Best Standard Chartered Personal Loans in Hong Kong 2020
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.
Standard Chartered Personal Loan
Max Repayment Period
Standard Chartered's personal loan is characterized by as low as 1.98% APR, high loan amount (up to HK$2,000,000/ 18x salary), 7-day cooling period and exclusive online offers of up to HK$2,000 cash coupons. Standard Chartered Bank also offers a designated calculator for applicants to quickly work out the repayment amount for better planning. Applicants can choose a repayment period between 12 months to 60 months. If the application is submitted before noon, it will be processed on the same day.
Standard Chartered Debt Consolidation Loan
Max Repayment Period
The Standard Chartered Debt Consolidation Program helps lender consolidates multiple bill payments into one simple repayment plan to reduce the overall interest. This plan features a monthly flat rate of as low as 0.0920% and an APR of as low as 2.15% with 0% handling fee. Lenders can borrow up to 18 times your monthly income or HK$2,000,000 (whichever is lower) and enjoy the option to repay over 6 years (72 months) to repay Standard Chartered. Standard Chartered will analyze lenders’ finances and tailor a repayment plan with a personalized interest rate. Standard Chartered will also follow up within the same business day as long as your application is submitted by noon.
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 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.
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.
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
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.