OREANDA-NEWS. November 15, 2012. The Bank of East Asia (“BEA”) today announces the launch of the 2012-2013 tax loan programme for personal customers. New customers1 can choose a flexi tax loan to enjoy a 0% interest rate for the first 3 months and enhanced financial flexibility, while all customers can apply for an instalment tax loan with competitive interest rates and fixed monthly repayments, reported the press-centre of BEA. 

BEA’s flexi tax loan offers new customers an attractive interest rate of 0% per annum for the first three months, plus a waiver of the arrangement fee and withdrawal fee for the first year. Customers can apply for a credit limit of up to two times their monthly basic salary, with a maximum loan amount of HKD 300,000, and determine their monthly repayment amount. The minimum repayment is 3% of the statement balance or HKD 100, whichever is higher, and interest is only charged on the outstanding balance.

Meanwhile, BEA’s instalment tax loan for all customers is offered according to two simple rate schedules – one for privileged customers2, including designated BEA banking customers, professionals, civil servants, and full-time hospital/university employees, and one for general customers. For successful applications on or before 18th December, 2012, privileged customers can enjoy an Annualised Percentage Rate3 (“APR”) as low as 2.66% (0.119% per month flat) while general customers can enjoy an APR as low as 2.68% (0.12% per month flat).

Privileged customers can apply for a loan amount of up to twelve times their monthly basic salary, with a maximum loan amount of HKD 1,200,000, while general customers can apply for a loan worth up to ten times their monthly basic salary, with a maximum loan amount of HKD 1,200,000. Additional benefits include flexible repayment terms of up to 24 monthly instalments, and a full waiver of the arrangement fee.

As an added incentive, PARKnSHOP Gift Coupons worth up to HKD 800 will be offered to customers who draw designated instalment loan amounts with a repayment period of 24 months. New customers can receive additional PARKnSHOP Gift Coupons worth HKD 500.

 What’s more, customers who draw an instalment tax loan on or before 28th February, 2013 will be automatically entered into a lucky draw for the chance to win HKD 28,888 in BEA Credit Card free spending credit.

“We are delighted to offer an enhanced tax loan programme this year, with high loan amounts and incredibly attractive rates,” says Mr. Simon Lau, General Manager & Head of Personal Banking Division at BEA. “Moreover, our new flexi tax loan provides an additional option for new customers, allowing them to choose a loan type that best suits their particular needs.”

Customers can apply for a BEA personal tax loan in person at any BEA branch or i-Financial Centre, by phone, by fax, by mail, online, or using the BEA iPhone App. Customers who successfully apply via the iPhone app on or before 18th December, 2012 will also receive a HKD35 coffee coupon.

For more information on BEA’s personal tax loan programme, including the complete terms and conditions, please call the Tax Loan Hotline on (852) 2211 1168, visit any BEA branch, or browse the Bank’s homepage at www.hkbea.com.

1 “New customers” refers to customers who have not held any BEA products in the past six months, including but not limited to any deposit account, mortgage loan, consumer loan, credit card, or MPF account.

2 “Privileged customers” include BEA Private Banking/SupremeGold customers, BEA auto payroll customers, BEA mortgage loan customers, BEA consumer loan customers, BEA Credit Card customers, BEA deposit account customers, designated professionals, civil servants, and full-time Hospital Authority/university employees. Professionals include accountants, architects, dentists, doctors, engineers, solicitors, and surveyors. BEA reserves the final right to interpret the definition of “privileged customers”.

3 The Annualised Percentage Rates (“APRs”) and monthly instalment amounts for the instalment tax loan and flexi tax loan are calculated according to the standard method set out in the Code of Banking Practice and are rounded up or down to the nearest two decimal places. The APRs for the instalment tax loan are calculated on the basis of a 12-month repayment period, and reflect the full waiver of the arrangement fee. Please note that the actual APRs and monthly instalment amounts applicable to individual customers may differ.

Remark: The above information is for reference only. BEA reserves the sole right to vary or cancel these offers and/or amend or alter these Terms and Conditions at any time without prior notice. In the event of any dispute, the decision of BEA shall be final and conclusive.