Personal Instalment Loan Plan Terms and Conditions

1. The Hongkong and Shanghai Banking Corporation Limited (‘the Bank’) is authorised to apportion the monthly payments between interest and principal as it shall desire, and to debit the account of the successful applicant (‘the Borrower’) with the amount of each monthly repayment commencing one month after Personal Instalment Loan (‘the Loan’) has been made to the Borrower(s).

2. The Bank is authorised to contact all relevant parties for verification and/or to obtain any other information about the Borrower either verbally or in writing from time to time when it is deemed necessary.

3. Interest payable on the Loan shall be subject to fluctuation at the Bank’s absolute discretion.

4. Early repayment of the Loan shall be permitted, subject to payment of the outstanding principal amount of the Loan plus 1% on outstanding principal plus interest payable up to the next repayment date.

5. The Borrower must notify the Bank in writing of any change of name, address and employment.

6. In the event of failure to make any monthly repayment when due, interest at the rate of 2.1% per month (both before and after judgement) from the relevant monthly repayment date until the date of repayment or until repayment of the outstanding principal amount of the Loan has been demanded (whichever shall occur first), shall be charged on the amount of any overdue monthly repayment(s) and in the event of such default and not otherwise. The Bank is at liberty to disclose to the employer of the Borrower the state of the Borrower’s indebtedness.

7. The outstanding principal amount of the Loan shall be subject to the Bank’s overriding right of repayment on demand, and interest at the rate of 2.1% per month from the date of demand until the date of repayment (both before and after judgement) shall be charged on the outstanding principal amount of the Loan, and on any overdue monthly repayment(s) together with any interest accrued thereon.

8. The Bank may, without notice, combine or consolidate any outstanding principal or interest on the Loan with any other accounts which the Borrower maintains with the Bank, and set-off or transfer any money standing to the credit of the Borrower’s other accounts in or towards satisfaction of his liability to the Bank in respect of the loan.

9. A handling charge of minimum MOP/HKD100 will be levied for each overdue Loan instalment, and for notification by letter.

10. If more than one person signs or agrees to be bound by these terms and conditions,  the obligation and liabilities of such persons hereunder will be joint and several and, as the context may require, words herein denoting the singular only will be deemed to include the plural. Any notice hereunder to any one such person will be deemed effective notification to all such parties.

11. A handling charge of 1% per annum, calculated on a pro-rata basis for the repayment period on approved Loan amount, will be levied on successful applications. Successful applicants will not be notified by letter that their account has been credited with the proceeds of the approved Personal Instalment Loan.

12. The Bank need not provide reasons if the applicant’s Loan is unsuccessful.

13. These Terms and Conditions may, at the Bank’s sole discretion, be changed from time to time upon giving the Borrower prior notice by way of display in the Bank’s premises or by such other method as the Bank may decide. If the Borrower does not fully repay the Loan prior to the expiry of the notice period, the Borrower shall be deemed to have agreed to such change.