A duplicate of one’s HKID card showing that you have got permanent residency status.

2. Evidence of your latest addre that is residential

• Evidence of your latest addre that is residential your name (valid within three months through the time of the job), eg bills, federal government rent or rates need note, a duplicate for the tenancy agreement or leasing receipt, any communication iued by any federal government division (eg a taxation demand note iued because of the Inland income Department) or any general general general public systems for your requirements
• If you are just in a position to offer proof your latest domestic addre when you look at the title of this other person (eg a member of family) residing with you, please give a statement in your application for the loan describing the specific situation and a duplicate of the bank statement iued for you such domestic addre

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3. Proof jobless status

4. Evidence of previous employment/occupation and main income that is recurringwaived for auto payroll clients)

Faq’s

1. I really do not need an HSBC banking account, could I submit an application for that loan underneath the 100% Personal Loan Guarantee Scheme at HSBC?

We provide our solutions underneath the 100% Personal Loan Guarantee Scheme to current customers that are HSBC. Should you want to submit an application for a loan underneath the 100% Personal Loan Guarantee Scheme at HSBC, you need to use the HSBC HK Mobile Banking software to open up a banking account.

2. If We early settle the mortgage under 100% Personal Loan Guarantee Scheme, any penalty is likely to be charged?

No. You will see no very early redemption penalty when it comes to loan under 100% Personal Loan Guarantee Scheme.

3. May I decide for a major payment vacation amount of significantly more than 12 months?

You can easily select whether or perhaps not to use the major payment vacation. As soon as opt-in, the major payment vacation is fixed at year as provided by the HKMC Insurance Limited.

4. Exactly exactly How is interest determined underneath the 100% Personal Loan Guarantee Scheme?

Interest rates are calculated based on the Rule of 78. This technique stops working the key and desire for each repayment that is monthly of 100% Personal Loan Guarantee Scheme.

Rule of 78

This process sets a weight that is decreasing interest and an ever-increasing fat on principal acro the payment durations. The quantity 78 originates from adding within the quantity of months of the 12-month-loan:

The attention is allotted to the repayment duration in a portion that is reverse such that 12/78 ( very very first interest portion) regarding the total interest will soon be put on the very first thirty days, 11/78 (2nd interest part) associated with total interest are going to be placed on the next thirty days, etc.

Example of showing the percentage of interest and principal in each repayment that is monthly guideline of 78:

An individual borrows HKD80,000 for 72 months without 12-month principal repayment holiday, at a month-to-month flat price of 0.043% and maneuvering cost is waived. As a result, the full total loan principal is HKD80,000

Month-to-month interest = HKD80,000 x 0.043% = HKD34.40

Total interest for the term that is full HKD34.40 x 72 months = HKD2,476.80

Monthly repayment = HKD(80,000+2,476.80) ? 72 = HKD 1,145.60

Information on the interest and principal allocation in each month-to-month payment:

Information on the interest and principal allocation in each month-to-month payment:

The aforementioned examples reveal that a bigger proportion regarding the repayment produced in the stages that are early assigned to settle the attention cost, with a smaller sized percentage to settle the main. Such allocation associated with payment will reverse after more instalments have already been made as the total interest costs will stay unchanged.

The instance is actually for example purpose just. All of the figures are curved as much as 2 places that are decimal.