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Businesswoman is working with her laptop; image used for Personal Loan Guarantee Scheme.

100% Personal Loan Guarantee Scheme

A government loan that aims to help you alleviate financial anxiety during these tough times.

The 100% Personal Loan Guarantee Scheme, introduced by HKMC Insurance Limited (HKMCI), is designed to help customers who are unemployed and in need of a loan during these challenging circumstances.

Preferential interest rates

  • An annualised percentage rate (APR) of 1% p.a.

Preferential interest rate for 100% Personal Loan Guarantee Scheme

Loan amount between HKD5,000 - HKD100,000
Monthly flat rate (APR*)

Monthly repayment amount for every HKD10,000 borrowed (based on a loan tenor of 120 months and APR* of 1%)

With 18-month principal repayment holiday
0.049% (1.00%)

For the first 18 months: HKD4.9


 

From the 19th month onwards: HKD103.00

Without 18-month principal repayment holiday
0.043% (1.00%) HKD87.70

Preferential interest rate for 100% Personal Loan Guarantee Scheme

Loan amount between HKD5,000 - HKD100,000
With 18-month principal repayment holiday
Monthly flat rate (APR*)
0.049% (1.00%)

Monthly repayment amount for every HKD10,000 borrowed (based on a loan tenor of 120 months and APR* of 1%)

For the first 18 months: HKD4.9


 

From the 19th month onwards: HKD103.00

Loan amount between HKD5,000 - HKD100,000
Without 18-month principal repayment holiday
Monthly flat rate (APR*)
0.043% (1.00%)

Monthly repayment amount for every HKD10,000 borrowed (based on a loan tenor of 120 months and APR* of 1%)

HKD87.70

*As an illustration, the monthly repayment amount and the Annualised Percentage Rate (APR) are calculated based on 120-month repayment period and loan amount of every HKD10,000. The monthly repayment amount is rounded up to 1 decimal place. The APR is calculated using method specified in relevant guidelines issued by The Hong Kong Association of Banks, and is rounded up or down to the nearest 2 decimal places. An APR is a reference rate, which includes all applicable interest rates, fees and charges of the product, expressed as an annualised rate. Please note that the actual monthly repayment amount may differ. Customers can refer to the loan confirmation letter for actual related information.

Features

  • Maximum loan amount is 9 times the average monthly income for any 3 months from January 2020 to February 2022, or 9 times the average monthly assessable income as calculated with reference to the tax demand note for the financial year 2019-2020, 2020-2021, 2021-2022 or HKD100,000, whichever is lower

  • Enjoy a 18-month principal repayment holiday

  • Receive a full rebate on the paid interest once the loan has been settled in full

How to apply

For new 100% Personal Loan Guarantee Scheme customer

For existing 100% Personal Loan Guarantee Scheme customer

Documents required

Enquiry hotline

Eligibility

To apply for a loan under the 100% Personal Loan Guarantee Scheme, you must:

  • be an existing HSBC customer
  • be a Hong Kong Permanent resident
  • be at least 18 years old
  • have been employed in Hong Kong for at least 3 months between January 2020 and February 2022
  • have been unemployed or have a reduction of more than 50% of your main recurrent incomes for at least 2 consecutive months at the time of your application submission
  • not be undischarged bankrupts nor subject to any bankruptcy petition or proceedings at the time of loan application
  • not be a business owner who has subsisting credit facilities guaranteed under the SME Financing Guarantee Scheme (SFGS)

Documents required

1. HKID card

A copy of your HKID card showing that you have permanent residency status.

 

2. Proof of your latest residential address (required only if there is a change of residence for top-up application)

  • Proof of your latest residential address in your name (valid within 3 months from the time of your application), eg utility bills, government rent or rates demand note, a copy of the tenancy agreement or rental receipt, any correspondence issued by any government department (eg a tax demand note issued by the Inland Revenue Department) or any public bodies to you
  • If you're only able to provide proof of your latest residential address in the name of the other person (eg a family member) living with you, please provide a declaration in your loan application explaining the situation and a copy of a bank statement issued to you in such residential address

 

3. Proof of unemployment status or reduced main recurring income

View details of the required supporting document [PDF]

 

4. Proof of previous employment/occupation and main recurring income (waived for auto payroll customers)

View details of the required supporting document [PDF]

Frequently asked questions

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Important information

Remarks:

  1. Loans will be originated by HSBC based on the relevant eligibility criteria. After loan drawdowns, the Loans will be sold and transferred to the HKMC without recourse to HSBC who will provide administration services to the HKMC in relation to the Loans.
  2. Term loan facility amount up to 9 times the average monthly income for any 3 months from January 2020 to February 2022 or 9 times the average monthly assessable income as calculated with reference to the tax demand note for the financial year 2019-2020 or 2020-2021 or 2021-2022 or HKD100,000, whichever is lower.
  3. You may apply for principal moratorium for the first 18 months from the drawdown of the Loans.
  4. No handling charge, set up fees or early redemption penalty.