【100% Personal Loan Guarantee Scheme】Everything You Need to Know About the 100% Personal Loan Guarantee Scheme (Ways to Apply for Different Banks Included)

Following the 5th wave of the epidemic, the government announced in the 2022-23 Budget to extend the application period of the 100% Personal Loan Guarantee Scheme (PLGS) to the end of April 2023. Permanent Hong Kong residents aged 18 or above who have been unemployed for at least two months can apply for the scheme. The maximum loan amount will be increased from six times their previous salary to nine times, capped at HK$100,000.
Moreover, the maximum repayment period will also be extended from six years to ten years, and the principal moratorium arrangement will be further extended from 12 months to 18 months. The interest rate is only 1%, and borrowers can get a full refund of the interest paid when the loan is fully repaid.
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100% Personal Loan Guarantee Scheme (PLGS) Application Details

Application period: 28th April 2021- end-April 2023


Maximum loan amount: HK$100,000


APR: 1% - Borrowers have the option to repay the interest on the loan only but not the principal itself for up to 18 months. 


Maximum repayment period:Up to 10 years


Refund on the interest: Borrowers can get a full refund of the interest paid after the loan is fully repaid. 


Applicable fees: No handling fees, set up fees or prepayment penalty. However, in case of overdue repayment, overdue interest and/or charge may be levied.


Purpose: Not limited but mainly to provide a source of financing to unemployed individuals who are suffering from cessation of regular incomes from unemployment during the COVID-19 pandemic.

100% Personal Loan Guarantee Scheme VS Regular Personal Loans

100% Personal Loan Guarantee SchemePersonal Loans
Eligibility 100% Personal Loan Guarantee SchemeHK Permanent residents aged 18 or above who have been unemployed for at least two months Personal LoansPermanent residents aged 18 or above who have met minimum salary requirements
Credit Scores 100% Personal Loan Guarantee SchemeN/APersonal LoansGood credit scores required
Application Period 100% Personal Loan Guarantee Scheme28th April 2021- end-April 2023Personal LoansAnytime throughout the year
Maximum Loan Amount 100% Personal Loan Guarantee SchemeHK$100,000Personal Loans21X Monthly Salary
APR 100% Personal Loan Guarantee Scheme1%Personal LoansAbout 1.78-6.8%
Maximum Repayment Period 100% Personal Loan Guarantee Scheme10 Years Personal Loans60 months in general
Refund on the Interest100% Personal Loan Guarantee SchemeEnjoy a full refund on the interest paid if the loan is fully repaidPersonal LoansN/A

100% Personal Loan Guarantee Scheme Participating Lenders - Application Methods and Enquiry Hotlines

Applicants may apply through the following 12 participating banks, including Bank of China (Hong Kong) Limited, The Bank of East Asia, Limited, China CITIC Bank International Limited, China Construction Bank (Asia) Corporation Limited, Dah Sing Bank, Limited, Hang Seng Bank, Limited, The Hongkong and Shanghai Banking Corporation Limited, Industrial and Commercial Bank of China (Asia) Limited, Shanghai Commercial Bank Limited, Standard Chartered Bank (Hong Kong) Limited, Chiyu Banking Corporation Limited and ZA Bank Limited. The list of participating lenders and their enquiry hotlines can be found below:

List of participating lenders:

Participating BanksApplication MethodEnquiry Hotline
Participating BanksBank of China (Hong Kong)Application MethodWebsite, APP & branchEnquiry Hotline3988 2128
Participating BanksThe Bank of East AsiaApplication MethodWebsite & branch Enquiry Hotline2211 1211
Participating BanksChina CITIC Bank International Application MethodWebsite & branch Enquiry Hotline2287 6767
Participating BanksChina Construction Bank (Asia) Corporation Application MethodWebsite & branch Enquiry Hotline2779 5533
Participating BanksDah Sing BankApplication MethodWebsite & branch Enquiry Hotline2529 1338
Participating BanksHang Seng BankApplication MethodWebsite & branch Enquiry Hotline2997 3882
Participating BanksHSBCApplication MethodWebsite & hotlineEnquiry Hotline2996 7288
Participating BanksIndustrial and Commercial Bank of China (Asia) Application MethodWebsite & branch Enquiry Hotline2189 5588
Participating BanksShanghai Commercial Bank Application MethodWebsite & branchEnquiry Hotline2818 0282
Participating BanksStandard Chartered BankApplication MethodWebsite & hotlineEnquiry Hotline3408 1628
Participating BanksZA BankApplication MethodWebsite & APPEnquiry Hotline3665 3665
Participating BanksChiyu Banking CorporationApplication MethodWebsite & hotlineEnquiry Hotline2232 3625

Not eligible for the 100% Personal Loan Guarantee Scheme?Check out other personal loans!

