The basic application criteria for DBS loans are that the applicant must be a Hong Kong resident aged 18 or above with a minimum annual income of HK$60,000 for Express Loan or HK$80,000 for Personal Instalment Loan and Cashline. For Debt Consolidation Loan, the applicant must be a Hong Kong permanent resident aged 21 or above with a minimum annual income of HK$100,000.
|Express Loan||HK$10,000 or above||Up to 4 times of monthly gross salary or HK$200,000 (whichever is lower)|
|Personal Installment Loan||HK$10,000 or above||Up to 8 times of monthly gross salary or HK$800,000 (whichever is lower|
|Debt Consolidation Loan||HK$10,000 or above||Up to 18 times of monthly gross salary or HK$1,200,000 (whichever is lower)|
|Cashline Revolving Loan||HK$10,000 or above||Up to 8 times of monthly gross salary or HK$800,000 (whichever is lower)|
You need to take a long, hard look at your current and future financial situation before you take on any new debt. As part of this analysis, you should look at your debt ratio and set a realistic budget for debt repayment. Many experts recommend that no more than 40% of your monthly income should go to paying all debts, including mortgage payments.
Monthly flat rate is to calculate the monthly repayment amount for an instalment loan, which can be illustrated in the example below:Example:
APR is calculated in accordance with the relevant guidelines referred to in the Code of Banking Practice. Interest is calculated on the basis of a 365-day or 366-day year, including all payable fees/charges such as the handling fee, annual fee, etc. Therefore, APR is a tool for comparing interest rates, and expressing the repayment amount and loan amount ratio.
An installment loan allows you to have a fixed installment within a planned time frame, while a revolving loan has no fixed repayment schedule and interest is charged on a daily basis on the amount drawn.