Migros Bank personal loan: Terms and conditions, interest rates & honest assessment
The advertised interest rate starting at 4.90 (%) sounds tempting – but how realistic is it for you? We've analyzed the offer for you.
Via Migros Bank
Migros Bank has been offering personal loans since 1983, positioning itself with competitive terms. Currently, interest rates for personal loans range from 4.9% to 7.9% per annum, depending on individual creditworthiness. In addition to new loans, the bank also offers refinancing of existing loans and loan increases.
All conditions at a glance
| Lowest interest rate | 4.9 % |
| Highest interest rate | 7.9 % |
| Minimum loan amount | CHF 5,000.– |
| Maximum loan amount | CHF 100,000.– |
| Minimum runtime | 6 months |
| Maximum runtime | 84 months |
| Minimum age | 20 years |
| Maximum age | 65 years |
| Credit type | New contracts, repayments & loan increases |
| Additional services | Debt forgiveness upon death; repayment possible at any time |
| Residence permit | Swiss citizen or permit B/C (at least 2 years in Switzerland) |
| employment relationship | Permanent, open-ended contract. Probationary period and retirees excluded. Temporary employment: minimum 1 year with the same firm. Net salary minimum CHF 3,000/month. |
| Required documents | Valid ID, the last 3 payslips, debt collection information |
| Full repayment possible | Yes |
| Payment holidays possible | No |
| Approval rate |
Advantages and disadvantages at a glance
Here is an overview of the most important strengths and weaknesses of the Migros Bank personal loan.
✓ Advantages
- Effective annual interest rate from 4.90 % – one of the lowest on the Swiss market
- No processing or completion fees
- Early repayment is always free of charge.
- Debt forgiveness in case of death included
- New contracts, replacements and increases possible
- Decision within 48 hours of receipt of documents
Disadvantages
- Best interest rate only with excellent credit rating and high income
- No fully digital application – mail required
- Self-employed individuals, pensioners, cross-border commuters & those on probation excluded
- Payment holidays are not possible.
- Minimum income CHF 3,000 net/month
- No transparency in interest calculation
- Verification: Employer information will be obtained as a matter of course.
- Additional telephone charges
The interest rate in detail: Who actually receives 4.90 %?
The advertised interest rate of 4.90 % is the best possible rate – not the norm. The actual range extends up to 7.90 %, and your personal interest rate depends on your individual creditworthiness.
From our experience as loan brokers, we know that in practice, only a few applicants receive the best interest rate. Typically, you need a near-perfect financial profile to achieve this.
These conditions increase your chances of getting the best interest rate.
- At least two years with the same employer, permanent contract
- Free net income significantly above CHF 5,000 per month
- Impeccable credit history – no entries with ZEK or CRIF
- Permanent residential address for several years, ideally home ownership
- No outstanding loans or leases
For the majority of applicants, the actual interest rate is typically between 6 and 7 per cent. This is precisely why comparing loans from multiple providers is worthwhile – different banks often assess the same initial situation very differently.
Requirements for the Migros Bank personal loan
Before submitting an application, check if you meet the basic requirements:
Basic requirements
- Ages between 20 and 65
- Permanent, uninterrupted employment contract (after the probationary period)
- Net income from CHF 3,000 per month
- Swiss citizenship or permit B/C (at least 2 years in Switzerland)
- No outstanding debts and a clean ZEK entry
- Temporary employees: at least 1 year with the same temporary employment agency
This is how the application process works
The process is clearly structured, but involves a break in the media. Here are the four steps from request to payment.
Fill out the online form
On the Migros Bank website, you enter your personal details, income information, and the desired loan amount. The integrated loan calculator shows you an initial estimate of the monthly payment. This takes approximately 10 minutes.
Compile documents
You need a valid ID, the last three payslips, and a current debt collection report.
Sign the application and send it by post.
Print out the loan application, sign it, and send it along with the required documents by mail to Migros Bank. Unfortunately, digital upload is not possible.
Examination, contract and payment
The bank will review your application within approximately 48 hours. If approved, the contract will be drawn up, followed by a 14-day cancellation period. Total time until payout: 2-3 weeks.
Find the best interest rate for your situation
With a single application, you can compare offers from several Swiss lenders free of charge and without obligation.
→ Compare loans nowFrequently asked questions about the Migros Bank personal loan
The effective annual interest rate ranges from 4.90% to 7.90%. The interest rate you receive depends on your creditworthiness, income, and overall financial situation. The advertised best rate of 4.90% is practically only achievable for individuals with an outstanding financial profile.
No. The application process starts online, but you then have to send the signed loan application along with the required documents by mail. Migros Bank does not currently offer a fully digital application process.
The official minimum income is CHF 3,000 net per month. However, for an attractive interest rate, your income should be significantly higher – ideally over CHF 5,000.
No. Self-employed individuals are excluded from receiving loans at Migros Bank. This also applies to cross-border commuters, pensioners, and individuals with fixed-term employment contracts or those in their probationary period.
From application to transfer, it usually takes two to three weeks. According to Migros Bank, the actual processing time is around 48 hours – plus postal delivery time and the statutory 14-day cancellation period.
Yes. Migros Bank allows early repayment – whether in full or in installments – at any time and without additional costs.
No. Migros Bank does not currently offer the option of taking payment holidays. Monthly installments must be paid continuously.
A comparison is almost always worthwhile. Since each bank assesses creditworthiness differently, the same applicant can receive very different interest rates from different providers. At BestFinance.ch, you can compare multiple offers free of charge and without obligation.