- Total Amount Payable
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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.
|Bank||Tax loan plans||Lowest APR / Repayment period (months)|
|Dah Sing||Tax Loan||1.38% / 12|
|HSBC||Personal Tax Loan||1.62% / 6 to 24|
|Citibank||Tax Season Loan||1.78% / 6 to 60|
|BEA||Tax Season Loan||1.78% / Up to 60|
|BOC||"iSmart" Tax Loan||1.78% / 6 to 18|
|DBS||Tax Season Loan||2.53% / 12 to 24|
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
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.
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.