Personal Instalment Loan Terms and Conditions



1.
Acceptance of these Terms and Conditions
By requesting the Personal Instalment Loan, Express Loan, Salaries Tax Loan or Debt Consolidation Loan (the "Loan"), I shall be deemed to have read, understood and accepted these Terms and Conditions.
2.
Approval of the Loan and Conditions
Approval of the Loan and the terms applicable to the Loan (including amount, tenor of and interest rate applicable to the Loan) shall be at the sole discretion of DBS Bank (Hong Kong) Limited (the "Bank", which shall includes its successors and assigns) and is conditional upon fulfillment of the following conditions to the Bank’s satisfaction:
(a) provide all documentary proof required by the Bank which the Bank may independently verify;
(b) a satisfactory review of my credit profile available at the credit reference agency;
(c) in respect of a Debt Consolidation Loan application, (i) reduce the credit limit in respect of any credit card and/or loan account or (ii) cancel any credit card and/or loan account I maintain with another financial institution as required by the Bank.
3.
Cancellation of Application
I may not cancel an application for the Loan once processing has commenced unless permitted by the Bank. If the Bank at its discretion permits cancellation of my Loan application, I shall pay the Bank all reasonable costs and expenses in connection with the cancellation.
4.
Undertakings in respect of Debt Consolidation Loan
If the Loan is a Debt Consolidation Loan, I undertake to the Bank that:
(a) I shall not:
(i) increase the credit limit in respect of a credit card and/or loan account which I have agreed to reduce;
(ii) re-apply for a credit card and/or re-open a loan account which I have agreed to cancel;
(iii) increase the credit limit of any existing credit card and/or loan account within 12 months from the drawdown of the Loan; or
(iv) apply for any new unsecured facility with another financial institution within 12 months from the drawdown of the Loan.
(b) If the Loan amount granted by the Bank is smaller than the total outstanding debt(s) owned by me to other financial institutions listed in the Loan application form, I shall be solely responsible for any shortfall and make my own arrangement(s) to repay the same to the said financial institutions.
5.
Immediate Repayment
I agree to pay to the Bank on demand all principal, interest and other charges of and relating to the Loan. The Bank shall have the right to review, modify, reduce and/or cancel the Loan and demand immediate repayment of all outstanding principal of the Loan and interest thereon without prior notice.
6.
Monthly Repayment
On or before each Monthly Repayment Date, I agree to pay the Monthly Repayment Amount. The Bank may at its discretion:
(a) apportion the monthly repayments between principal, interest and handling fee as the Bank shall determine; and/or
(b) debit my account with such Monthly Repayment Amount on each Monthly Repayment Date (which expressions as used herein shall have the same meanings as respectively referred to in the Bank's notification letter to me in relation to the Loan). If the Monthly Repayment Date for a particular month falls on a Saturday, a Sunday or a public holiday, my account will be debited on the preceding clearing day. If the Monthly Repayment Date falls on any of 29th, 30th or 31st of each month and a particular month does not have such date, my account will be debited on the last clearing day of that month.
I may not alter the Monthly Repayment Date unless permitted by the Bank. If the Bank at its discretion permits alteration of the Monthly Repayment Date, I shall pay the Bank all reasonable costs and expenses in connection with the alteration.
7.
Late Repayment Surcharge
For each month I fail to pay any Monthly Repayment Amount in full when due, the Bank will charge:
(a) a default interest of 3% of the total Monthly Repayment Amount overdue; and
(b) a late charge of HK$300.
8.
Early Repayment
Early full repayment of the Loan is permissible upon seven days’ prior written notice to the Bank provided that I shall on the date of such repayment pay the outstanding loan principal (including any arrears), outstanding handling fee, interest up to the next repayment date and an early settlement administrative fee (the “Early Repayment Amount”). The early settlement administrative fee shall be calculated by reference to the number of years in the remaining Loan period (any part of a year shall be rounded up to a year) and chargeable for each year at a rate of 1.5% per annum on the principal amount of the Loan. The outstanding loan principal and interest shall be calculated by the Bank in such manner as the Bank may at its sole discretion determine. Upon my request, the Bank may issue a certificate in relation to the Loan confirming the outstanding principal of the Loan, interest payable thereon, any charges due and the early settlement administrative fee. In the absence of manifest