Further information about Migros Bank:

Further information about Migros Bank:

Migros Bank was founded in 1958 by Gottlieb Duttweiler and is a subsidiary of the Federation of Migros Cooperatives.

To qualify for a Migros Bank personal loan, borrowers must be aged between 18 and 64 and receive a regular income from permanent employment held for more than three months.

Migros Bank provides personal loans from CHF 1’000 to CHF 100’000, with short terms of 6 to 84 months. Online applications are subject to an effective annual interest rate of 4.9% to 7.9%, depending on creditworthiness. Interest costs are included in the monthly instalments, allowing clear monthly budget planning. Unfortunately, the rejection rate for loan applications is comparatively high.

If the borrower is under 60 when the agreement is signed, Migros Bank provides payment protection cover of up to CHF 80’000 for illness, accident and death. The waiting period for insurance benefits in the event of illness or accident is 90 days.