Tax Loans Comparison In Hong Kong

Tax Loans Comparison In Hong Kong

Tax loans may sound unfamiliar to many people and create the impression that they are solely for tax payments. However, tax loans can actually be used for a variety of purposes beyond just paying taxes. Whether you need funds for a home renovation, purchasing a new car, or any other financial need, tax loans offer a convenient solution. What’s more, tax loans often come with lower interest rates compared to personal loans, making them an attractive option for improving your cash flow.

In this blog post, we will take you through a comprehensive comparison of tax loan products offered by various banks in Hong Kong. We will delve into essential factors such as maximum loan amounts, loan terms, annual percentage rates (APR), additional fees, and eligibility requirements. So, whether you’re eyeing HSBC, Bank of East Asia (BEA), Citibank, Hang Seng, Dah Sing Bank, BOC, SCB, Fubon, or simply searching for the most affordable tax loan in Hong Kong, rest assured that we’ve got you covered. Get ready to make an informed decision and unlock the financial possibilities!

Table of contents: Tax loans comparison

Tax loans plans comparison in Hong Kong

Tax loan products are seasonal and not available all year round (note that some of them may not be available at the time of writing). Here are the popular tax loan plans in Hong Kong:

Tax Loans Plans Comparison In Hong Kong
Tax loan plans Loan Amount APR Tenor Early Settlement Fee Eligibility
Citibank Speedy Cash Loan Up to 12 times monthly basic salary or HK$3,500,000, whichever is lower 1.78% – 35.78% 6 – 60 months 4% of outstanding principal amount 18 or above Hong Kong resident with a full-time for at least 3 months
CNCBI $mart Plus Tax Season Loan HK$2,000,000 or 18 times of your monthly salary, whichever is lower 1.65% – 35.80%  6 – 60 months 2% of approved loan amount 18 years old or above Hong Kong resident with a monthly salary not less than HK$7,000
BOC Express Cash Instalment Loan – Tax Season Loan HK$4,000,000 or 18 times of your monthly salary, whichever is lower 1.78% – 32.01% 6 – 60 months 2% of approved loan amount 18 years old or above Hong Kong resident with a monthly income of HK$6,000 or above
WeLend Personal Loan (Available for tax season) HK$1,500,000  1.88% –  3 – 84 months N/A 18 years old or above Hong Kong resident with 2 months working proof


HK$300,000 or below, Income Proof & Address Proof waiver, simplified application

UA Seasonal Tax Loan Loan amount up to 300% of tax payable 1.38% – 36% 6 – 36 months N/A HKID Card and Tax Demand Note only
Grantit TU-Free Tax Loan HK$40,000 4.2% 1-36 months An early interest cut-off will be applied on early repayment. Hong Kong Permanent Resident with

A bank statements for the last 2 months, plus

postal proof of address issued within the last 3 months

Promise Personal Loan (available for tax season) A maximum of HK$600,000 1.12% – 48% 3 – 84 months N/A Only HKID card and mobile phone
HSBC Personal Tax Loan (not yet released) A minimum of HK$5,000 7.19% – 8.4% N/A 2% of outstanding principal amount Hong Kong resident who is 18 or above years old and have a monthly income of at least HK$5,000
BEA Tax Season Loan (not yet released) Up to HK$3,000,000 or 12 times their basic monthly salary (whichever is lower) As low as 1.32% Up to 60 months N/A N/A
Hang Seng Tax Season Loan (not yet released) HK$5,000 – HK$3,000,000 or 12 times their basic monthly salary (whichever is lower) As low as 1.62% Up to 60 months N/A No document is required for payroll customers
Dah Sing Bank tax loan (not yet released) HK$2,000,000 or 12 times of monthly salary As low as 1.08% Up to 24 months N/A N/A

Citibank tax loan: Citibank Speedy Cash Loan

Citibank Speedy Cash Loan
Loan Amount Up to 12 times the basic salary or HK$3,500,000, whichever is lower
APR 1.78% -35.78%
Tenor 6 – 60 months
Handling Fee No
Age Requirement 18
Requirement Hong Kong resident with a full-time job for at least 3 months

Citi Speedy Cash is a tax loan that offers a loan amount of up to 12 times the monthly basic salary, or HK$3,500,000. The APR can be as low as 1.78% (the actual APR may vary for individuals depending on their personal credit score). You can also repay the loan over a maximum of 60 months. That should offer a comfortable repayment period. So far, there have been no reports about the hidden terms and conditions or handling fees of Citibank Speedy Cash.

