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Repayment Example for Balance Consolidation

Repayment example for Balance Consolidation Program at loan amount of HK$200,000

 
Credit Card Bills HK$200,000 (a) Transfer to Balance Consolidation Programme (b)
Average monthly repayment amount HK$7,881

HK$3,378

▼57%

Repayment period 378 months

72 months

▼81%

Total interest expense HK$331,986

HK$43,216

▼87%

Repayment example for Balance Consolidation Program at loan amount of HK$200,000

 
Average monthly repayment amount
Credit Card Bills HK$200,000 (a ) HK$7,881
Transfer to Balance Consolidation Programme (b )

HK$3,378

▼57%

 
Repayment period
Credit Card Bills HK$200,000 (a ) 378 months
Transfer to Balance Consolidation Programme (b )

72 months

▼81%

 
Total interest expense
Credit Card Bills HK$200,000 (a ) HK$331,986
Transfer to Balance Consolidation Programme (b )

HK$43,216

▼87%

Remarks of repayment example:

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 Personal Instalment Loan Balance Consolidation Program approved by the Bank, loan repayment period, interest rate and monthly repayment amount). For the details of interest calculation and the loan features, please contact our staff.

(a) 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 HK$50 (whichever is higher) over 378-month repayment period. The average monthly repayment amount quoted above is calculated based on the first 3 instalments and is rounded to the nearest dollar. The Annualised Percentage Rate (APR) is 34.46%. It 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. 

(b) This example is calculated based on a monthly flat rate of 0.3% over a 72-month loan repayment period for a Personal Instalment Loan Balance Consolidation Program. The APR is 6.90%. It 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 APR calculation included the handling fee waiver. Please note the actual monthly flat rate, APR, monthly repayment amount and total interest expense applicable will be subject to the Bank's final approval of the Personal Instalment Loan Balance Consolidation Program for individual customers. The average monthly repayment amount and the total interest expense over the whole repayment period quoted above are rounded to the nearest dollar.