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.
Grab the chance to enjoy the time-limited offers!
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.
Enjoy exclusive offers of up to HK$7,000 cash vouchers (which includes the original Standard Chartered Bank online offers) if applied through MoneySmart before 9 February 2020. The exact amount of cash coupon received depends on the loan amount withdrawn.
MoneySmart exclusive offers:
Otherwise, apply before 9 February 2020 and drawdown a Standard Chartered Personal Instalment Loan to enjoy up to HK$2,000 cash coupon. The exact amount of cash coupon received depends on the loan amount withdrawn.
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.
Enjoy exclusive offers of up to HK$8,000 cash vouchers (which includes the original Standard Chartered Bank online offers) if applied through MoneySmart before 9 February 2020. The exact amount of cash coupon received depends on the loan amount withdrawn.
MoneySmart exclusive offers:
Otherwise, apply before 9 February 2020 and drawdown a Standard Chartered Debt Consolidation Program online to enjoy up to HK$3,000 cash coupon. The exact amount of cash coupon received depends on the loan amount withdrawn.
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.
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.
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 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.
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:
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.
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.
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.
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 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.