In Switzerland, the conditions for access to private credit are fairly strict. Credit agencies and banks are also well regulated by law. In the end, who can obtain personal credit in Switzerland and who is this type of product for? A quick overview .
Access conditions according to nationality
If the law does not prohibit or limit the granting of private credit to foreigners, banks apply certain restrictions for security reasons. In particular, only foreigners who have been living in Switzerland for a certain time and whose situation does not suggest an upcoming departure can thus obtain a loan. The nationality of the applicant does not therefore in principle take into account: only the type of residence permit possessed is important . In particular:
- Holders of a C permit or legitimation card are in principle subject to the same granting conditions as Swiss citizens.
- Holders of a B permit must reside in Switzerland and work with the same employer for at least 6 months.
- Cross-border commuters holding a G permit must work in Switzerland with the same employer for at least 3 to 4 years, depending on the bank.
- Holders of an L license cannot, without exception, obtain personal credit.
- Holders of other types of permit (Ci permit, refugees, etc.) cannot obtain a private loan.
Access conditions according to the type of income
These conditions exist on the one hand to comply with the law (in particular the prohibition on granting private credit if it can lead to consumer over-indebtedness), and on the other hand to protect banks by avoiding situations judged to risk . So:
- The minimum income to obtain a loan varies depending on the situation, but in general at least 2,700 USD net depending on the budget.
- Employees must have worked for at least 3 months with the same employer. Temporary employees or those who hold multiple jobs are subject to a more restrictive budget study.
- The self-employed must have been active in their own account for at least 2 years.
- Annuitants (AVS / AI) must not receive additional benefits from the state. In addition, the credit must legally be repaid at the age of 70.
Finally, “at risk” files are also refused by the banks, both to comply with the legislation in force and to avoid losses which should then be borne by a higher rate for all borrowers. Thus, the files are systematically refused:
- In case of prosecution
- In the event of a negative history with the ZEK
- In case of financial problems
Article produced by the Best bank team, the private credit specialist