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100% Personal Loan Guarantee Scheme

A government loan to help you out if you're unemployed during these tough times


Government financial assistance for the unemployed

The 100% Personal Loan Guarantee Scheme is designed to help those who are unemployed and in need of a loan. It was introduced by HKMC Insurance Ltd (HKMCI) but you can access these loans through us if you're an HSBC customer. 

  • Enjoy an 18-month principal repayment holiday

  • Get a full rebate on the interest you've paid

  • Get a loan based on your historic earnings

  • Preferential interest rate

Interest rates

Annualised percentage rate (APR)[@loans-aprrate120]
1% p.a.

Preferential interest rates

The table shows the preferential interest rates you can enjoy under the 100% Personal Loan Guarantee Scheme, and an illustrative example of what the monthly repayment amount might be.

Loan amount between HKD5,000 to HKD100,000 Monthly flat rate (APR[@loans-aprrate120]) Monthly repayment amount for every HKD10,000 borrowed (based on a loan tenor of 120 months and APR[@loans-aprrate120] of 1%)
With 18-month principal repayment holiday 0.049% (1.00%)

For the first 18 months: HKD4.90

From the 19th month onwards: HKD103.00

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

The table shows the preferential interest rates you can enjoy under the 100% Personal Loan Guarantee Scheme, and an illustrative example of what the monthly repayment amount might be.

Loan amount between HKD5,000 to HKD100,000 With 18-month principal repayment holiday
Monthly flat rate (APR[@loans-aprrate120]) 0.049% (1.00%)
Monthly repayment amount for every HKD10,000 borrowed (based on a loan tenor of 120 months and APR[@loans-aprrate120] of 1%)

For the first 18 months: HKD4.90

From the 19th month onwards: HKD103.00

Loan amount between HKD5,000 to HKD100,000 Without 18-month principal repayment holiday
Monthly flat rate (APR[@loans-aprrate120]) 0.043% (1.00%)
Monthly repayment amount for every HKD10,000 borrowed (based on a loan tenor of 120 months and APR[@loans-aprrate120] of 1%) HKD87.70

Things you should know

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 income for at least 2 consecutive months at the time of your application submission
  • not be undischarged bankrupt 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)
 

Apply now

For first-time applicants

Submit your application for a new loan online.

For existing HSBC customers

Complete an online form to apply for a top-up loan.

Frequently asked questions

You may also be interested in

 

Borrow a part of or up to all of the principal from what you’ve repaid on your existing loan, without having to reapply 

 

Stay in control of your budget with fixed regular monthly repayments 

 

Consolidate your other loans and credit card balances into a high loan amount of up to 21 times your monthly salary or HKD1.2 million (whichever is lower) without any handling fees 

Notes

    • 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. 
    • The maximum loan amount is 9 times the average monthly income for any 3 months between January 2020 and February 2022, or 9 times the average monthly assessable income as calculated with reference to the tax demand note for the previous 3 financial years (2019-2020, 2020-2021, 2021-2022) or HKD100,000, whichever one is lower.
    • You may apply for principal moratorium for the first 18 months from the drawdown of the Loans.
    • No handling charge, set up fees or early redemption penalty. 
    • To borrow or not to borrow? Borrow only if you can repay!