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Current Location >> Personal Banking>> Loans>> 100% Personal Loan Guarantee Scheme

The PLGS aims at providing a source of financing to unemployed individuals who are suffering from cessation of main recurrent incomes from employment during the COVID-19 pandemic. Now opens for application.
Below are the details of PLGS:

  • Hong Kong permanent residents holding a valid Hong Kong identity card aged 18 years old or above;
  • have been unemployed for at least 2 months at the time of loan application;
  • neither be undischarged bankrupts, nor be subject to any bankruptcy petition or proceedings at the time of loan application and shall maintain a valid bank account at our Bank; and
  • be able to produce proof of cessation of main recurrent incomes from employment in Hong Kong.

Self-employed individuals (only for those who currently do not have any loans or credit facilities guaranteed under the SME Financing Guarantee Scheme), free-lancers, gig or casual workers are also eligible upon the production of a declaration of unemployment and proof of a loss of main recurrent incomes from employment / occupation in Hong Kong.

Documents* Required:
  • copy of the Hong Kong Identity Card showing permanent residence status;
  • copy of the latest proof of residential address issued within 3 months;
  • documentary proofs of previous employment and having main recurrent incomes for at least 3 months during the period from January 2020 to February 2022 (“Specified Period”)*;
  • a written declaration as included in the Loan Application Form and proof of unemployment and cessation of main recurrent incomes for at least 2 months at the time of loan application*; and
  • other information and documents as required by the HKMC Insurance Limited.

Key Features:
  • The annualised percentage rate (APR) is 1%2.
  • No handling fee1.
  • There is no restriction on the use of loan proceeds.
  • The maximum amount of the loan is nine times the average monthly income within the Specified Period, or 9 times the average monthly assessable income as calculated with reference to the tax demand note for the year of assessment 2019/2020 or 2020/2021 or 2021/2022; or HK$100,000, whichever is the lower3.
  • Minimum loan amount is HK$5,000
  • The repayment period is 10 years, with an option of principal moratorium for the first 18 months
  • The applicant will receive a full refund of the interest paid after the loan is fully repaid before or by the end of the repayment period

Application Period: From now on till 30 April 2023
Loan under 100% Personal Loan Guarantee Scheme shall be subject to the relevant terms and conditions.

  1. Not include waiving late payment fee. Late payment handling fee HKD 100 will be charged on each late installment.
  2. The APR is calculated according to the guideline set out in the Code of Banking Practice. APR is a reference rate, which includes all applicable loan interest rates, fees and charges of the loan product, expressed as an annualised rate.
  3. The approval of the loan (as well as the final approved loan amount) is subject to the Bank’s final decision.
*For Application forms, Key Fact Statement and details of the terms and conditions and Top-up Loan, please visit our 3 designated branch (King's Road Branch, Kowloon Branch, Tai Po Branch) to contact our branch staff.

This 100% Personal Loan Guarantee Scheme (“PLGS”) is administered by the HKMC Insurance Limited. The details of PLGS is subject to the announcement by HKMC Insurance Limited.. For more details of PLGS, please visit the Hong Kong Mortgage Corporation Limited's website.

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