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SCB personal loan - 2.15%

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  1. #1

    Join Date
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    SCB personal loan - 2.15%

    Not even a tax loan and starting as low as HKD200k.

    @bdw, tempted?

    bdw likes this.

  2. #2

    Join Date
    Dec 2018
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    Quote Originally Posted by pin
    Not even a tax loan and starting as low as HKD200k.

    @bdw, tempted?
    I was tempted but ....

    ... when I read the Key Facts Statement, for a loan of HK$200K repayable over 3 years, the APR* is 6.95%.

    Total repayments are HK$221, 348.16.

    *APR = Annualise Percentage Rate which includes interest, fees and other chargers.

    https://av.sc.com/hk/content/docs/hk...lment-loan.pdf
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  3. #3

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    Auto loan type of interest calculations. Scam.

    traineeinvestor and pin like this.

  4. #4

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    Yeah, I didn't bother reading beyond the highlights I guess.


  5. #5

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    Can'ts see the link from here. How does 2.15% to to an APR of >6%? Is it weird fees or is interest calculated differently?


  6. #6

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    Don't think 2.15% is possible these days anyway when banks are offering 2.3/5% for new fixed deposits..

    Just checked the link and they indeed have 2.15% APR for anything above 700k, also SC offers upto18 times monthly salary.. Really surprised how they structure products when on the other hand they are offering 2.3% for 6 months deposit.. Perhaps it needs to be confirmed if its still available, linked brochure is from Nov-18.

    Last edited by nivantj; 12-09-2019 at 02:04 PM.

  7. #7

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    Quote Originally Posted by jgl
    Can'ts see the link from here. How does 2.15% to to an APR of >6%? Is it weird fees or is interest calculated differently?
    APR is 2.15% for 200K and above for loans of 12-36 month duration.

    Scroll down to repayment table and check the different rates / payment schedules.

    https://www.sc.com/hk/loans/personal-instalment-loan/
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  8. #8

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    Quote Originally Posted by jgl
    Can'ts see the link from here. How does 2.15% to to an APR of >6%? Is it weird fees or is interest calculated differently?
    APR is calculated to include all costs of the loan including interest, fees and charges. It's also calculated on a time basis so that if a handling fee is deducted up front this is also taken into account. In other words, it represents the actual costs of funds to the borrower.

    IIRC, under the Money Lenders Ordinance, lenders have to disclose the APR to borrowers.

    More detailed explanation here: https://www.investopedia.com/terms/a/apr.asp
    jgl likes this.

  9. #9
    bdw
    bdw is offline

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    Quote Originally Posted by pin
    Not even a tax loan and starting as low as HKD200k.

    @bdw, tempted?
    Not tempted at all pin. I still have 2 tax loans to pay off. One from Citibank I got 2.5 years ago and still has 1.5 years to run, another was a SC credit to cash loan with APR only 1.8% that still has 2.5 years to run. Just two weeks ago I completed refinancing my HK property with SC and redraw $4m, already spent half of it on some stocks, funds, bought another property in Aus last Friday that will settle in 2 months (will pay 40% cash and then get another mortgage in Aus ).

  10. #10
    bdw
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    Actually looking at this again, it's a pretty good deal. For example, you can borrow $200,000 for 36 months, your monthly repayments are $5740 x 36 = total repayment $206,640, no other fees or charges. That's not too bad, over a 3 year period. Not for me as I'm fully committed already, and also unless you need right now it might still better to wait for tax loans to come out in a few months as they usually offer even better (as low as 1.8%). But still this is pretty good. eg if some of you guys have mortgages overseas in Australia etc, paying around 4% interest, take out one of these 2% loans now, send the money back home and pay a bit off your mortgage, really a no brainer thing to do I think!

    https://www.sc.com/hk/loans/personal...Sep2-hk-pil_en

    Paxbritannia likes this.