error, such certificate of the Bank shall be binding and conclusive on me. If I pay a lump sum amount (“Lump Sum”) to the Bank which is not enough to pay the Early Repayment Amount, I agree that the Bank may hold the Lump Sum as a prepayment and deduct the Monthly Repayment Amount from the Lump Sum on each Monthly Repayment Date until the Lump Sum is fully deducted. The Bank shall then debit my account with such Monthly Repayment Amount or part of it (as appropriate) on each Monthly Repayment Date thereafter until the Loan is fully repaid. I may not withdraw the Lump Sum or any remaining portion unless permitted by the Bank upon my written notice to the Bank. In case the Bank exercises its discretion to return any amount to me, I shall pay the Bank all reasonable costs and expenses in connection with the refund.
9.
Set-off
In addition to any general lien or similar right to which the Bank may be entitled at law, the Bank may, at any time without prior notice, combine or consolidate any or all of my accounts (whether singly or jointly with others) with my liabilities to the Bank and set off or transfer any sum or sums standing to the credit of any of my accounts in or towards satisfaction of my liabilities to the Bank, whether such liabilities be primary, collateral, several, joint or in other currencies. Further, in so far as my liabilities to the Bank are contingent or future, the liability of the Bank to me to make payment of any sum standing to the credit of any of my accounts shall to the extent necessary to cover such liabilities be suspended until the happening of the contingency or future event.
10.
Bank Charges
I shall pay the Bank a handling charge as set out in the Bank Charges Schedule in force from time to time, for each repayment returned for lack of available funds. I authorise the Bank to debit my Loan account any such amounts so payable.
11.
Amendment
The Bank will give me at least 30 days' notice in any manner it thinks fit before amending the fees and charges or these Terms and Conditions. Any such amendment will be binding on me if I continue to utilise the Loan or allow the Loan to be outstanding after the effective date of the amendment.
12.
Collection Costs
The Bank may take such steps and actions as it reasonably thinks fit to enforce repayment of the Loan and interest thereon and these Terms and Conditions including without limitation, employing lawyers and third party debt collection agents to collect any sums I owe the Bank. I shall indemnify the Bank on demand for all reasonably incurred costs and expenses incurred by the Bank in respect of any such enforcement steps and actions provided that the total amount of such costs of debt collection agents to be recoverable shall in normal circumstances not exceed 30% of the amount of the debt. I also agree and authorise the Bank to disclose relevant information to such persons for these purposes.
13.
Contact Arrangements
Communications delivered personally or sent by post will be deemed to have been delivered to me (where delivered personally) at the time of personal delivery or on leaving it at such address, or (where sent by post) 48 hours after posting. If any of my personal details (including my address, employment, permanent residence or telephone number) has been changed, I will promptly inform the Bank in writing. I shall also notify the Bank promptly in writing of any difficulty in repaying any indebtedness or in meeting any payment to the Bank arising from the Loan.
14.
No Waiver
No failure, act, omission or delay by the Bank to exercise or enforce any right shall operate as a waiver of such right, nor will any single, partial or defective exercise of any right prevent any other or further exercise of it or the exercise of any other right.
15.
Miscellaneous
These Terms and Conditions:
(a) are personal to me and my rights or obligations may not be assigned by me, but the Bank may assign or otherwise dispose of all or any of its rights and obligations hereunder;
(b) shall be binding upon my executors, administrators and personal representatives; and
(c) shall be governed by and construed in accordance with the laws of the Hong Kong Special Administrative Region and shall not operate so as to exclude or restrict any liability, the exclusion or restriction of which is prohibited by the laws of the Hong Kong Special Administrative Region, and if they contain any provision which is invalid for any reason, shall be ineffective only to the extent of such invalidity, which shall not affect the validity of the remaining Terms and Conditions.
16.
Tax
I agree to be bound by the terms relating to tax reporting, withholding and associated requirements specified in the Tax Requirements Notice from time to time issued by the Bank, which are incorporated by reference into and shall form part of these Terms and Conditions. A copy of the Tax Requirements Notice is available on request at the Bank’s branches or from the website (www.dbs.com/hk).

