Best Standard Chartered Personal Loans in Hong Kong 2019

International bank Standard Chartered offers several personal loans in Hong Kong, including a tax loan and a debt consolidation loan. Before you apply for any of them, read this guide to Standard Chartered loans to find out which is best for your needs.

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Standard Chartered Personal Loan

Standard Chartered Personal Instalment Loan

  • APR*

  • Handling Fee

  • Max Repayment Period

Standard Chartered's "standard" personal loan has one of the highest loan limits on the market - you can borrow up to 18 times your monthly salary, as compared to most other banks who will lend only up to 12 times. However, this is capped at HK$2,000,000 which is fairly standard. You can choose a repayment period between 12 months to 60 months.

One interesting feature of the Standard Chartered Personal Instalment Loan is that you can opt to redraw your personal loan while paying it off. You do not need to apply again or furnish additional documents in most cases, and the amount you top up can be more than the principal you've paid off thus far. The loan tenure is capped at 5 years (60 months).

Standard Chartered is a bit more stringent with its application criteria than other banks. You need to be a Hong Kong resident, at least 20 years old, with an annual income of HK$96,000. Should you apply before noon on a business day, Standard Chartered will follow up with you on the same day.

*Calculation based on loan amount of HK$1,500,000 and repayment period of 12 months; the actual APR may vary for individual customers.

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Standard Chartered Debt Consolidation Loan

Standard Chartered Debt Consolidation Program

  • APR*

  • Handling Fee

  • Max Repayment Period

Anyone who has battled credit card debt will know how difficult it is to tackle these high-interest bills. The Standard Chartered Debt Consolidation Program is a special type of personal loan that consolidates multiple bill payments into one simple repayment plan, so you can reduce the overall interest that you pay.

You can borrow up to 18 times your monthly income or HK$2,000,000 (whichever is lower) and take up to 6 years (72 months) to repay Standard Chartered. Standard Chartered will analyze your finances and tailor a repayment plan for you, along with a personalized interest rate. If necessary, you can also borrow extra cash to improve your cash flow.

To qualify, you need to be a Hong Kong PR, at least 20 years old, with a fixed annual income of HKD96,000 or above. Standard Chartered will also follow up within the same business day as long as your application is submitted by noon.

Note: The final loan amount approved by Standard Chartered and the loan tenure is evaluated on a case by case basis. Please contact Standard Chartered for details.

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Standard Chartered Tax Loan

Tax Season’s Standard Chartered Personal Instalment Loan

  • APR*

  • Handling Fee

  • Max Repayment Period

Standard Chartered's tax loan is specifically designed to ease Hong Kong residents financially through income tax season, which can take quite a toll on your cash flow.

You can borrow up to 18 times your monthly salary or HK$2,500,000, whichever is lower, at a relatively low-interest rate. Standard Chartered also lets you choose between a 12-month and 24-month tenure, although it is, of course, better to clear your tax loan within one year so that you're not still servicing it when next year's tax demand note comes around.

Note that your interest rate depends on how much you borrow, the loan tenure, and your banking status with Standard Chartered (e.g. whether you're a Priority customer or not). To estimate your loan interest rate, you can refer to the tables published on the Standard Chartered website.

As with the other Standard Chartered loans, you will need to be a Hong Kong permanent resident, at least 20 years old, with a fixed annual income of HK$96,000 or above.

*Calculation based on loan amount of HK$1,500,000 and repayment period of 12 months; the actual APR may vary for individual customers.

How to Apply for Standard Chartered Personal Loan?

How to Apply for Standard Chartered Personal Loan?

Choose Your Loan Product

Find a suitable loan product that best fits your financial needs. Make sure you read the fine print and understand the loan structure. Once selected, fill in the application form and submit all the required documents.

Wait for Your Loan Approval Result

A Standard Chartered Loan Specialist will contact you within one working day to finalize the terms of the loan. If the loan is eventually approved, you will be required to visit a designated branch to go through the loan disbursement process.

