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BOC Express Cash Instalment Loan – Tax Season Loan offers flexible repayment period up to 60 months. With longer terms, you can reduce the monthly repayments, but you pay more interest in total over time. You can choose the right term according to the loan purpose and your affordability. You could also take into consideration the cash rebate or reward offered after drawing down a loan. In general, more offers will be rewarded by the banks for a longer repayment period, which could offset some of the interest payment.

If you have not maintained a saving account with BOCHK, you can still apply for the loan services offered by BOCHK. After loan approval, you will need to open a saving account with BOCHK for disbursement. Then you can set up instructions to make repayment through autopay.

You can choose to make early repayment. However, usually a handling fee will be charged (if applicable). Please note that different loan products have an individual calculation of the apportionment of the interest and principal even though the monthly repayment amount is equal. More interest will, in general, be included in earlier repayments, and less on principal. In other words, where a borrower has been making repayments as scheduled for some time, the amount of outstanding interest is likely to be small. If the borrower chooses to pay off the loan early at this moment, the loss may outweigh the gain as the amount saved may not be enough to cover the relevant charges for early repayment. You are suggested to make enquiries to BOCHK for the total settlement amount (including the loan outstanding amount, early settlement penalty and other incurred fee(s)) and unpaid interest. You may click here to refer to Instalment Loan Calculator and Repayment Schedule in our webpage for details of apportionment of interest and principal for each loan repayment throughout the loan tenor, the method of apportionment and the incurred fee(s). You are advised to make comparison and consider thoroughly before deciding whether to choose an early repayment.

The annualized percentage rate (“APR”) is calculated according to the guidelines laid down in The Hong Kong Association of Banks. An APR is a reference rate which includes the basic interest rates and other fees and charges of a product expressed as an annualized rate. The approved APR may vary on a case-by-case basis, subject to the credit rating of each individual customer, loan amount and loan period. The APR can be used in comparing the total loan costs of different products offered based on various interest structures. Though you have to pay attention that some banks include cash rebate in their calculation of APR in order to get a lower reference rate. To fairly compare different loan offers, you may need to find out the APRs without factoring in cash rebate and the respective cash rewards, which can reflect the actual costs of borrowing offered by various banks.