Taking out a personal loan can feel scary, as it is a big commitment that you will need to uphold for some time after you’ve taken the loan. You need to be 100% certain that you want to borrow the money, and that you will be able to pay back the monthly installments when they are due.
Most banks do not keep unknown loan policies, and Standard Chartered is no exception. They let you view all of their terms, conditions, rates, and fees upfront so that there is nothing you don’t know about the money you are about to borrow.
This short guide will help you through the process of applying for a Standard Chartered Personal Installment Loan online.
What Does Taking A Personal Loan Out Mean?
There are some key differences between personal loans and revolving credit, such as credit lines and credit cards. When you take out a personal loan, you receive a lump sum of money, and repay it in monthly installments, hence the name Personal Installment Loan.
The amount that you pay per month depends on the sum that you borrowed, and the period over which you have chosen to pay back the loan. This period can range anywhere from one to seven years, depending on the lender you borrow from.
With Standard Charter, you have the option of loaning anywhere from HKD 5 000 to
HKD 2 000 000, and pay the sum back over one to five years. Once you have paid the loan back in full, the loan ends, and your account will be closed.
There are also a few terms that may be used when discussing a loan that may perplex you. These include terms like annual percentage rate, collateral, and automatic payment. It is vital that you familiarize yourself with these terms before you apply for a loan. Otherwise, a bank consultant may help you understand them.
Fees & Rates
The Standard Chartered website has a full list of their fees and rates, as well as a loan amount calculator so that you can work out your payments and interest rate before even applying. Their monthly flat rate starts at a minimum of 0.2195% for 12 months, with a monthly repayment of HKD 85.53, and an Annualized Percentage Rate of 4.94%.
The loan calculator allows you to view a quick, summarized estimate of your monthly repayment amount so that you can better plan your loaning period and payments. Standard Chartered also does not charge a handling fee.
If you miss a payment or are late with a payment, you will be charged HKD 1 000. There is an early settlement / Redemption fee available, at 2.5% of your outstanding balance, if you manage to repay the loan in full early.
Note that the minimum sum that you may loan is HKD 5 000.
How To Apply
Before you can start the application process, Standard Chartered requires all their customers to read the Loan Terms, Client Terms, and Terms and Conditions for Standard Chartered Personal Installment Loans. You will not be able to click the ‘I accept’ button before you have done this.
Once you have read the document, and have clicked ‘I accept,’ you may begin the application process. You will need to enter your basic information, as with most banks. This includes your full name, as shown on your HKID, your mobile number, and your email address.
Next, you will be required to enter some more information. This involves entering the sum that you wish to borrow, the period over which you wish to pay the loan back, the reason for taking out the loan, and the drawdown date.
After a few more questions, you will need to enter more of your personal details. This includes your nationality, your HKID number, your birth date, and so on. Your address will also be required.
Finally, you will need to detail the nature of your employment, your employment status, your income frequency, as well as your annual salary amount.
Finally, you will be required to attach the necessary documents, which are a copy of your HKID, a Proof of Residency, and a Proof of Payment/Last Pay Slip.
Investment Hotline: (852) 2282-3888
Sales and Product Hotline: (852) 2886-8868 (press 2*3)
Phone Banking Service-Hotline: (852) 2886-8888
Mail: Standard Chartered Bank Hong Kong Ltd, GPO Box 21, Hong Kong
For a full list of branches, sub-branches, and ATMs, click here.
Note: There are some risks involved when applying for and using credit. Consider viewing the bank’s terms and conditions page for more information.