- Total Amount Payable
- Total Interest Payable
- Monthly Payment
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|Citibank Tax Loan Plan||Feature||Annual percentage rate (APR)|
|Citi Tax Season Loan||HK$0 Handling fee, same-day approval||As low as 2.1%|
Citi Tax Season Loan features same-day approval and next-day disbursement. Citibank offers as low as 2.01% Annualized Percentage Rate (APR) and HK$0 handling fee. Apply on or before 31 Dec 2019 to enjoy up to HK$6,000 cash coupon. The loan amount is up to 12x times of monthly salary or HK$2,000,000 (whichever lower) and customers can pay off the tax loan for up to 60 months.
Customers can only apply for Citibank Tax Loan every year from October to December. It is a special time-limited product with a lower Annualized Percentage Rate (APR). Customers who successfully apply for Citi Tax Season Loan are entitled up to HK$6,000 cash coupon before 31 Dec 2019 while Citi Speedy Cash makes no such offers. Other than that, both Citi Tax Season Loan and Citi Speedy Cash are the same in repayment term, loan amount and handling fee. To reduce borrowing cost, if you want to borrow money to ease cash flow from October to December, it is better to apply for a Citibank tax loan.
The annualized percentage rate is an index of borrowing cost calculated based on 365 days a year, taking interest and all related fees/charges into consideration. Customers can use APR as a yardstick for comparison. Not all loans are applicable to the ARP. The advertised Annualized Percentage Rate (APR) of as low as 2.01% is calculated based on a 0.09% monthly flat rate with HK$1,500,000 loan amount with a 12-month repayment period.
To apply for Citibank Tax Season Loan, applicants must be 18 years old or above Hong Kong permanent resident in full-time employment with the same employer for at least 3 months. The minimum salary requirement is HK$6000/ month. Applicants can apply through Citibank tax season loan hotline at +852 2963 6413 or through Citibank website. Proof of identity, income and residential address will be required.
There are a number of things you should consider which includes Annualized Percentage Rate (APR), possible loan size, repayment period, fees, ease of application process and approval turnaround time.
Don’t be tempted to think that the longer the better. A longer repayment term means lower monthly repayment amount, but the overall interest paid will be higher. It is important to ensure that there will be sufficient funds left for your daily expenses after paying off the debt each month when considering the repayment period.
You should avoid excessive borrowing. The loan size doesn’t have to be a round number. Only borrow what you actually need.
The annualized percentage rate is a reflection of borrowing cost calculated based on 365 days a year, considering all interest and other applicable fees/charges. Customers can use APR to compare the borrowing costs of different loan products.
Handling fee, early repayment charge and late repayment charge are usually involved in borrowing money. But Citi Tax Loan offers handling fee waivers.