How to Get a Loan in Austria: Guide, Requirements & Tips

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Getting a Loan: The Complete Guide

A loan is an important financial decision. In this guide, you'll learn step by step how to get a loan in Austria – from requirements to payout.

Before the Loan: Proper Preparation

Step 1: Do You Really Need a Loan?

Before taking out a loan, ask yourself:

• Can I postpone the purchase and save?
• Are there cheaper alternatives (e.g., buying used)?
• Have I optimized my expenses?

A loan should not be a substitute for a missing budget, but rather used specifically for larger purchases or investments.

Step 2: How Much Can You Afford?

Determine your disposable income:

Item	Example
Net income	+ €2,500
- Rent/housing costs	- €800
- Insurance	- €150
- Living expenses	- €600
- Existing loans	- €200
- Other	- €150
= Disposable	€600

Rule of thumb: Maximum 30-40% of disposable income for the loan payment. In the example: max. €180-240 monthly payment.

Step 3: What Loan Amount Do You Need?

Determine the exact need – no more, no less:

• Purchase price
• Plus any additional costs
• Minus available equity

Use our Loan Calculator to explore different scenarios.

Requirements for a Loan

Personal Requirements

Requirement	Details	Importance
Age	18-70 years (varies by provider)	Mandatory
Residence	Primary residence in Austria	Mandatory
Bank account	Austrian bank account	Mandatory
Income	Regular, verifiable	Mandatory
Creditworthiness	Positive KSV (credit bureau) report	Very important
Employment	Permanent preferred	Very important

Required Documents

For Employees:

• ID card or passport
• Payslips (last 3 months)
• Bank statements (last 3 months)
• Employment contract (if applicable)

For Self-Employed:

• ID card or passport
• Tax assessments (last 2-3 years)
• Current profit/loss statement
• Bank statements (last 6 months)

For Retirees:

• ID card or passport
• Pension statement
• Bank statements

The Loan Application: Step by Step

Step 1: Compare Offers

Get at least 3-5 quotes:

• Comparison portals (fast and clear)
• House bank (possible customer benefits)
• Online direct banks (often cheaper)

Important: Only use rate inquiries, not binding loan applications. Rate inquiries are not recorded in KSV.

More on this: Loan Comparison Austria

Step 2: Fill Out Application

Enter the following data:

• Personal data (name, address, date of birth)
• Family situation (single, married, children)
• Professional situation (employer, since when)
• Financial situation (income, expenses, existing loans)
• Loan request (amount, term, purpose)

Step 3: Verify Identity

Modern options:

• Video-Ident: Via webcam with an employee (5-10 minutes)
• ID Austria / Mobile Signature: Quick and easy
• Online Banking-Ident: Via your existing banking
• PostIdent: At a post office (classic)

Step 4: Submit Documents

Upload documents digitally:

• Well-readable scans or photos
• Complete documents
• Current documents (not older than 3 months)

Step 5: Wait for Review

The bank checks:

• KSV report: Your creditworthiness and payment history
• Household calculation: Income vs. expenses
• Affordability: Is the loan manageable?

Duration:

• Online loan: 1-3 business days
• Instant loan: 24-48 hours
• Traditional bank loan: 5-14 business days

Step 6: Sign Contract

• Read contract carefully
• Note all costs (interest, fees)
• Note withdrawal right (14 days)
• Sign digitally or by mail

Step 7: Receive Money

After contract signing, money is transferred to your account. With instant loans within 24-48 hours.

Tips for Higher Approval Chances

1. Optimize Creditworthiness

• Check your KSV report (free once a year)
• Correct wrong entries
• Pay off outstanding bills

2. Calculate Correctly

• Include all income (also child benefit, alimony)
• Estimate expenses realistically
• Plan buffer

3. Consider Timing

• Apply after probation period
• With stable employment
• Not during relocation or job change

4. State Purpose

A specific purpose (car, renovation) can:

• Lower interest rates
• Increase approval chances

5. Offer Collateral

If possible:

• Guarantee from a relative
• Pledge savings
• Life insurance as security

What to Do If Rejected?

Possible Reasons

• Negative KSV entries
• Too low income
• Too high existing debt
• Fixed-term employment
• Probation not yet completed

Alternatives

1. Improve creditworthiness and try again later
2. Apply for smaller amount
3. Offer guarantee
4. Try another provider (creditworthiness criteria vary)
5. Special loans: Loan without KSV

Frequently Asked Questions

How Fast Can I Get a Loan?

• Instant loan: 24-48 hours
• Online loan: 1-3 business days
• Bank loan: 5-14 business days

More on this: Instant Loan Austria

Can I Get a Loan During Probation?

Difficult, but possible. Some providers require:

• Higher income
• Guarantee
• Shorter term / smaller amount

What Loan Can I Get With €1,500 Net?

Depends on your expenses. Example:

• Disposable: approx. €400-500
• Maximum payment: €150-200
• Possible loan amount: €5,000-8,000 (36 months)

Does the Inquiry Affect My KSV?

• Rate inquiry: No
• Binding loan application: Yes, is recorded

Comparison portals usually only make rate inquiries.

Can I Have Multiple Loans at the Same Time?

Yes, if your household calculation allows it. The total burden of all loans must be manageable.

Conclusion: Getting a Loan Done Right

1. Check your need – do you really need a loan?
2. Determine your budget – what can you afford?
3. Compare offers – at least 3-5 providers
4. Prepare all documents – this speeds up the process
5. Watch the effective interest rate – only this is comparable
6. Read the contract – before signing

Related Articles:

• Loan Calculator Austria
• Loan Comparison Austria
• Loan Interest Rates Austria
• Loan Guide – Main Page

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Disclaimer: The mentioned requirements and conditions may vary by provider. For binding information, contact the respective lender.