General Questions

1. What is the hotline for BOC Express Cash application/enquiry?

For loan application, please call our hotline at +852 2108 3688. For top-up loan application, please call our hotline at +852 3711 4688. The service hours of the above hotlines are from 9:00 a.m. to 9:00 p.m. on Mondays to Fridays, and from 9:00 a.m. to 6:00 p.m. on Saturdays, excluding public holidays. You may also contact our BOC Express Cash -Customer Service Hotline at +852 2108 3611 for general enquiries.

2. When will the Loan Ambassadors of BOC Express Cash contact me?

To promote our services or follow up on your loan application, our Loan Ambassadors of BOC Express Cash may contact you from 9:00 a.m. to 9:00 p.m. on Mondays to Fridays, and from 9:00 a.m. to 6:00 p.m. on Saturdays, excluding public holidays.

3. Can I make a loan application for BOC Express Cash via an intermediary?

Bank of China (Hong Kong) Limited ("BOCHK") has not authorized or appointed any intermediary to conduct telemarketing activities for promotion of BOC Express Cash, BOCHK will not accept loan application referred by any intermediary or third party.

4. How can I verify BOC Express Cash phone calls, SMS messages or e-mails ? 

If there is any doubt, you should not disclose your personal information to suspicious callers or third parties but record his/her identity and contact detail, verify any phone call, SMS message, e-mail or website address purporting to be from BOCHK by calling our Customer Service Hotline at +852 3988 2388. BOC Express Cash Loan Ambassadors will provide their full names, staff numbers and a return call phone number (+852 3988 2388) for you to verify their identities. BOC Express Cash Loan Ambassadors will not provide their staff related information (e.g. name card) for verification or enquiry through any instant messaging software (e.g. WhatsApp / WeChat).

Questions related to Product

5. What is personal instalment loan?

Installment loan allows you to make repayment by fixed monthly instalments during a specific tenor to facilitate your financial situation and expenditure management. A larger proportion of the repayment made in the early stages is allocated to settle the interest and finance charges, with a smaller proportion to repay the principal. Such allocation of the repayment will reverse after more instalments have been made while the total interest expenses will remain unchanged.

You may choose the right kind of loan which suits your financial needs. Our Loan Ambassadors will provide you with professional advice pursuant to your own financial situation.

6. What is Balance Transfer?

If you only make minimum payment each month or are unable to pay off your outstanding credit card balances, your interest expenses could be enormous. Balance Transfer allows you to consolidate all your outstanding credit card and loan balances from different banks and financial institutions and provides you a suitable loan solution pursuant to your own financial situation. You can make repayment by fixed monthly instalments, which ease your burden and avoid accumulated interests.

7. What is monthly flat rate? How is this related to monthly instalment amount?

Monthly flat rate is an instalment loan interest calculation method generally adopted by banks or financial institutions. The monthly instalment amount is calculated based on the total interest expenses according to the monthly flat rate.

8. What is annualized percentage rate?

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.

9. What is the relationship between APR and the monthly flat rate?

The conversion between APR and the monthly flat rate requires a complex formula and financial calculation. The APR is subject to change in the monthly flat rate, loan period and handling fee(s). Under normal circumstances, the higher the monthly flat rate, the higher the APR.

10. What is the Rule 78? What is the Reducing Balance Method?

The Rule 78, also known as Sum-of-the-years’-digits Method, is the calculation of the interest and principal repayment and the allocation of the two components. A larger proportion of the repayment made in the early stages is allocated to settle the interest and finance charges, with a smaller proportion to repay the principal. Such allocation of the repayment will reverse after more instalments have been made while the total interest expenses will remain unchanged.

“Reducing Balance Method” is the calculation of the interest based on the outstanding principal and allocated to the repayment period. The amount of monthly repayment apportioned to interest is the highest at the beginning and gradually decreases across the repayment periods.

Questions related to Application

11. How much should I borrow?

The loan amount should be determined with reference to your affordability and actual needs. You should carefully consider as to whether you are able to afford the monthly repayment while putting aside sufficient funds to settle your daily expenses.

12. What should I consider when I apply for a personal loan besides the interest rates?

When applying for a loan, you should consider your financial needs and conduct a preliminary comparison of interest rates, handling fees, terms and application procedures of the loans offered in the market.

BOC Express Cash Loan Ambassadors who possess sound product knowledge are competent to provide you with tailored and personalized loan consultation service to meet your unique financial status and needs.

13. How can I apply for a loan?

You can submit loan application through the channels below (if applicable) :

• BOCHK WeChat Official Account or BOCHK Credit Card WeChat Official Account
• BOCHK Website
• BOCHK Personal Internet Banking
• BOCHK Mobile Application
• Application hotline at +852 2108 3601 (from 9:00 a.m. to 9:00 p.m. on  Mondays to Fridays, and from 9:00 a.m. to 6:00 p.m. on Saturdays, excluding public holidays)
• Any BOCHK branches

14. What documents do I need to submit when I apply for a loan?

For general BOC Express Cash Instalment Loan, documents listed below are required application:

• Hong Kong Identity Card; or passport/Document of Identity for VISA purpose/working VISA in the event of a non-Hong Kong Permanent resident.
  
  
• Latest 3 months’ residential address proof, e.g. water/electricity bill, or bank statement

o   Latest bank statement/passbook showing the salary amount for fixed income earner. (income proof is waived for auto payroll in the last month in BOCHK)

o   Latest 3 months’ bank statement/passbook showing the salary amount for non-fixed income earner. 

• Business Registration Certificate and the latest company tax return for sole proprietor or self-employed)

BOCHK may request additional documents in the course of processing your application.

15. When processing a loan application, will BOCHK access my personal credit records held by the credit reference agencies?

Under normal circumstances, BOCHK will request a credit report of the applicant from the credit reference agency for credit assessment purposes. If you wish to acquire the relevant report, you may contact the TransUnion Limited directly.

16. Is it necessary to open an account with BOCHK before applying for a personal loan?

If you have not maintained an saving account with BOCHK, you can still apply for the loan services offered by BOCHK. Those who maintain an saving account with BOCHK can set up instructions to make repayment through autopay.

17. What are the expenses incurred in a personal loan?

The general fees and charges include (if applicable) :

• Default interest and handling fee – in case of default repayment, interest is calculated at a fixed interest rate or the applicable interest rate on a daily basis and a handling fee will be charged on top of the outstanding balance in arrears.
• Handling fee for the instalment loan - charged based on the loan amount and tenor and deducted from the loan amount.
• Handling fee for early repayment – applicable to customer of instalment loan who choose to make a request to settle the loan.

Questions related to repayment

18. Can I request to make early repayment of the total outstanding balance?

To protect the interests of the borrower and the lender, Loan Ambassadors have tailored suitable repayment terms for you based on your repayment ability and financial status in granting the loan application, and reached and signed an agreement with you accordingly. You can choose to make early repayment. However, 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. 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 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.

19. What if I can't keep up the repayments?

During the loan tenor, if you are unable to keep up the repayments on your loan due to unexpected issues, for example, if you lose your job (if applicable) or have unexpected new financial commitments, please inform us as soon as possible. Our Loan Ambassadors will provide you with professional advice according to your current financial situation.

* Please click here to view the BOC Express Cash Instalment Loan Fees Schedule.

**If you have further enquiries after viewing the above FAQ, please call our BOC Express Cash Customer Service Hotline at +852 2108 3611.

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