COVID-19 CREDIT – Repayment obligation starting in 2022

Why do I have to pay back my COVID credit, and why is Credit Suisse starting this in 2022?

Please see Section 7 of the COVID-19 credit agreement, Art. 3 (2) of the COVID-19 Joint and Several Guarantee Act (DE)  and Section 28 of the Swiss Banker Association guidelines on the handling of COVID-19 credits (DE).

Can I defer the repayments?

You can defer the first installment. No other installments can be deferred.
If you wish to defer the first installment payment, you can do so from your online banking account under the "Financing" menu item. Please note that you must do so by no later than March 15, 2022. The deferred installment for March 31, 2022, must be paid by September 30, 2027, with the normal installment as of September 30, 2027 (two installments).
If you do not have online banking access, please contact your relationship manager.

What if I can't pay the first installment?

In this case, you can defer the first installment. See "Can I defer the repayments?"

What if I can't pay the other installments?

As a rule, you must arrange for repayment of the COVID credits. If you cannot afford the repayments, the COVID credit will be canceled following a reminder and grace period. The surety association responsible for you will repay the COVID credit to Credit Suisse and will then become the creditor. At the appropriate time, the debt collection agency (Intrum AG) of the surety association responsible for you will get in touch to discuss the next steps (repayment details, etc.).

Can I reduce the repayment rate and pay the remaining amount at a later time?

No, you cannot. Repayment is to be made in 12 equal installments.

How high are the installments?

See the client letter from December 15, 2021, for the installment rates. You can also find this information in your online banking account under "Credits" in the relevant product ((current account credit (COVID-19)).

How many installments are there?

In general, the COVID credit must be repaid in 12 equal installments. You will find this information in online banking under "Credits" in the relevant product (current account credit (COVID-19)).

What are the repayment dates?

Repayments must be made every six months, on March 31 and September 30.

Is there default interest if the installments are not paid on time?

No, there is no default interest. If the repayments are not made on time, the credit will be canceled with a repayment deadline of 60 days.

I would like to make further repayments in addition to the regular installments. Is this possible? And how? 

Yes, this is possible. You can make these additional repayments yourself via transfer to the COVID credit account. If you do not have access to online banking, please contact your relationship manager.

Can I also make repayments during the year? 

Yes, this is possible.

Can I reverse a repayment that I have made?

No, that is not possible.

I have already repaid a portion. Do I still need to make this repayment?

The COVID credit must be repaid in equal installments every six months. The standing order set up by Credit Suisse already takes account of any repayments previously made.
In other words: As long as the previous voluntary payments exceed the normal payments, you will not incur any additional charges as of the regular installment dates.

I already set up astanding order myself. Do I need to do  anything?

If you do not want to make more than the regular repayments (see "Installments and deadlines") please cancel your standing order.

Will the repayment be debited automatically or do I have to submit an order?

Credit Suisse will set up a standing order for this purpose. The applicable amount will be charged to the designated account in semi-annual installments. Please make sure that the designated account has sufficient funds at the time of each repayment (March 31 and September 30).

I no longer have a debit account. What should I do?

In this case, please transfer the installment payment directly to the COVID credit account.

To which account do I transfer the amount due?

Please see the client letter dated December 15, 2021, for the applicable account. Normally it would be your primary CHF account.

I want to repay the COVID loan in full before the due date. How can I do this?

After you repay the credit amount, you can delete the COVID credit in online banking under the menu item "Financing."
If you do not have online banking access, please contact your relationship manager.