Late payment interest calculator
If a money obligation is paid late, the creditor may claim late payment interest from when the obligation became due until it is properly performed. The statutory rate is the § 94 interest rate of the Law of Obligations Act — the last rate applied by the European Central Bank to its main refinancing operations before 1 January and 1 July of each year, per half-year — plus eight per cent a year. If the contract provides for a higher rate, that rate applies (VÕS § 113 lg 1). The ECB rate is not in our database: enter it for each half-year yourself (Eesti Pank publishes it in Ametlikud Teadaanded, VÕS § 94 lg 2).
Frequently asked questions
What is the statutory late payment interest in Estonia?
The rate is the interest rate of VÕS § 94 plus eight per cent a year (VÕS § 113 lg 1). The § 94 rate is, per half-year, the last rate applied by the European Central Bank to its main refinancing operations before 1 January and 1 July of each year (VÕS § 94 lg 1).
From when does late interest run?
From when the obligation became due until it is properly performed (VÕS § 113 lg 1). If no time for performance was set, from when the creditor notified the debtor of the claim or filed a claim or a payment order application (VÕS § 113 lg 2).
Can a higher rate be agreed?
Yes. If the contract provides for a higher rate than the statutory one, the contractual rate is the late interest rate (VÕS § 113 lg 1). The debtor may ask for it to be reduced under VÕS § 162 (VÕS § 113 lg 8).
Can late interest be charged on late interest?
No. Late interest may not be charged for delay in paying interest, including late interest, or other fees for the use of money; an agreement to the debtor's detriment is void (VÕS § 113 lg 6).
What is the 40-euro collection fee?
If the creditor may claim late interest, it may also claim 40 euros of collection costs from a debtor acting in its economic or professional activity; this does not apply to a consumer debtor (VÕS § 113¹ lg 1 and 4).
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The calculation follows the wording of the law in force, with no automated model involved. The calculator does not cover every exception; check your situation. Ask about your situation