General enquiries of Personal Instalment Loan

You may find the general enquiries of Personal Instalment Loan.

How much loan amount can be granted for Personal Instalment Loan?

Minimum loan amount is HK$10,000 or above, and Maximum loan amount is up to HK$800,000 or 8 times of monthly salary (whichever is lower).

How much is the interest rate for Personal Instalment Loan?

Annualised Percentage Rate (“APR”) as low as 2.98% (calculated based on the monthly flat rate of 0.05% and instalment period of 12 months including 1% handling fee). The APR is calculated in accordance with the guidelines issued in respect of the Code of Banking Practice. The approval of the final interest rate is subject to the financial condition of customer.

How much is the handling fee for Personal Instalment Loan?

For loan amount below HK$700,000, 1.5% handling fee will be charged each year. For loan amount of HK$700,000 or above, 1% handling fee will be charged each year. The handling fee is calculated based on the approved loan amount and the instalment period, and apportioned according to the instalment period for repayment with the monthly instalment.

How long is the repayment period for Personal Instalment Loan?

Flexible repayment period is up to 60 months. You can choose repayment period from 12、18、24、30、36、42、48、54 or 60 months.

What are the requirements for applying Personal Instalment Loan?

The applicant must be a Hong Kong resident aged 18 or above with a minimum annual income of HK$80,000.

What is the repayment method for Personal Instalment Loan?

Based on the repayment period, monthly repayment amount will be deducted from customer’s designated bank account by Direct Debit Authorization.

How to do early full settlement for Personal Instalment Loan?

Early full settlement of personal instalment loan is permissible upon seven days’ prior written notice to the Bank. Apart from the outstanding loan principal (including any arrears), outstanding handling fee and interest up to the next repayment date, 1.5% per annum on the principal amount of the Loan for early settlement administrative fee will also be charged (calculated by reference to the number of years in the remaining Loan period, and any part of a year shall be rounded up to a year).

How much is the late repayment surcharge for Personal Instalment Loan?

For failing to pay any Monthly Repayment Amount in full when due, the Bank will charge for each month:

(a)        a default interest of 3% of the total Monthly Repayment Amount overdue (Annualised Overdue / Default Interest Rate is 42.58%. Default interest is calculated on a compound basis and no minimum amount will be applied.); and

(b)        a late charge of HK$300.

Can I redraw my repaid principal of Personal Instalment Loan?

Customers are eligible to apply for a top-up loan on the repaid principal amount if a minimum of one instalment is repaid, and the repaid principal amount is over HK$5,000 with a punctual repayment record maintained. The Bank reserves the right of approval of the top-up loan based on the customer's financial standing.

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