As for the application requirement, please note that you can only apply for the tax loan if you’re over 18 and a Hong Kong resident with a full-time job for at least 3 months.

Here is the reference for the Citibank tax loan APR:

Citibank Tax Loan APR
Loan Amount Loan Tenor APR Monthly Payment (calculated based on the lowest APR) Total Amount Payable Total Interest Payable
HK$100,000

 

 

6-month 5.9%-33.76% HK$16,954.64 HK$101,727.87 HK$1,727.87
12-month 6.34%-35.78% HK$8,622.28 HK$103,467.34 HK$3,467.34
24-month 6.52%-35.4% HK$4,455.53 HK$106,932.70 HK$6,932.70
HK$1,500,000 12-month 1.78% HK$126,208.48 HK$$1,514,400 HK$14,440

Citibank Speedy Cash Loan is currently offering a welcome offer for borrowers who take out a loan of at least HK$100,000. Below, you can find more details:

Citibank Speedy Cash Loan Welcome Offer
Loan Amount (HK$) Repayment period 24 months or below   Repayment period 24 months above  
  Reward for Citigold Private Client (CPC) / Citigold / Citi ULTIMA cardholders Reward for other customers Reward for Citigold Private Client (CPC) / Citigold / Citi ULTIMA cardholders Reward for other customers
HK$1,500,000 or above HK$4,000 HK$2,000 HK$8,000 HK$4,000
HK$800,000 to HK$1,499,999 HK$2,500 HK$1,500 HK$4,000 HK$2,500
HK$400,000 to HK$799,999 HK$1,500 HK$1,000 HK$2,000 HK$1,500
HK$100,000 to HK$399,999 HK$500 HK$400 HK$700 HK$600

BOC Express Cash Instalment Loan – Tax Season Loan

Bank of China logo

Monthly Payment

HK$13,131

Monthly Payment
APR as low as 1.78%*
APR*
1.78%
Total Amount Payable
HK$315,148.80
Total Interest Payable
HK$15,148.80
Monthly Payment
HK$13,131

BOC Express Cash Instalment Loan offers a loan up to HK$4,000,000 with a repayment period between 6 months – 60 months. And if you are a BOC banking customer, you can easily apply for the loan via mobile app or online banking with ease.

WeLend Personal Loan (Available for tax season)

WeLend provides the most flexible repayment periods from 3 – 84 months. You can also draw down a loan up to HK$1,500,000 for personal use. For loan smaller than HK$150,000, WeLend Personal Loan doesn’t require income proof & address proof.

WeLend Personal Loan application process:

You can apply for WeLend Personal Loan with the ease. Here are the the application process:

  1.  Apply online
  2. Complete mobile verification
  3. Upload required documents
  4. Get instant approval
  5. Receive confirmation and disbursement

During the application process, you need to submit the following documents:

  • Copy of HKID
  • Proof of disbursement account (you can provide a monthly bank statement for account verification)

Additional documents may be required based on your situation:

  • Commission Based Salary: Income Proof for the past 3 months
  • Real Estate Industry: Income Proof for the past 6 months
  • Proof of residential address

Grantit TU-Free Tax Loan

Grantit logo

Monthly Payment

HK$12,800

Monthly Payment
APR*
2.0%
Total Amount Payable
HK$307,200
Total Interest Payable
HK$7,200
Monthly Payment
HK$12,800

Grantit TU-Free Tax Loan is a type of loan does not require a checking of you TU score. It offers a loan up to HK$40,000 with a interest rate as low as 4.2%, perfect for those who’re looking for a small amount of loan.

