‘single’?
This means that you are not living together with someone else, and that you are not/no longer married. In any case, that you do not have joint expenditure or income. Your bank statement should therefore offer no indication of a partner, e.g. that someone else pays half of the mortgage or rent.
What is the minimum income for single people to be eligible for a KunstKoop loan?
Whether or not you live together with someone else and have children under 18 years old impact the minimum income requirements, which are:
- Single without children | € 1,430
- Single with children | € 1,950
- Together without children | € 1,970
- Together with children | € 2,290
I have had considerable unexpected expenses in the past month, can I also submit a bank statement from the month(s) before?
The bank statement must be from within the last two months. You can also give Santander permission via iDIN – the secure online identification tool offered by banks – to consult a month of your bank statement. This ensures that Santander has the most up-to-date information, and you avoid time-consuming printing and scanning.
The iDIN service is used to sign the contract. Does my bank offer iDIN?
You can log onto iDIN using your own bank’s secure online banking system. iDIN is offered by ABN AMRO, ING, Rabobank, SNS, ASN Bank, RegioBank and bunq. Individuals registered to use online banking at these banks have immediate access to iDIN. As of 1 June 2021, Triodos Bank no longer offers the iDIN identification tool.
Will Santander send me an overview of my loan?
No. Santander offers Mijn Rekening (My Account), a free personal online environment that offers you 24/7 access to up-to-date information about your KunstKoop loan. Mijn Rekening is also available as an app. You can register for this service via www.santander.nl/mijnrekening. You will need your Santander customer number and your mobile telephone (the number of which is registered with Santander).
