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|Loan Amount||Repayment period||Monthly Flat Rate||Annualized Percentage Rate (“APR”)|
|HKD 200,000 or above|
|6 months||Guaranteed 0.07%||1.45%|
Loan amount must be in multiples of HKD1000
Loan amount must be in between HKD 5,000 and HKD 1,000,000
Maximum 60 months
Monthly instalment amount is combined of principal and interest payable. Under the “Rule of 78”, the proportion of interest will be more in earlier instalments comparing to the later ones. Below is an example to demonstrate the calculation of interest fee under “Rule of 78”. For example, if a loan is to be repaid over 12 instalments, the total interest will be divided into 78 portions (12 + 11 + 10 + … + 1 = 78). 12/78ths of the total interest is allocated as the first instalment’s portion of the interest payable, 11/78ths of the total interest is allocated as the second instalment’s portion and so on until the twelfth instalment, at which 1/78th of the total interest is allocated as that instalment’s portion of the interest payable.
[ 1 ] The Annualized Percentage Rate (“APR”) of 1.45% is calculated based on a loan amount of HKD200,000, repayment tenor of 6 months at a monthly flat rate of 0.07%. Interest is calculated on the basis of 365 days per year. The APR is calculated using method specified in relevant guidelines issued by the Hong Kong Associations of Banks. The APR is a reference rate, which includes all applicable interest rates, fees and charges of the product, expressed as an annualized rate.