CNCBI $mart Plus Tax Season Loan

With CNCBI $mart Plus Tax Season Loan, you can borrow up to HK$2,000,000 or 18 times your monthly salary, whichever is lower. This loan provides great flexibility, allowing you to choose a repayment period of 12 months. What’s even better is that you can enjoy a low APR of just 1.65% on a loan amount of HK$2,000,000.

UA tax loan: UA Seasonal Tax Loan

UA Finance logo

Monthly Payment

HK$12,680

Monthly Payment
Loan amount up to 300% of tax payable
APR*
1.38%
Total Amount Payable
HK$304,320
Total Interest Payable
HK$4,320
Monthly Payment
HK$12,680
UA Seasonal Tax Loan
Loan Amount Loan amount up to 300% of tax payable
APR 1.38% -36%
Tenor 6 – 36 months
Handling Fee No information found
Requirement Hong Kong resident and a Tax Demand Note

The UA Season Tax Loan is perfect for those who want to improve their cash flow during the tax season. The APR ranges from 1.38% to 36%, depending on the applicant’s credit status.

The application requirement is simple to fulfil—all you need is the HKID and the Tax Demand Note. However, we could not find more information about the handling fee for the loan.

Here is the UA Season Tax Loan APR reference:

Loan Amount Loan Tenor APR Monthly Payment (calculated based on the lowest APR) Total Amount Payable Total Interest Payable
HK$10,000 6-month 30% HK$1,815 HK$10,890 HK$890

Dah Sing Bank tax loan

Unfortunately, the Dah Sing Bank tax loan is currently unavailable. However, when it was offered, it provided an attractive package with an APR as low as 1.08% and a 0% handling fee. The loan amount could go up to HK$2,000,000 or 12 times your monthly salary, whichever is lower. Borrowers have the flexibility to repay the loan over a period of up to 24 months.

If you are considering getting a loan from Dah Sing Bank, you may also want to explore their personal loan plan “Dah Sing Express Money”. This plan is now having an APR of 1.38% and includes a special welcome offer exclusively for MoneySmart customers.

Dah Sing Bank logo

Monthly Payment

HK$12,995

Monthly Payment
Loan disbursement in as quick as 15 minutes
APR (include cash rebate)
2.75%
Total Amount Payable
HK$311,880
Total Interest Payable
HK$11,880
Monthly Payment
HK$12,995

Standard Chartered Bank (SCB) tax loan

The tax loan from Standard Chartered Bank is currently unavailable. However, you can explore their personal instalment loan option with an attractive APR starting at 1.85%. This loan allows you to borrow up to 18 times your monthly salary or HK$4,000,000, whichever is lower.

Standard Chartered logo

Monthly Payment

HK$13,310

Monthly Payment
MoneySmart Exclusive
APR*
6.28%
Total Amount Payable
HK$319,440
Total Interest Payable
HK$19,440
Monthly Payment
HK$13,310
MoneySmart Exclusive:

【MoneySmart Exclusive Offer 】- Get total reward up to HK$16,450! From now on until 30 June 2024, customers successfully apply for loan via MoneySmart and draw down the designated loan amount could enjoy up to SAMSUNG Galaxy S24 Ultra (S9280) - 256GB  (value: $8,450) or HK$7,800 PARKnSHOP supermarket voucher or HK$7,800 Apple Store Gift Card.

Valid until 30 Jun 2024

Fubon tax loan

Fubon has its own tax loan product, but it has yet to be released. Consider their personal loan with an APR as low as 1.88% and borrow up to 12 times their monthly salary or HK$2,000,000, whichever is lower. The repayment period can be extended to 60 months.

