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Best Bank Loan Interest Rate 2022
| Bank Loan | APR | Feature |
|---|---|---|
| Citi Speedy Cash | 1.78% | Repayment term up to 60 months |
| DBS Personal Instalment Loan | 1.56% | 1 minute approval |
| BEA "Super-Fast" Instalment Loan | 2.91% | Cash disbursement in a day |
| Standard Chartered Personal Instalment Loan | 1.98% | Enjoy up to HK$2,000 cash rebate |
| Credit Mastermind Instalment Loan | 4.70% | Save interest up to 86% |
| Fubon Balance Transfer Personal Loan | 8.50% | Repayment term up to 72 months |
Apply For Quick Banks Loan Online
Most banks in Hong Kong, including HSBC, The Bank of East Asia, Standard Chartered Bank, Bank of China, Dah Sing Bank, and Bank of Communications can process online loan applications fairly quickly. Applicants can submit the required documents online via the official bank's website. If the applicant is also an account holder of the bank, he/she can be exempted from submitting some supporting documents and they may not be required to show up at all during the entire application process. The loan can be approved as fast as in 1 minute, and the fund can be disbursed on the same day.
Personal Loans Eligibility
Applicants must be at least 18 years old. But even if you are 18 years old, you may not be eligible to apply for some loans. It is important to understand that different banks have different sets of requirements. Applicants are advised to check with an individual bank for its specific requirements before applying. For example, Standard Chartered Bank requires personal loan applicants to be at least 20 years old. Applicants are also required to submit a copy of Hong Kong ID card/passport (for non permanent ID card holders) and proof of current residential address for the last 3 months. In addition, banks generally require applicants to submit pay slips. If these are not available, you may be required to provide bank statements or proof of MPF contribution for the last 3 months.
What are bank loans?
Bank loans are loans provided by banks, and there are various types of bank loans available in Hong Kong, including person installment loans, balance transfer plans and revolving loans for different debt management purposes. Some are designed to provide applicants with speedy cash to overcome their immediate financial problems while others are designed to pay off card debt. The repayment period is up to 72 months.
Some people prefer loans from banks over money lenders, as banks offer lower interest rates and are more reliable. Citibank, Standard chartered Bank and DBS are all popular bank loan choices in Hong Kong.
Some people prefer loans from banks over money lenders, as banks offer lower interest rates and are more reliable. Citibank, Standard chartered Bank and DBS are all popular bank loan choices in Hong Kong.
Types of Bank Loans in Hong Kong
Banks offer different types of bank loans for different purposes. Below is a summary of the most common bank loans:
Fixed instalment loan
Personal loans can be used for many purposes e.g. settle large expenses in life.
Debt Consolidation Loans
Consolidate all your high-interest debts into one loan including credit card debts.
Revolving loan
There is no fixed repayment period or monthly repayment amount while the interest rate is higher than the fixed instalment loan. It is best for paying off credit card debts or extra cash.
Tax loan
The interest rate is lower than that of ordinary personal instalment loans. Applicants can use some of it to pay tax and enjoy extra cash to ease the financial burden.
Best Bank Loans 2021
Are you planning to apply for personal loans to ease your financial burden? Why not have a read around these articles below to find the personal loan that suits your needs the most?
Bank Loan FAQ
How can I get a quick loan from banks?
- Many banks accept online applications. If you want to get the loan quickly, you can apply for HSBC Personal Instalment Loan characterized by fast approval and cash withdrawal in 1 minute. You can also check out this article on Best quick loans in Hong Kong.
Can domestic helpers apply for loans?
- Some lenders provide loans specially designed for domestic helpers e.g. UA Finance Overseas Workers Loans. It features its flexibility in the loan amount, interest rate and repayment terms.
What is the minimum salary to get a personal loan?
- Different banks have different sets of requirements. For example, HSBC Personal Instalment Loan requires applicants to have a monthly income of at least HK$5,000 while Citibank requires loan applicants to have a monthly income of at least HK$6,000.
Is it better to get a loan from a bank?
- Banks usually offer a lower interest rate but it also comes with stricter requirements e.g. require more supporting documents and a good credit score.
What is the disadvantage of a loan?
- The answer depends on your situation. If you have an urgent need for some extra cash and don’t have any assets, but own a credit card, then a personal loan is recommended. This is because withdrawing cash from your credit card is far more expensive than the interest rate of a personal loan. But it is important not to borrow money if you can’t afford it and you must not over-borrow because you may end up spending it unwisely.