BOC Express Cash Instalment Loan

For the "Key Facts Statement (KFS) for Instalment Loan", please click here

Promotions:

  • From now on until 28 February 2021, selected customers^ apply via e-channels+ to enjoy Annualised Percentage Rate ("APR") as low as 1.98%^ and Handling Fee Waiver^

Key Features:

  • Repayment period up to 60 months
  • Loan amount up to HK$2,000,000 or 12 times of your monthly salary1 (whichever is lower)
  • Apply via the  BOC Express Cash mobile app via  or  for application

 

Example: Apply loan amount of HK$1,000,000, with repayment tenor of 12 months and monthly flat rate of 0.0888%. The annualised percentage rate is 1.98%, with handling fee waiver. The above example is for reference only.

Remarks:

The annualised percentage rate ranges from 1.98% to 40.59%.

The above offers are subject to the relevant terms and conditions.

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

Terms and Conditions

*   Terms and conditions apply. The promotional period is until 28 February 2021 (both dates inclusive) and successfully drawdown the loan on or before 31 March 2021.

^    The above offer is applicable to selected customers including Wealth Management, Enrich Banking, BOCHK Payroll** and BOCHK Mortgage*** customers only.  To be eligible of the offer, customers should apply via e-channels+  and maintain one of the above accounts at the time of BOC Express Cash Instalment Loan application. APR of 1.98% is applicable to repayment tenor of 12 months only.

+    e-channels: Customers who submit their application via e-channels including BOCHK website, e-banking and mobile banking, branch electronic platform, “BOCHK”WeChat official account or “BOCHK_CC”WeChat official account are eligible to this offer.

Below customers shall visit any one of Bank of China (Hong Kong) Limited (“BOCHK”) branches to submit loan application:

  • BOCHK customers with accounts opened less than three months; and/or
  • Customers with current office phone number, mobile phone number, residential phone number or residential address (either one) different from that in the records held by BOCHK; and/or
  • Applied loan amount is HK$1,500,000 or above

**    This offer is only applicable to BOCHK payroll customers who currently registered and took up BOCHK payroll account and receive salary on monthly basis.

***  BOC Express Cash Instalment Loan is not intended to be used for acquiring/ investing in properties and / or refinancing of any existing mortgage. Borrower can apply for BOC Express Cash Instalment Loan at least 7 days after the loan disbursement process of property transaction and mortgage is completed      

1.    The maximum loan amount for the BOC Express Cash Instalment Loan is up to HK$2,000,000 or 12 times of the monthly salary (whichever is lower). BOCHK will determine the final approved loan amount based on the credit rating of the individual customer and other relevant factors. 

2.    The quoted interest rate is calculated based on a loan amount of HK$1,000,000 with repayment tenor of 12 months and monthly flat rate of 0.0888%. The annualised percentage rate (“APR”) is 1.98%, with handling fee waiver. The APR is calculated according to the guidelines laid down in The Hong Kong Association of Banks. The 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 annualised rate. For loan and offer details, rates, handling fee, APR, terms and conditions, please contact our staff.  The credit rating of each customer must fulfill the requirements of BOCHK. The approved APR may vary on a case-by-case basis, subject to the credit rating of each individual customer, loan amount and repayment tenor. Approval of the loan amount, repayment tenor and interest rate are all subject to the final decision of  BOCHK.  

3.    Early Settlement /Redemption Fee

Upon early settlement of the Loan, outstanding interest and principal shall be calculated on the basis of “Reducing Balance Method” (applicable to any loan application on or after 13 January 2020 for BOC Express Cash Instalment Loan/ BOC Express Cash Instalment Loan Balance Transfer / BOC Express Cash Instalment Loan Top up / BOC Express Cash Instalment Loan Balance Transfer Top Up or any loan application on or after 7 June 2020 for BOC Express Cash Instalment Loan online application with instant approval service.) or “Rule of 78” (applicable to the loan application on or before 12 January 2020 for BOC Express Cash Instalment Loan/ BOC Express Cash Instalment Loan Balance Transfer / BOC Express Cash Instalment Loan Top up / BOC Express Cash Instalment Loan Balance Transfer Top Up or any loan application on or before 6 June 2020 for BOC Express Cash Instalment Loan online application with instant approval service.).

“Reducing Balance Method”:  The Borrower shall also pay an early settlement fee which is 2% of the approved principal amount of BOC Express Cash Instalment Loan/ Balance Transfer. The Bank may at its discretion adjust the early settlement fee at any time.

“Rule of 78”: The  Borrower  shall  also  pay  an  early settlement fee which is 2% of the approved principal amount of the Loan; 1.5% of the amount of the approved Loan for balance transfer (in accordance with the Terms and Conditions of BOC Express Cash Instalment Loan Balance Transfer)  per annum for the remaining years of the Loan Period (any part of a year shall be rounded up to a year). The Bank may at its discretion adjust the early settlement fee at any time. 

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. The loan tenor, 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/redemption fee and other incurred fee(s)) and unpaid interest. You may click here Instalment Loan Calculator and Repayment Schedule 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. 

4.    Rights of Third Parties:

4.1 Subject to Clause 4.3, a person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Ordinance (Cap. 623 of the Laws of Hong Kong) (the "Third Parties Ordinance") to enforce or to enjoy the benefit of any term of this Agreement. 

4.2 Notwithstanding any term of this Agreement, the consent of any person who is not a party to this Agreement is not required to rescind or vary this Agreement at any time.

4.3 Any director, officer, employee, affiliate or agent of BOCHK may, by virtue of the Third Parties Ordinance, rely on any provision of this Agreement (including without limitation any indemnity, limitation or exclusion of liability) which expressly confers rights or benefits on that person.

General Terms

  • BOC Express Cash Instalment Loan and BOC Express Cash Instalment Loan Balance Transfer are the products of the Bank of China (Hong Kong) Limited (“BOCHK”).
  • Each Eligible Customer can only enjoy the above offer only once. This offer cannot be used in conjunction with other promotion offer that are not listed in this promotion material.
  • The above products are subject to the relevant terms of the BOC Express Cash Instalment Loan and BOC Express Cash Instalment Loan Balance Transfer.
  • The credit rating of each customer must fulfill the requirements of BOCHK. The approved APR may vary on a case-by-case basis, subject to the credit rating of each individual customer, loan amount and repayment tenor. Approval of the loan amount, repayment tenor and interest rate are all subject to the final decision of BOCHK without providing any reason.
  • BOCHK reserves the right to amend, suspend or terminate the above products and offers, and to amend the relevant terms at any time at its sole discretion.
  • In case of any dispute, the decision of BOCHK shall be final.
  • Should there be any discrepancy between the English and Chinese versions of this promotion material, the Chinese version shall prevail.