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A selection of financial institutions to choose for personal loans

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Personal Loans

Whether you're planning to get a degree from your local university or planning to study abroad, you will need to spend a huge sum of money on your education. On average, a master degree course costs around HK$100,0000 - HK$150,000 (school year 2016 - 2017). If you want to do a MBA in the top three univerisities in Hong Kong, you will need about HK$400,000 (school year 2016 - 2017). The cost of a masters degree programme can cost more than HK$200,000 according to a data in 2015 to study a master degree course overseas such as the US. In addition to the school fees, you will also need to pay for the living expenses and accommodation, which costs around HK$110,000.
Higher studies and specialization offer you more jobs to choose from and give you more opportunities to increase your salary level. If you find higher education to be unaffordable, you might conisder applying for a personal loan to meet your needs to fund for your studies.
You should always remember to check the additional fees and penalties imposed by the lenders, including annual fees for revolving loans, handling and administrative fees for instalment loans, early repayment charges and late payment penalties. Hence, when you choose a personal loan, it is important that you compare the pesonal loans offered by different providers using the Annual Percentage Rate (APR), which is a reference rate that consists of base interest and other charges like handling fee. This gives you a much better idea of how a tax loan will affect your finances over the long term.
Borrowing money to pursue further studies means you may have no income soon. Generally you have to prove to banks or financial institutions that you have the ability to pay back the loan, and they will assess your income. If you have no income, you could ask your family member or friend to sign a surety or guarantee.
In Hong Kong, banks and financial institutions offer loans specifically for students who want to study abroad, such as Chong Hing Bank?s Education Loan and AEON's Study Loan, with a maximum loan amount of HK$300,000 or 100% of the tuition fee, and 24-month repayment period. Some banks may put these loans under personal loans, like Hang Seng Bank. Borrowers usually need to provide an admission notice, income proof and address proof, etc.

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