i actually do not need an HSBC banking account, may I make an application for a loan beneath the 100%

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 domestic addre in your name (valid within three months through the time of the application), eg bills, federal government lease or rates need note, a duplicate for the tenancy contract or leasing receipt, any communication iued by any federal government division (eg a taxation demand note iued by the Inland income Department) or any general general public systems to you personally
  • If you should be just in a position to provide evidence of your latest domestic addre into the title of this other person (eg a member of family) residing in such residential addre with you, please provide a declaration in your loan application explaining the situation and a copy of a bank statement iued to you
  • 3. Evidence of jobless status

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

    Faqs

    1. I really do not need an HSBC bank-account, could I submit an application for a loan beneath the 100% Personal Loan Guarantee Scheme at HSBC?

    We provide our solutions beneath the 100% Personal Loan Guarantee Scheme to current customers that are HSBC. You can use the HSBC HK Mobile Banking app to open a bank account if you want to apply for a loan under the 100% Personal Loan Guarantee Scheme at HSBC.

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

    No. You will have no redemption that is early for the loan under 100% Personal Loan Guarantee Scheme.

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

    It is possible to select whether or otherwise not to just take the repayment holiday that is principal. As soon as opt-in, the major payment vacation is fixed at year as made available from the HKMC Insurance Limited.

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

    Interest rates are calculated in line with the Rule of 78. This technique stops working the principal and desire for each monthly payment regarding the 100% Personal Loan Guarantee Scheme.

    Rule of 78

    This technique online installment IL sets a weight that is decreasing interest and an ever-increasing fat on principal acro the payment durations. The amount 78 arises from incorporating up the quantity of months of a 12-month-loan:

    The attention is assigned to the payment duration in a reverse part, such that 12/78 ( very very very first interest part) regarding the total interest is likely to be put on the very first thirty days, 11/78 (second interest part) associated with the total interest is going to be put on the next thirty days, etc.

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

    A person borrows HKD80,000 for 72 months without 12-month principal repayment holiday, at a month-to-month rate that is flat of% and control cost is waived. As a result, the sum total loan principal is HKD80,000

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

    Total interest when it comes to term that is full HKD34.40 x 72 months = HKD2,476.80

    Month-to-month repayment = HKD(80,000+2,476.80) ? 72 = HKD 1,145.60

    Information on the interest and principal allocation in each repayment that is monthly

    Information on the interest and principal allocation in each repayment that is monthly

    The above mentioned examples reveal that a bigger percentage for the repayment produced in the initial phases is allotted to settle the attention cost, with an inferior percentage to settle the key. Such allocation associated with the payment will reverse after more instalments were made as the total interest costs will remain unchanged.

    The instance is for example function just. All of the numbers are curved as much as 2 decimal places.

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