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  • Stories
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  • Low-interest Loan Repayments Get You Out of Financial Difficulties

Personal Instalment Loans Get You Out of Financial Difficulties

Personal Instalment Loans Get You Out of Financial Difficulties

Manage & Reward Your Banking

Under this low-interest environment, personal installment loans may help you resolve cash flow problems such as, consolidate credit card debts, pursue study plans, or decorate your home.

Instalment Repayments Give Flexibility

Personal installment loans are a viable option for urgent financial needs, to achieve financial goals earlier or to resolve immediate financial crunch. This loan product offers relatively high amounts and longer repayment periods, and a flexible way of borrowing.

Borrowing with a Fixed Rate Helps to Control Costs

Most of the personal installment loans in Hong Kong are based on fixed rates. That means, the interest rate will remain the same throughout the repayment period after the contract takes effect. The repayments will be made at the approved rate no matter whether the market rates go up or down.

As illustrated in the table below, the Annualised Percentage Rate (“APR”)of a HKD500,000 loan instalment repayment in June 2011 was 3.93%*. The APR is 1.75% in March 2021, almost half of the 2011 level*.

*Calculated based on the effective annual rates of personal loans offered by Standard Chartered Bank (Hong Kong) Limited in June 2011 and March 2021.

Conclusion: Live Your Dream Whilst Rates Are Low

Personal installment loans can resolve personal finance needs such as home decoration, remote degrees, credit card debt consolidation, repayments of previous loans with high interest rates, or starting your own business, studying overseas, and travel plans in the medium to long term after the pandemic.

Above information is for reference only. This article does not serve as advice for borrowing and does not constitute offers, solicitations or recommendations for any loan products.

** The annualised percentage rate is a reference rate that annualises the basic rates and other applicable fees and charges of banking products. This effective annual rate does not include cash rebates. Standard Chartered Bank (Hong Kong) Limited reviews loan applications based on the credit scores and other relevant factors of individual customers and reserves the right to decide whether to offer the personal loans and to determine the final interest rates and service charges.

#The Annualised Percentage Rate is 1.75% (for clients with loan amount of HKD200,000 or above and tenor of 12 months). APRs are reference rates which include the basic interest rate and other applicable fees and charges of a product expressed as an annualised rate. This APR does not include cash rebate. The preferential interest rate is only applicable to clients who are not holding any Standard Chartered Credit Cards at the time of this application. The Bank reserves the right to determine the applicable interest rate and handling fee, and to approve a loan application, which is to be considered on a case-by-case basis in accordance with the client’s credit records and other relevant factors as the Bank may consider in its absolute discretion. All offers are subject to Terms and Conditions.

Suit, Clothing, Overcoat
Suit, Clothing, Overcoat

To borrow or not to borrow? Borrow only if you can repay!