If you are not eligible for the 100% Personal Loan Guarantee Scheme or if you are looking to borrow more, you can consider taking out a regular personal loan. MoneySmart compares the interest rate and APR of varying personal loan products available in the market, helping you to make an informed decision.

Who is eligible for the 100% Personal Loan Guarantee Scheme?

You must meet the following 2 requirements: 

  1. Permanent HK residents aged 18 or above 
  2. Unemployed for at least two months (unemployment proof required)


To apply, you must not be undischarged bankrupt nor subject to any bankruptcy petition or proceedings at the time of application.

If 100% Personal Loan Guarantee Scheme not for you, you can consider the following personal loans:

Personal LoanInterest RateFeaturesRepayment period
Personal LoanUA "NO SHOW" Personal LoanInterest Rate6.18%FeaturesDocuments FreeRepayment period3- 60 months
Personal LoanCiti Speedy CashInterest Rate1.78%FeaturesLoan amount as high as 12X monthly salary or HK$2,000,000Repayment period6 - 60 months
Personal LoanWeLend Personal LoanInterest Rate2.79%Features No income proof required Repayment period12 - 60 months
Personal LoanPrimeCredit Fixed LoanInterest Rate2.38%Features No income proof required for loan amount HK$50,000 or under and cash will be disbursed within 24 hours Repayment period3 - 60 months
Personal LoanStandard Chartered Personal Installment LoanInterest Rate4.94%FeaturesSalary is as high as 18X or HK$2,000,000Repayment period12 - 72 months
Personal LoanPromise Easy LoanInterest Rate4.49%FeaturesNo documents required and approval all done online Repayment period12 - 72 months

FAQ

When can I apply for the 100% Personal Loan Guarantee Scheme?

Application is open from 28th April to end April 2023.

Does early repayment penalty apply for the 100% Personal Loan Guarantee Scheme?

Early repayment charges do not apply for the 100% Personal Loan Guarantee Scheme. Borrowers can enjoy full refund on interest if the loan is repaid in full.

In case of overdue repayment, will overdue interest charge be levied?

Yes, although early repayment charges do not apply. You will still be charged overdue interest charges in case of overdue repayment.

Am I eligible for the 100% Personal Loan Guarantee Scheme if I am bankrupt?

No, you are not eligible if you are undischarged bankrupt or subject to any bankruptcy petition or proceedings at the time of loan application.

What is the maximum repayment period for the 100% Personal Loan Guarantee Scheme ?

You can repay it for up to 10 years under the 100% Personal Loan Guarantee Scheme .

Does the 100% Personal Loan Guarantee Scheme limit its purpose?

No, but it is primarily designed to alleviate the impact brought by the 5th wave of the pandemic.

Will the 100% Personal Loan Guarantee Scheme affect my credit score?

Similar to other loans, as long as you repay it on time, it won’t affect your credit score but help you build it.

How to calculate the maximum loan amount for the 100% Personal Loan Guarantee Scheme?

It will be nine times your previous salary with a cap of HK$100,000.

What unemployment proof is required for the 100% Personal Loan Guarantee Scheme?

Bank statements or passbook for 2 consecutive months issued within 3 months prior to the submission of loan application and (except for free-lancers, gig or casual workers) severance letter issued by the former employer or letter of termination of employment, expired employment contract, tax return or any official document showing cessation of employment issued by the former employer.

Which department will approve my loan?

It will be approved by The Hong Kong Mortgage Corporation and the HK government will be the guarantor.

When will I be able to get the loan?

The cash will usually be disbursed within 1- 3 days after a successful application.