HSBC Revolving Credit Facility

Annual fee

1% of the limit (maximum HKD1,000)

Handling charge

Not applicable

Early redemption penalty

Not applicable

Deferred payment

Not applicable

Late charge

8% flat on payment in arrears (minimum HKD100, maximum HKD200) plus Prevailing Rate

Unauthorised overdraft handling charge

HKD120

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A Personal Instalment Loan lets you repay the whole loan amount in regular monthly amounts within a fixed repayment period. This might help you manage your finances more easily.

A Revolving Credit Facility provides you with a revolving credit limit on standby. That means you could withdraw a loan within the limit whenever you want. There is no fixed monthly repayment amount or repayment period. You'll only be charged interest based on the amount you withdraw.

That depends on two key factors: how much you need to borrow, and how much you can afford to repay.

It's best to borrow only what you actually need and resist the temptation of borrowing extra money. Remember, your loan does not have to be for a round figure! You can usually borrow the exact amount you need.

It's also wise to look at all your other expenses while working out how much you can afford to repay. Try not to spend more than 30% of your gross monthly income on all your loan repayments, with the possible exception of mortgage repayments which may be up to 50% of your income. That way, you can better ensure that you can afford the extra cost of loan repayments without worrying that you can't meet other financial commitments.

A good general rule is to avoid borrowing for longer than the life of what you're paying for. For example, if you have an annual expense such as a tax bill, aim for a loan of 12 months of less. Otherwise, you'll still be paying off your first loan when the next year's tax demand arrives.

By budgeting carefully, you can balance the loan amount, loan period, and amount you can afford to repay each month.

Most loans will ask you to repay a set amount each month. This helps you to plan your budget and predict your spending more easily.

But if fixed monthly payments don't suit you, you could consider choosing a loan that offers flexible repayment options, such as a revolving loan or overdraft facility.