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Loan provides extra financing option

(To watch the full press conference with sign language interpretation, click here.)   The Special 100% Loan Guarantee for Individuals Scheme proposed in the 2021-22 Budget aims to help people to tide over their financial difficulties amid the prolonged economic recession.   Financial Secretary Paul Chan made the remarks at a press conference this afternoon, noting that the maximum loan amount is set at six times of the applicant's average monthly income during employment.   “We are not encouraging people to borrow. We just reckon that in the community, during this prolonged period of economic recession with a high unemployment rate, there are members of the public who might have financial difficulties and may need to have some money to tide them over, so we offer this as an option for them to consider.     “That is why when you look at the details of the Special 100% Loan Guarantee for Individuals Scheme, it does not provide a huge amount of money. It is based on the earnings of an individual in the past period, taking six times of their average monthly earnings, subject to a cap of $80,000.   “The interest rate is just 1% and upon completion of repayment of the loan, this interest paid will be fully refunded to them."
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