61000 euro credit makes such projects or wishes possible. For example, at some point an apartment simply has to be renovated in the core. Or you want to renovate a house before moving in. Maybe you also dream of a world tour.

Only: Under what conditions can you get a loan of 61000 Euro? And which runtime is recommended? As the following lines illustrate, it is important to find the right compromise.

61000 Euro record – short info

• To borrow 61000 euros of free credit is no small thing
• A very good credit rating and collateral qualify for lending
• Big credit is not everywhere and equally cheap for everyone
• First compare all interesting loans at a glance
• Request your non-binding personal loan offer immediately afterwards

61000 Euro Credit: 84 months are a good term

For a loan of 61000 Euro 84 months (7 years) are a good term. The monthly installments start at 793.96 euros. The offer comes from Puribank. The corresponding effective interest rate is 2.59 percent.

But beware: If your credit rating is not convincing, the interest rate can climb to 7.59 percent. If you want a safe bank for interest rates, General Public Service Bank has made the right offer for you.

The 61,000 euro loan is generally awarded at an effective interest rate of 4.95 percent. The monthly rate is then already 857.62 euros. However, some banks besides Puribank offer a suitable loan, even with lower interest rates. The Bank should therefore be your last stop.

And not your first.

Credit of 61000 euros: The problem of shorter maturities

It’s understandable that you do not want to pay off your € 61,000 loan over 7 years (84 months). With shorter terms, however, the rates rise immensely.

As an example: If you go to 5 years (60 months), the best offer still comes from Puribank. The monthly rate is now 1084.20 euros.

That’s about 300 euros more than a seven-year term. You would pay about 3600 euros more per year. Over the five years, you will be charged almost € 18,000 more – more than a quarter of the actual loan amount.

61000 Euro Credit: The difficult balance act with longer maturities

But you may also be heading the other way: you say that the installments for a loan of 61,000 euros at 84 months are already too high. You therefore want to choose a longer duration. Here you have to choose a difficult balance act.

For example, if you go to 108 months (9 years), the best possible rate is 670.07 euros. Although that sinks so around 120 euros. However, the effective interest rate rises to 3.95 percent in the best case. You pay one percent more interest for two more years.

1.0 percent is € 61000 is € 610 and this per year. The credit costs rise accordingly.

Tip: Do not take the 61000 Euro credit alone

If you read this, you are probably worried that your credit rating will not be enough for the best possible APR. Therefore do not take the loan alone. Several borrowers improve the credit rating. Alternatively, you can also get a guarantor.

So you make sure that there will be no unpleasant surprises in the interest rates.