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Choice of credits modalities in Switzerland: which elements must be taken into account?

Blog | Credit

Amount and the duration of the credit

In Switzerland, the borrower has the right to choose freely the amount of the loan. Thus, a credit in Switzerland can be freely chosen according to the following elements:

  • The amount of the loan: from 2,000 to 80,000 Chf according to the law, even if some banks are proposing some solutions up to 250,000 Chf
  • The duration: from 12 to 72 months

Which modalities to choose?

If the amount that you borrow depends on your projects, the duration of your reimbursement depends it on your budget. The longer the duration it is and more the monthly reimbursement will be low. The ideal for the choice of the duration is to estimate the cost of the credit. To do this you just have to go on a credit online request to evaluate depending on the duration and the amount that you wish the monthly reimbursement.

Usually it is better to choose a reimbursement duration more longer than you have envisaged at the origin. Indeed, in case of problem, it will be not possible (or with difficulty) to ask the bank a payment agreement. In the opposite you can easily obtain from the bank the repayment of your loan later more quickly.

And the interest?

Even if numerous credits agencies are praising all of them, a lower interest rates in reality, the rate depends not so much of the credit agencies than, the situation of the borrower. Indeed, in Switzerland, the interest rate depends essentially from the budgetary situation from the borrower: more the budget is “tighten”, more the interest rate will be important. Although, fixed over the life of the loan, the interest rate is determined depending on the clients own circumstances. This rate vary from 6.9% to 14.5%, but usually turn around in the majority of the case, between 10.9% and 13.5%.

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