by Aidan Kang, CFA
Senior Writer
UPDATED: April 08, 2022

There gets to a point in life when you have to get external help in terms of finances to remain afloat. The external finances could be from friends, grants, borrowing from shylocks, and even getting a personal bank loan. Whichever way you look for that extra help, you will most likely have to return that money, albeit with some interest.

 This guide looks at the different types of personal loans you can borrow. Luckily, comparison websites such as MoneySmart can help you identify the best loans in banks. The site can also help you compare credit cards, car insurance, health insurance, home insurance, educative insurance, and home loan, among many other things.

You can borrow a personal loan from a financial institution and repay it over a given period in agreed instalments. However, there are different things that the bank considers before lending you a personal loan. Nevertheless, it is safer and cheaper to secure a loan from a bank than get it from a moneylender.

 GoFlex Bank Personal Loan

 This personal loan is given to new customers for WeLab Bank. The loan tenor for this bank begins at six months to around 60 months. Its annual percentage rate could be as low as 1.68%, excluding rebate and 1.27% when included. With the GoFlex bank personal loan, customers can enjoy an HKD 3,000 rebate after the loan drawdown.

 The loan amount for this personal loan is up to HKD 1,000,000. It could also be 18x your monthly salary. If you decide to borrow HKD 500,000, you will pay a daily interest of $10. You do not have to provide an address or income proof for this loan to secure it.

 For the HKD 700,000 loan with a 24 months repayment period, the borrower pays an APR of 1.27% or 1.68% with no rebate.

 Standard Chartered Personal Instalment Loan

 Customers are entitled to a cash rebate of around HK$8,000 if they apply for the loan before May 2022. Every new client will receive an extra HK$1,000 cash rebate and a 36 monthly loan tenor. The loan amount for this personal loan is 18x your salary or HK$2,000,000.

 This personal loan does not have a handling fee, and its APR is as low as 1.18%. The personal instalment loan comes with a monthly flat rate of 0.053%. With this loan. You will be given a 7-day cooling-off period. The monthly instalment is HK$8,553.

 Citibank Card Debt Consolidation Loans

 You must be a new customer with no personal loan account by Citibank. To receive this loan, you have to submit your redemption before June 2022.

You can obtain various perks on this loan, such as supermarket vouchers or a soundbar. The loan has a low APR of 3.13% and a repayment term of around 72 months.

With this loan, there are no hidden terms and conditions that will crop up in the future. Everything is clear and upfront. The loan amount could be HK$1,200,000 or 21x your monthly salary.

 Fubon Balance Transfer Personal Loan

 With this personal transfer loan, you get an APR of about 5.15% for the 12-month tenor. Monthly payments for this loan amount to HK$8,634. The personal loan does not have a handling fee, and the cash amount could be ten times your monthly salary. You have up to 72 months to tenor the loan.

 DBS Personal Instalment Loan

 To secure this personal instalment loan, you must complete the “My Financial Profile” and submit your form. With this loan, there is a reward of around HK$10,300 for applying.

Its APR is relatively low as it stands at 1.56%. The monthly flat rate for this loan is 0.01%. Customers can redraw the repaid principal.

 The loan amount for the DBS personal instalment loan is HK$2,000,000 or 20x your monthly salary. The loan does not have any handling fee, and the monthly instalment stands at HK$8,343.

However, beware that the rewards and perks are subject to the terms and conditions of the institution.

 Take Away

 Bank loans are outstanding since they will boost you a great deal financially. Ensure you understand all the perks and terms and conditions for the personal loans in banks before borrowing. Assess whether you will efficiently pay back the loan in time and with ease.

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