If there is any inconsistency between the English and Chinese versions of these Terms and Conditions, the English version shall prevail.

Declaration

The information provided in this Application is true, correct and complete. It is required for processing this application and thereafter operating the Personal Instalment Loan account. If it is not provided, this Application may be rejected. I agree that the applicable data policies, notices and other communications to customers concerning their data from time to time issued by DBS Bank (Hong Kong) Limited (the "Bank") (a member of the DBS Group) shall apply. A copy of the Data Policy Notice of the Bank has been provided with this application form and formed a part of the Personal Instalment Loan Terms and Conditions. Further copies of the Data Policy Notice are available by calling the Customer Services Hotline, from the website (www.dbs.com/hk) or at any branches of the Bank. I agree that all information and data in this application or that is obtained from any other sources or that arises from my relationship with the Bank, or any other DBS Group company (together "data") will be subject to such policies and/or other communications (as may be varied from time to time). I agree in particular that the Bank may:

(a)
verify, provide and collect information and data about me to or from other organisations, institutions including the debt collection agencies or other persons;
(b)
transfer data outside the Hong Kong SAR including without limitation to Singapore;
(c)
compare any data obtained with my data, and use the results for taking of any actions including actions that may be adverse to my interests (including declining this application);
(d)
provide my data to credit reference agencies, and, in the event of default, to debt collection agencies;
(e)
provide data to any person to whom the Bank is under an obligation to make disclosure under the requirements of any law, regulation or court order binding on the Bank or guidelines issued by regulatory or other authorities with which the Bank is expected to comply.

I understand and agree that I have the right to:

(a)
request to be informed which items of data are routinely so disclosed to credit reference agencies or debt collection agencies;
(b)
request to be provided with further information to enable an access and correction request to be made to the relevant credit reference agency or debt collection agency; and
(c)
ask the Bank to request the relevant credit reference agencies to delete my consumer credit data upon termination of the Personal Instalment Loan account, if there is no payment default for a period in excess of 60 days on the account within 5 years immediately before the termination of the account. If there is any payment default, unless the amount in default is fully repaid or written off (other than due to a bankruptcy order) before the expiry of 60 days from the date such default occurred, I am liable to have my consumer credit data retained by the relevant credit reference agencies for a period of up to 5 years from the final settlement date of the default amount. In the event any amount in the Personal Instalment Loan account is written off due to a bankruptcy order being made against me, I am liable to have my consumer credit data retained by the relevant credit reference agencies, regardless of whether there is payment default for a period in excess of 60 days on the account, for a period of up to 5 years from the final settlement date of the default amount or 5 years from the date of discharge of my bankruptcy as notified to the credit reference agency whichever is earlier.

I have (a) no overdue credit card or other loan payments outstanding for over 30 days; (b) not had any credit cards in my name cancelled due to payment default; and (c) not had a bankruptcy petition made against me and I am not petitioning or intending to petition for my bankruptcy.

I understand that this Application is subject to the Bank's final approval.

If my application for the selected loan product is unsuccessful, I agree that the Bank may consider this as an application for other personal loan products.

I confirm that I have read and agree to be bound by the Personal Instalment Loan-Terms and Conditions ("Terms and Conditions") printed overleaf this application form. I also agree and authorise the Bank to debit from my account the monthly payment commencing on the date as specified in the notification letter of Personal Instalment Loan.

If the persons signing and making this application are more than one, the expression "I" as used herein and in the Terms and Conditions shall, unless the content otherwise requires, mean such persons and "my", "me" and "mine" shall be construed accordingly.