Fubon Bank logo

Monthly Payment

HK$13,505

Monthly Payment
MoneySmart Exclusive
Fixed rate for privileged customers
APR as low as*
2.88%
Total Amount Payable
HK$324,112.80
Total Interest Payable
HK$24,112.80
Monthly Payment
HK$13,505
MoneySmart Exclusive:

【MoneySmart Exclusive Offer - Total rewards up to $15,988!】
From now until 30 June 2024, customers apply Fubon Perfect Fit Personal Loan and successfully draw down the loan, via MoneySmart promocode 「MSRL05」 can enjoy a MoneySmart exclusive reward as high as SAMSUNG Galaxy Tab S9 (12GB RAM + 256GB) - 11" (retail value: HK$7,188) / HK$6,000 Apple Store Gift Card / PARKnSHOP vouchers. Total reward up to HK$15,988!

Valid until 30 Jun 2024

HSBC tax loan

The promotion for HBC personal tax loan has ended. We’ve found the last HSBC tax loan promotion for reference.

HSBC tax loan
Loan Amount Minimum HK$5,000
APR 1.38% -36%
Tenor 6 – 36 months
Handling Fee N/A
Requirement Hong Kong resident who is 18 or above years old and have a monthly income of at least HK$5,000

Here is the reference APR for HSBC tax loan:

HSBC Tax Loan APR Reference
Loan Amount Loan Tenor APR Monthly Payment (calculated based on the lowest APR) Total Amount Payable Total Interest Payable
HK$100,000

 

 

6-month 7.19% HK$17,017.92 HK$102,107.52 HK$2,107.52
12-month 7.72% HK$8,685.90 HK$104,230.82 HK$4,230.82
24-month 8.4% HK$4,540.99 HK$108,983.86 HK$8,983.86

Hang Seng Bank Tax Season Loan

Currently, the Hang Seng Bank Tax Season Loan is not available. Here is the reference information:

Hang Seng Bank Tax Season offers an APR as low as 1.62% with a 0% handling fee. Plus, the loan amount can be up to HK$3,000,000 or 12 times your monthly salary (whichever is lower), and repayment periods can last up to 60 months.

Bank of East Asia (BEA) tax loan

Bank of East Asia does not have a tax loan offer available. In the previous tax loan offer, the BEA tax loan provided an Annual Percentage Rate (APR) as low as 1.32%. The loan amount could be up to HK$3,000,000 or 12 times the basic monthly salary (whichever is lower), with a repayment period of up to 60 months.

How to find the cheapest tax loan in Hong Kong?

When selecting the most affordable tax loan, it’s crucial to take into account the true Annual Percentage Rate (APR), including any applicable handling fees or extra charges. Also, the APR changes with different loan amounts and loan periods. Usually, a loan amount exceeding HK$1,000,000 or a longer loan period can get a lower APR.

Some banks or financial institutions offer a lower APR when they have a better understanding of the applicant’s financial status. For example, if you are a customer of Citi Bank, you may receive a more favorable interest rate compared to other customers. So, it’s MoneySmart to compare the APR before applying!

 

All the information above is taken from the official website. Please refer to the official website for the most up-to-date information.

To borrow or not to borrow? Borrow only if you can repay!

Frequently asked questions: Tax loans comparison

How do I choose the right tax loan provider?

Consider the provider’s reputation, interest rates, fees, terms, customer service, eligibility requirements, speed of funding, and additional services. Compare multiple providers to make an informed choice.

What are the benefits of getting a tax loan?

Benefits include early access to funds, financial flexibility, avoiding refund processing delays, no upfront fees, potential leniency on credit history, and convenience in application.

Do I need good credit to qualify for a tax loan?

Credit requirements vary, and some providers may consider factors beyond credit history. While good credit can help, there are providers with more flexible eligibility criteria for individuals with less-than-perfect credit.

Related articles

Your TU credit score has a significant impact on the loan interest rate. Check out the article on how to improve your credit score to get a better rate, and learn about the things to avoid that can lower your credit score.

 

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