Alright everyone.
I am looking into the possibility of getting a bank loan here in Munich.
Does anyone have any tips, good/bad experiences, things to look out for, interest rates etc.
Any help appreciated, Cheers.
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Bank loans in Munich
Advice and experiences
Easiest is just to walk into your local bank and given credit worthiness, they'll do it there and then.
But there are other banks that are more into this kind of business (Citibnak has been one, up to now).
A lender with whom you don't already have an account will run a SCHÜFA check on you.
But there are other banks that are more into this kind of business (Citibnak has been one, up to now).
A lender with whom you don't already have an account will run a SCHÜFA check on you.
QUOTE (MonksTown @ Apr 19 2008, 5:33 pm) 
Citibnak has been one, up to now
What do you mean 'up to now'? I was actually looking up their credit conditions this evening ans considering to take out the credit from them...
I always got letters from the HypoVereinsbank, and I went in and got an on the spot loan for the trip of my life, a year later I did the same at the Sparkasse. No problems, take 3 months of pay slips, and Bingo a Loan!
Citibank in Germany has been a fairly popular bank with TTers and realtively well paid people in trendyish jobs.
A large proportion of their profit in Germany came from loans to non customers in the consumer credit area.
They are having a bad time of it now, BIG losses couple with the credit crunch and the RUMOUR is that they are going to leave retail banking in Germany.
It's back to the old "Tesco" argument. You aren't the #1 priority you think you should be.
If you have a genuine reason and a regular income: Sparkasse.
A large proportion of their profit in Germany came from loans to non customers in the consumer credit area.
They are having a bad time of it now, BIG losses couple with the credit crunch and the RUMOUR is that they are going to leave retail banking in Germany.
It's back to the old "Tesco" argument. You aren't the #1 priority you think you should be.
If you have a genuine reason and a regular income: Sparkasse.
try a froogle
Just been to the Sparkasse in Marienplatz to inquire about a loan´.
They approved my application within the hour. However, only on the condition that they required various insurances:
1. Death insurance (one off payment added to the loan) - otherwise they said my spouse would be liable
2. Haftpflichtversichering - OK, understandable
3. Unfallversicherung - ???
The question is, are they just trying to sell me insurances because I am a naive foreigner? or is this a legal requirement to have?
In the UK, for example, you dont have to have any insurances if you dont want to.
Does anyone know anything about this?
Cheers.
They approved my application within the hour. However, only on the condition that they required various insurances:
1. Death insurance (one off payment added to the loan) - otherwise they said my spouse would be liable
2. Haftpflichtversichering - OK, understandable
3. Unfallversicherung - ???
The question is, are they just trying to sell me insurances because I am a naive foreigner? or is this a legal requirement to have?
In the UK, for example, you dont have to have any insurances if you dont want to.
Does anyone know anything about this?
Cheers.
sounds weird to me. maybe if it's a massive loan
What is the loan amount? I had the same experience with Sparkasse (for a loan of 10K). I was not happy with the terms, so i took it from DKB and closed my konto with Sparkasse. I have heard it is quicker with Citibank and the interest may be less if you apply online.
Yes, it was 10K. The interest rate was pretty shite too. 7.5%.
Cheers for the tip.
Cheers for the tip.
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