Disbursement of Your Loan

For a personal installment loan, your loan will be disbursed directly into your designated repayment bank account. If you are applying for Debt Consolidation Program, in addition to the above method, the loan amount may also be disbursed directly to your designated credit card/loan accounts, or by issuing and sending cashier's order to your residential address.

Standard Chartered Loan Offers & Promotions

Standard Chartered may offer seasonal promotions for their personal loan products. This may include cash coupons, gift vouchers, and/or low promotional APR for new customers. These promotions tend to be short-term in nature. For example, that low interest rate may only be valid for the first few months of the loan. Since a personal loan tends to be a fairly long-term financial commitment, such incentives should be secondary considerations for someone who is choosing between loans. That said, if you have assessed the personal loan and it's sound, by all means take advantage of the Standard Chartered offer. Just be aware that the bank may decide to claw back the gift if, for example, you decide to repay the loan early.

Standard Chartered Loan Application Requirements

No matter which Standard Chartered personal loan you choose, you need to be a Hong Kong resident, at least 20 years old, and have a fixed annual income of HK$96,000 or more. If you fulfill these criteria, in addition to a copy of your Hong Kong permanent identity card, you will also need to submit the following documents to Standard Chartered:

  • Proof of income

    For employees, Standard Chartered will accept either your latest one month salary payslip or bank statement/passbook showing your name, bank account number, and salary entries. For those who are self-employed, you will need to submit your business registration certificate and latest Tax Demand Note.

  • Residential proof

    You also need to submit any kind of document that can prove that the address provided is really yours. It must have your name and address clearly printed on it. You can use a government letter, utility bill, or bank statement issued within the last 3 months.

Standard Chartered Loan Fees & Charges

Apart from interest rates, loan limits, tenures, and eligibility criteria, another important set of numbers to look at are the hidden fees that the bank might charge you in a number of common scenarios.

  • Handling Fee

    For Personal Instalment Loans, Standard Chartered charges 1% to 2% on the drawdown amount as a handling fee. You can call Standard Chartered customer service to find out which one is applicable to your loan. For the Tax Season Loan, there is no handling fee.

  • Late Repayment Fee

    Just like with a credit card, it's important to pay your monthly instalments on time, otherwise you will be slapped with a hefty late repayment fee. This is an extra HK$1,000 per late instalment.

  • Early Settlement Fee

    While clearing your debt early is a good thing, note that Standard Chartered will charge you 2.5% of the outstanding balance if you repay the Personal Instalment Loan in full early.

Standard Chartered Personal Loan Customer Care

Standard Chartered does not operate a dedicated customer care hotline for personal loan customers. So if you would like to speak to a customer service officer, you will need to call Standard Chartered's general customer hotline at (852) 2886 8868. Press 2 for English; press 1 for loans, credit cards, personal banking services; then press 2 for loans. After that, you can choose from the following hotkeys: Press 2 for loan application status, press 3 for loan services, press 4 for loan features, and press 0 to speak to an associate.

Frequently Asked Questions

  • What is the interest rate for Standard Chartered personal loans?

    For Standard Chartered Personal Instalment Loan, the APR ranges from 2.96% to 5.35%, while special loans such as the Standard Chartered tax loan may have a lower rate. The actual interest rate you get is based your own credit record and personal risk profile, as assessed by the bank.
  • How long does Standard Chartered take to approve a loan?

    Standard Chartered is very quick to follow up with applications; if you submit an application before noon on a working day, someone from the bank will call you to follow up within the same day. You can also call up Standard Chartered or go to a bank branch to request an express loan service if you are in urgent need of money. Standard Chartered can approve your loan preliminarily in as little as 5 minutes, and disburse the loan in as little as an hour.
  • Do I need a Standard Chartered bank account to apply for a loan?

    No, a Standard Chartered bank account is not a prerequisite when applying for a personal loan. You can designate a bank account with any other bank or financial institution in Hong Kong for funds disbursement and repayment.
  • How can I check my Standard Chartered personal loan status?

    You can call the Standard Chartered hotline at (852) 2886 8868 and press the following hotkeys: 2, 1, 2, 2. This will take you straight to loan application status-related enquiries.