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Differences between a monthly flat rate and an annualised percentage rate
Monthly flat rate is the method to calculate the total interest expense for an instalment loan.
Total interest amount = Principal Amount x Monthly flat rate x Tenor.
An Annualized Percentage Rate ( APR ) is calculated using method specified in relevant guidelines issued by The Hong Kong Association of Banks. An APR is a reference rate, which includes all applicable interest rate, fees and charges of the product, expressed as an annualized rate.
Please take note that the principal repay and interest payable for each instalment is uneven.
Interest payable is calculated on the basis of “Rule of 78”. More interest will, in general, be included in earlier instalments, and less on principal.
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Questions related to “Instalment Loan”
Instalment loan required documentsWhen will the loan be credited to my account upon approval?How soon can I re-apply for a loan after refusalRequired monthly income for loan applicationsHow to repay your loan
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*‘No.1’ is defined by ZA Bank’s leading position in the virtual banking industry in terms of personal deposits and loan amount as of 30 June 2021.
ZA Bank has also gained the support of more than 400,000 users as of 31 July 2021, becoming the largest virtual bank in terms of user base. Source: media reports.
ZA Bank has also gained the support of more than 400,000 users as of 31 July 2021, becoming the largest virtual bank in terms of user base. Source: media reports.