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Legitimation cards and loan in Switzerland

Blog | Credit

Are you currently working in an embassy, a consulate or a NGO in Switzerland? Then you certainly hold a legitimation card instead of a residence permit. What is this card, and is it possible to make a credit in this situation? Explanation.

The legitimation card

A legitimation card is a document delivered to employees of consulate, embassies and NGO’s. This card is a document which attests as to the privileges and immunities to which its holder is entitled; it exempts its holder from the visa requirement during the exercise of his/her functions (source: eda.admin.ch). Tangibly, a legitimation card is a substitute to a Swiss working permit.

Different types of legitimation cards

There are several types of legitimation cards, for example C-type, D-type, or K-type. Those different kinds of cards establish the position of the holder: ambassador, employee in a diplomatic corps, NGO worker, family member of the main holder… Whatever the type of a legitimation card is, this document allows its holder to borrow money through a loan granted by banks or financial companies.

Get a loan with a legitimation card

Personal loans are highly regulated in Switzerland. Foreigners do not always have the possibility to make a loan, depending on the kind of residence permit owned. However, a legitimation card allows its holder to make a loan with the same conditions as a C-Permit owner. Thus, the basic conditions for a loan are:

  • To work in Switzerland since at least 3 months.
  • To be between 18 and 70 years old. A loan must be reimbursed before the age of 70.
  • Do not have any prosecution or insolvency in Switzerland.
  • Do not have bad credit history towards the ZEK.
  • Globally, the loan should not lead the consumer to overindebtedness.

How to apply for a loan?

In Switzerland, it is possible to borrow up to 250’000 Chf, with a repayment duration of 12 to 120 months. If you hold a legitimation card and look to apply for a loan, the easiest way is to ask to a loan bank or to a loan company like Multicredit. Indeed, this last one will help you to get a lower rate for your loan while guaranteeing maximum flexibility.