Loans
Debt Consolidation Instalment Loan
Online Personal Loan Experience
Hang Seng Debt Consolidation Instalment Loan:
- Successfully apply on or before 24 Jun 2020, you are entitled to enjoy up to HKD500 Cash Rebate for mobile or online application(2).
- Loan amount of up to 21 times of your monthly salary(3) .
- Enjoy extra cash up to 8 times of your monthly salary(3) on hand in addition to having your outstanding credit card and loan balances paid off!
- Repayment periods up to 72 months with a fixed monthly repayment amount for better budget planning.
- Personalised interest rate to save more than 89% of interest expenses.
- Transfer all your outstanding credit card and loan balances to a single loan account for easy management.
- Only the latest month's income proof(4) is required, people from all sectors are welcome to apply.
- Eligibility to apply for a Top-up Loan on your repaid principal amount during the repayment period. For details, please call our 24-hour application hotline at 2812 8000.
| General high-interest loan and credit card* | Transfer to Hang Seng Debt Consolidation Instalment Loan# | ||
| Loan amount | HKD200,000 | ||
| Average monthly repayment | HKD 8,487 | HKD 3,920 | Reduced by 53% |
| Repayment period (month) | 379 (over 31 years) | 60 (only 5 years) | Shortened by over 26 years |
| Total interest expense | HKD 347,764 | HKD 35,200 | Interest saved over 89% |
- * This example is calculated based on an annual interest rate of 30% charged by general credit card and a monthly repayment of all fees and charges billed to the credit card followed by 1.5% of the credit card outstanding balance or HKD50 (whichever is higher) over a 379-month repayment period. The average monthly repayment amount quoted above is calculated based on the first 6 instalments and is rounded to the nearest dollar. The Annualised Percentage Rate (APR) is 35.75%.
- # The above example is calculated based on a monthly flat rate of 0.20% over a 60-month repayment period. The APR is 6.77%, including the handling fee by way of a further loan equal to 1% per annum of the loan amount. The APR is calculated using the Net Present Value Method in accordance with the Code of Banking Practice. The APRs are reference rate which include the basic interest rate and other fees and charges of a product expressed as an annualised rate (if applicable). The final approved interest rate and handling fee are subject to the loan amount and the credit assessment result. The total interest expenses are inclusive of the handling fee. The monthly repayment amount is rounded up to 1 decimal point and will be debited from the repayment account on the due date every month. The proportion of loan principal to interest in each monthly instalment amount is calculated according to the Rule of 78.
- Remarks of repayment example:
The repayment example is for reference only. The APR is calculated according to the method set out in the relevant guidelines referred to in the Code of Banking Practice, and is rounded up or down to the nearest two decimal places. The total interest expense over the whole repayment period quoted above is rounded to the nearest dollar. The repayment example is for reference only. Actual interest expense amount that can be saved is determined on a case-by-case basis (it depends on various factors such as the outstanding balance of credit card that a customer currently holds, interest rate charged by the respective credit card, monthly repayment amount, repayment period as well as the amount of Debt Consolidation Loan approved by Hang Seng, loan repayment period, interest rate and monthly repayment amount).
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Other Application Channels
- 24-hour Personal Loan Application Hotline 2812 8000
- Hang Seng Personal Banking Mobile App
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Terms and Conditions
Terms and Conditions
- (1) The promotion period commences on 25 March 2020 and expires on 24 June 2020, both dates inclusive (the “Promotion Period”). The offers are available to customers who successfully apply for and draw down Hang Seng Debt Consolidation Instalment Loan (“the Loan”) within the Promotion Period.
- (2) During the Promotion Period, customers who have successfully applied for the Loan via hangseng.com/loan, Hang Seng Personal e-Banking or Hang Seng Mobile Application and drawn down the Loan with a designated draw down amount and a minimum repayment period of 12 months will be entitled to up to HKD500 cash rebate. The applicable cash rebate for the corresponding draw down amount is shown as below.
The cash rebate will be credited to customer’s repayment account by 30 September 2020 without prior notice. Customers must have no record of default or early settlement of their instalment loans. If customers settle their instalment loans ahead of schedule after the crediting of the rebate, he/ she shall return the rebate in full to Hang Seng upon settlement of the Loan. Cash rebate offer is not applicable to customer of Hang Seng Debt Consolidation Instalment Loan account at the time of application. Each eligible customer could enjoy the offer once only in the Promotion Period.Draw Down Amount Repayment Period Cash Rebate HKD80,000 - HKD299,999 12 months or above HKD100 HKD300,000 - HKD799,999 HKD200 HKD800,000 or above HKD500 - (3) The final approved loan amount is subject to the circumstances of individual cases.
- (4) Hang Seng reserves the right to request additional income proof from individual applicants on a case-by-case basis.
- (5) Customers are eligible to apply for a Top-up Loan on the repaid principal amount if a minimum of one instalment is made, the repaid principal amount is over HKD3,000 and a punctual repayment record is maintained. For the detailed terms and conditions, please call our 24-hour application hotline at 2812 8000.
- (6) No person other than the customer and Hang Seng (which includes its successors and assigns) will have any right under the Contracts (Rights of Third Parties) Ordinance to enforce or enjoy the benefit of any of the provisions of these terms and conditions.
- (7) These terms and conditions are subject to prevailing regulatory requirements.
- (8) These terms and conditions shall be governed by and construed in accordance with the laws of the Hong Kong Special Administrative Region.
- (9) Hang Seng reserves the right to terminate the above offers at any time or to vary the same and the related terms and conditions from time to time. The approval of the Loan is subject to Hang Seng’s final decision. In case of any dispute, the decision of Hang Seng shall be final.
- (10) If there is any discrepancy between the English and Chinese versions of these terms and conditions, the English version shall prevail.
Remark:
- For details of the Loan and offers, interest rates, handling fees, annualised percentage rates, and related terms and conditions, please contact Hang Seng staff. The salary scheme of our representatives (included basic salary and incentive) is based on their performance of various aspects and not only the sales target achieved.
- Customer is advised to pay attention on whether interest expenses would be saved by making early repayment of personal instalment loan. For enquiring the relevant fees and charges of loan account, please call our Personal Loan Service Hotline 2997 3882.
- For the frequently asked questions relating to Personal Instalment Loan (e.g. Important notes of early repayment; the basis of apportionment of principal and interest in the monthly repayment, etc), please refer to our Bank’s website (Personal Banking>Loans>Personal Instalment Loan>FAQ)
Remark:
The annualised percentage rate (“APR”) ranges from 2.91% to 48%, with repayment period of 6 to 72 months. The loan application is subject to the Bank’s approval. For a loan amount of HKD200,000 with 60 months repayment period, the monthly flat rate is 0.20%( (APR 6.77%), and the total loan repayment amount is HKD235,200 (the handling fee by way of a further loan equal to 1% per annum of the loan amount). The above example is for reference only.
The annualised percentage rate (“APR”) ranges from 2.91% to 48%, with repayment period of 6 to 72 months. The loan application is subject to the Bank’s approval. For a loan amount of HKD200,000 with 60 months repayment period, the monthly flat rate is 0.20%( (APR 6.77%), and the total loan repayment amount is HKD235,200 (the handling fee by way of a further loan equal to 1% per annum of the loan amount). The above example is for reference only.
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- 24-hour hotline 2812 8000