FAQ - loans

Product Questions
What is the difference between Personal Instalment loan, Revolving Cash Card and Personal Line of Credit?

Personal Instalment Loan requires you to repay the principal and interest regularly, usually monthly. Interest is calculated at a predetermined interest rate according to the loan tenor you selected.

Revolving Cash Card or Personal Line of Credit is a credit limit granted to your revolving loan or current account, usually for standby purposes. Interest is calculated on the drawn amount on a daily basis. The main difference between the two is the money withdrawal method. A revolving loan involves a revolving cash card to withdraw cash at an ATM machine anytime.

A Personal Line of Credit involves the current account and the transactions made through this account via ATM cash withdrawal or cheque issuance. No withdrawal fee will be charged for an unsecured overdraft facility.

Can I re-borrow the principal amount which I have repaid from my existing Personal Instalment Loan?

Yes. If you ask, subject to approval, we may agree to provide a top up loan on terms we notify.

How can I benefit from Debt Consolidation Personal Instalment Loan, to pay-off higher interest rate credit card / personal loan outstanding balances at other banks / financial institutes?

By consolidating credit card / personal loan outstanding to one bank, you may be paying a lower overall interest rate than the combined rates on all your other debts. You may also choose a longer repayment tenor, so as to reduce your monthly repayment amount. After the debt consolidation, you will be making only one monthly repayment, so to ease your burden in financial management.

Consolidating your debt at the Bank is simple. Upon loan approval, we will either (1) directly pay the approved loan amount to the client's designated credit card loan accounts with other banks; or (2) send the Cashier's Order with the approved loan amount to client's correspondence address directly, so client may settle the relevant loans by depositing the amount to the designated loan accounts with other banks / financial institutions or (3) disbursed to clients' designated repayment account.

Find out more on latest promotions and relevant Terms and Conditions.

Application Questions
What is the minimum requirement for a loan application?

To apply for a personal loan, you need to be a Hong Kong resident aged 20 or above and with a fixed annual income of $96,000 or more.

What documents are required for a loan application?

The required documents for a personal loan application are: (1) a copy of your Hong Kong permanent identity card; (2) your latest residential address proof showing your name; and (3) your latest 1 month salary slip or bank statements / passbook showing your name, account number and salary entries.

How long does it take to approve and disburse a personal loan?

We offers clients express loan service, where a Personal Instalment Loan application via telephone hotline or at any of our branches with all the required information in person during our service hours, will take only 5 minutes for a preliminary approval, and only 1 hour for loan disbursement. The 1 hour loan disbursement service is provided upon clients' requests, and the processing time shall be subject to the actual circumstances of each individual cases.

Terms and Conditions apply. Find out more on details of the express loan service.

How will my loan be disbursed?

For a personal instalment loan and a revolving cash card, the loan amount will be disbursed directly to clients' designated repayment account upon application approval.

For a Personal Line of Credit, there will be no loan disbursement. Clients may withdraw the cash from their Standard Chartered current account upon application approval.

For a Debt Consolidation loan, the loan amount may be (1) disbursed directly to clients' designated credit card / loan accounts, or (2) disbursed by issuing and sending cashier's order to clients' correspondence address, or (3) disbursed to clients' designated repayment account.

Is it necessary to have a Standard Chartered bank account before applying for a personal loan?

A Standard Chartered bank account is not a prerequisite when applying for a personal loan. Clients are required to provide a designated fund disbursement and repayment bank account, and it may either be a Standard Chartered bank account; or a repayment account at any banks / financial institutions in Hong Kong.

Pricing Questions
What are the differences between monthly flat rate and the annualised percentage rate (APR) for a personal instalment loan?

Monthly flat rate is the common method adopted by financial institutions to calculate the total interest expenses for an instalment loan, as illustrated below:

Total Interest Amount =

Principal x Monthly Flat Rate x Tenor (months)

An APR is a reference rate which includes the basic interest rate and other fees and charges of a product expressed as an annualised rate.

What are the differences in interest charging for Personal Instalment Loan, Revolving Cash Card and Personal Line of Credit?

The interest charged for Personal Instalment Loan, Revolving Cash Card and Personal Line of Credit are determined by taking into account of clients' credit history, loan amount and the repayment tenor (if applicable).

Monthly Flat Rate is usually used to calculate the total interest charged for a Personal Instalment loan, subject to the tenor selected by clients.

Revolving Cash Card usually applies an annualised interest rate, where interest is charged on daily basis based on the outstanding amount in the loan account. If there is no outstanding in the loan account, no interest will be charged.

The annualised interest rate of Personal Line of Credit is based on Prime Rate. Similar to Revolving Cash Card, interest is charged on daily outstanding debit balance. If there is no outstanding in the loan account, no interest will be charged.

What other costs are involved in a personal loan other than interest?

The costs involved vary between different loan products. See below for an extract of service charges.

Loan Product Extract of Service Charges
Personal Instalment Loan / Personal Instalment Loan Debt Consolidation Program Late Payment Charge
Handling Fee
Early Redemption Penalty
CHATS handling fee charged by other banks upon fund disbursement
Revolving Cash Card Annual Fee
Transaction Handling Fee
Late Charge / Late Fee
CHATS handling fee charged by other banks upon fund disbursement
Personal Line of Credit Annual Fee
Late Repayment Charge

For details, please refer to Services Charges at the Bank's website. Find out more »

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