Compare Tax Loans in Hong Kong 2020

Compare tax loan plans and enjoy lower rates compared with personal loans in tax seasons! Read More
100,000 personal loan Paid over 12 Months
HK$
We found 6 Personal Loans for you!
Citibank 花旗銀行 logo

Monthly Payment

HK$8,413

Monthly Payment
MoneySmart Exclusive
APR*
1.78%
Total Amount Payable
HK$100,960
Total Interest Payable
HK$960
Monthly Payment
HK$8,413
New customer who successfully apply and drawdown Citi Tax Season Loan can get up to HK$6,000 Cash Voucher + Extra up to HK$4,000 Supermarket Voucher!!!
Valid until 31 Dec 2020 - See T&Cs below
Apply Now
亞洲聯合財務 logo

Monthly Payment

HK$8,333

Monthly Payment
MoneySmart Exclusive
APR*
0.0%
Total Amount Payable
HK$100,000
Total Interest Payable
HK$0
Monthly Payment
HK$8,333
HK$300 GODIVA gift voucher per validated application 
Valid until 30 Nov 2020 - See T&Cs below
Apply Now
BEA 東亞銀行 logo

Monthly Payment

HK$8,413

Monthly Payment
Bank Promo
0% handling fee
APR*
1.78%
Total Amount Payable
HK$100,960
Total Interest Payable
HK$960
Monthly Payment
HK$8,413
Bank Promo:
Up to a HK$1,000 rebate for successfully applying online or through mobile
Valid until 04 Jan 2021 - See T&Cs below
Apply Now
BOC 中國銀行 logo

Monthly Payment

HK$8,422

Monthly Payment
APR as low as 1.59%
APR*
1.98%
Total Amount Payable
HK$101,065.60
Total Interest Payable
HK$1,065.60
Monthly Payment
HK$8,422
Apply Now
 安信信貸 logo

HK$8,533

MoneySmart Exclusive
10-minute approval and disbursement in an hour
4.64%
HK$102,400
HK$2,400
HK$8,533
Up to $12,000 Cash Bonus for successful applications via MoneySmart!
Valid until 31 Dec 2020 - See T&Cs below
Apply Now
DBS 星展銀行 logo

Monthly Payment

HK$8,543

Monthly Payment
0% handling fee
APR*
4.72%
Total Amount Payable
HK$102,520
Total Interest Payable
HK$2,520
Monthly Payment
HK$8,543
Apply Now

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What is Tax Loan?

Tax loan is type of loan offered during tax season to help applicants cover their tax bills. Check out this guide on how to pay tax and compare tax loans for more information.

Compare Tax Loans 2020

BankTax loan plansLowest APR / Repayment period (months)
Dah SingTax Loan1.38% / 12
HSBCPersonal Tax Loan1.62% / 6 to 24
CitibankTax Season Loan1.78% / 6 to 60
BEATax Season Loan1.78% / Up to 60
BOC"iSmart" Tax Loan1.78% / 6 to 18
DBSTax Season Loan2.53% / 12 to 24

Why should I apply for tax loans?

1. Tax loan programmes are launched in October and November every year by major banks. To attract customers, it usually comes with a very low rate and cash rebate.

2. The APR of tax loans can be as low <2%. The higher the loan amount, the lower the rate.

3. The loan amount is very high - between HK$2M-4M. It can be used not only for tax payment but also for your other plans in life.

4. The repayment period is shorter than personal loan, but it is between 6-24 months

Why do we need tax loans?

Paying tax

During the tax season, Hong Kong banks and private financial lenders provide tax loans in a lower interest rate with longer repayment, some of them even extend to 48 months. So that you are able to manage cash flow with higher flexibility.

Simpler and more flexible loan application

Lower interest rates, simpler application and fewer limitations are highlights. As long as you’re age 18+ and earning HK$60,000+/year or HK$5,000+/month, you’re welcomed to apply for tax loans. Bring a copy of your latest tax slip and you’re good to go!

How to pick the best tax loan?

Interest rate is not the ONLY factor for comparing tax loans

Comparing loan plans are not only about interest rates but the total costs of your loan, such as the total amount, repayment period, and handling fee. So, Annual Percentage Rate (APR) expressed as a percentage of the actual yearly cost of a loan over the term. It is the best indicator when doing the comparison of different loan plans.

Are Tax loans only for tax payment?

Tax loans are not only for tax payment. It can be used for funds for your other plans, such as a home renovation, marriage, further education or additional cash flow.

Tips for Getting Tax Loans and Comparing Tax Loans

Tip #1Annual Percentage Rate (APR) is the key to compare loans

The calculation of APR includes all the interests, admin fees and handling fees of a tax loan. That’s why APR is the best way to compare the actual expenses of tax loans.

Tip #2Different loan promotions launch in tax seasons

Banks and private lenders usually launch tax loan offers from October to April of the next year. Out of all loan promotions, cash rebate is the most common one – the more you borrow, the more rebates you can get.

Tip #3Be aware of the terms and conditions in loans

Some tax loans may look attractive with an extremely low interest rate. But everything come at a price — the banks will ask you to set up an account and make a huge deposit first; or they’ll set a bottom limit to your borrowing amount, then you’ll have to borrow a loan of $1,000,000+ to get the lowest interest rate.

How can I apply for Tax Loan? Can I apply online?

You can apply for a tax loan through bank branches, websites or mobile apps. You may be required to submit a copy of your tax return when applying for a tax loan. It is important to "shop around" comparing relevant information and terms provided by different banks before applying. You can have a quick overview of all the major tax loan programmes available on MoneySmart before you make your decision.
You can also apply for tax loan online via MoneySmart online. Successful applicants to certain tax loan products such as Citi Tax Loan can even earn extra cash vouchers.

Frequently Asked Questions

Am I qualified for tax loan applications?

If you’re 18+ and earning HK$60,000+/year or HK$5,000+/month, simply bring a copy of your latest tax slip, you’re qualified.

Where can I get a tax loan?

Banks and financial lenders usually launch tax loan offers from October to April of the next year.

How much can I borrow from a tax loan?

It depends on your salary. Banks and financial lenders can borrow you a tax loan at maximum 8x to 12x of your monthly salary.

How long can my tax loan repayment period be?

Normally it’s 6 to 24 months for tax loans. Banks and financial lenders will set you a fixed repayment amount. The longer the repayment period, the lower the monthly repayment amount, and the higher the interest rate.

Do tax loans have any extra handling fee?

Some banks not only calculate interest with monthly flat rate, but they also charge you a handling fee, which is usually 1% of your loan amount.

What are the interest rates of tax loans?

The annualised percentage rate of tax loans is between 2% to 11%, depending on your loan amount and repayment period.

What do I need to prepare for my tax loan application?

You’ll need these are the documents for your tax loan:
  • Photocopy of your HKID card (both sides);
  • If you’re an employee, you’ll need your salary proof or your bank statement for the last 3 months and the latest tax slip.
  • If you’re self-employed, you’ll need your full set of latest Profits Tax Demand Note for the last 2 years and your bank statement for the last 6 months.