When this form of credit was launched in March 2020, the interest rates were 0 % for credits up to CHF 500,000, and 0.5 % for those exceeding CHF 500,000. When setting the interest rates for COVID-19 credits, the Federal Council takes into account the Swiss National Bank’s (SNB) policy rate, as well as market distortions, amortisation, cross-financing between sectors, and affordability. Due to the repeated increase in the SNB policy rate starting from the summer of 2022, the Federal Council decided, as of 31 March 2023, to raise the interest rates for COVID-19 credits up to CHF 500,000 from 0 to 1.5 %, and for those exceeding CHF 500,000 from 0.5 to 2 %. Interest rates for COVID-19 credits were not adjusted at the end of March 2024. In 2024 and 2025, the SNB implemented a series of policy rate cuts. As a result, at the end of March 2025, the Federal Council lowered the interest rates for COVID-19 credits up to CHF 500,000 from 1.5 to 0.25 % and for COVID-19 credits exceeding CHF 500,000 from 2 to 0.75 %.
The Federal Council will once again review the interest rates for COVID-19 credits at the end of March 2026. The current trend in the SNB policy rate indicates a further fall in interest rates for COVID-19 credits.
Responsibility for this matter rests with the State Secretariat for International Finance (SIF) at the Federal Department of Finance (FDF).
