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Daxin Bank (2356) announced that its tax‑loan business is expected to grow modestly this year. According to the bank’s chief executive and retail‑banking deputy manager Deng Zijian, the number of tax‑loans and the total amount lent last year increased by double‑digit percentages. Because the base figures were larger and the market share “is not as big as before,” the bank aims for a low‑single‑digit rise in both volume and value this year. Last year the average tax‑loan amount was HK$550,000, with a typical repayment period of 18 months. Deng said the bank’s bad‑debt ratio on tax‑loans was almost zero. The annual interest rate on tax‑loans was 1.18% last year; the bank expects it to fall to 1% this year, citing the lower one‑month Hong Kong interbank offered rate (HIBOR) compared with the same period last year. Deng added that the Hong Kong Monetary Authority may raise rates in December, and if the U.S. Federal Reserve hikes rates by 0.25%, Hong Kong banks could follow with a 0.125% increase. Daxin Bank has introduced a new “Fast Pay” tax‑loan promotion that runs until 30 April 2027. Eligible customers who successfully apply for the loan and meet specified conditions can benefit from an effective annual interest rate of 1% and a cash rebate of up to HK$16,800. The promotion also offers an additional bank‑service reward of up to HK$900. Under the promotion, the maximum loan amount is HK$2 million or 18 times the borrower’s monthly salary, whichever is lower. The loan term can be up to 24 months. Article source: Sing Tao Electronic Daily | Image credit: Sing Tao Electronic Daily
Daxin Bank (2356) announced that its tax‑loan business is expected to grow modestly this year. According to the bank’s chief executive and retail‑banking deputy manager Deng Zijian, the number of tax‑loans and the total amount lent last year increased by double‑digit percentages. Because the base figures were larger and the market share “is not as big as before,” the bank aims for a low‑single‑digit rise in both volume and value this year. Last year the average tax‑loan amount was HK$550,000, with a typical repayment period of 18 months. Deng said the bank’s bad‑debt ratio on tax‑loans was almost zero. The annual interest rate on tax‑loans was 1.18% last year; the bank expects it to fall to 1% this year, citing the lower one‑month Hong Kong interbank offered rate (HIBOR) compared with the same period last year. Deng added that the Hong Kong Monetary Authority may raise rates in December, and if the U.S. Federal Reserve hikes rates by 0.25%, Hong Kong banks could follow with a 0.125% increase. Daxin Bank has introduced a new “Fast Pay” tax‑loan promotion that runs until 30 April 2027. Eligible customers who successfully apply for the loan and meet specified conditions can benefit from an effective annual interest rate of 1% and a cash rebate of up to HK$16,800. The promotion also offers an additional bank‑service reward of up to HK$900. Under the promotion, the maximum loan amount is HK$2 million or 18 times the borrower’s monthly salary, whichever is lower. The loan term can be up to 24 months.
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