Political situation
Written by: Peng Zhuowei
2021-03-01 13:39
The last update date: 2021-03-01 13:39
[Budget 2010] The new budget proposes the establishment of a "100% Guaranteed Personal Preferential Loan Scheme" with government guarantees. The loan amount for applicants is capped at 80,000 yuan; only interest is required for the first 12 months. The annual interest rate is fixed at 1%. If the applicant repays in full on time, the interest paid will be refunded in full.
The total government guarantee is 15 billion yuan, and the application period is 6 months.
The Secretary for Financial Services and the Treasury, Xu Zhengyu, said today (1st) that the loan program hopes to be as lenient as possible. Applicants do not need to meet the minimum credit rating requirements, nor do they have any default requirements. They only need to have a functioning bank account and no bankruptcy application. Or litigation can apply.
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Applicants do not need to provide a guarantor to accept the application in one month
Xu Zhengyu stated in the Legislative Council's Panel on Financial Affairs that the government plans to apply for funding from the Finance Committee this month and hopes to start applications in a month's time.
Chen Lingxing, senior vice president of the Hong Kong Mortgage Corporation, pointed out that the bank will not consider the applicant's credit rating when applying for a loan.
As for the consequences of non-repayment, Chen Lingxing stated that there will be banks to collect the arrears, but emphasized that the borrower does not need to provide a guarantor, because the loan is borne by the security company, and the government has set aside an estimated bad debt rate of 25%. The amount is used as the commitment amount.
Supported by Pakatan Rakyat and Liberal Party, the plan is described as "life-saving money"
The Liberal Party Shao Jiahui said that he believed that the loan could help the unemployed. He described it as "life-saving money" and he was very supportive. He also said that some unemployed people in the retail industry have "no borrowed money". He hoped that the public would support the plan and appealed to his side Unemployed people must apply if they have difficulties.
According to Pakatan Harapan Lu Weiguo, the party supports the plan but is concerned about how applicants can prove that they have no income.
Xu Zhengyu responded that applicants must provide a declaration of unemployment to prove that they have lost their main income, and then they can apply for a loan, emphasizing that self-employed people can also apply, but the government does not want abuse, so the applicant is required to pay 1% interest. After the loan is fully repaid, the interest will be refunded.
According to Pakatan Harapan Lu Weiguo, the party supports the establishment of a "100% guaranteed personal preferential loan program," but it is concerned about how applicants can prove that they have no income.
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Chen Lixing: According to the company, the company will conduct random inspections to ensure that public funds are used properly
The DAB Zhou Haoding is concerned about whether people in the industry who are on unpaid leave can apply for loans. Xu Zhengyu said that this plan hopes to focus on the unemployed. He believes that it is difficult to have a plan that is like a "resurrection egg" that can satisfy everyone's requirements.
He also emphasized that the terms and framework of this plan are clear, and there is no separate government, securities companies and banks.
Chen Lixing emphasized that this plan is the same as the 100% financing guarantee plan. I believe that banks will approve loans with a professional attitude, and the securities companies will also conduct spot checks on some cases to ensure that public funds are used properly.
The Secretary for Financial Services and the Treasury, Xu Zhengyu, said today (1st) that the loan program hopes to be as lenient as possible and applicants do not need to meet the minimum credit rating requirements.
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