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The Hong Kong Mortgage Corporation Limited

100% Personal Loan Guarantee Scheme

A Financing Option to Help Tide Over Interim Difficulty

Important Note to Loan Applicants under the 100% Personal Loan Guarantee Scheme (“PLGS”):
HKMC Insurance Limited ("HKMCI") wishes to alert the members of the public to beware of anyone offering to make loan applications or obtain approval for a loan under the PLGS for a fee.  
Loan applicants are reminded that:
1. they need not engage or appoint any third party (except the participating lenders under the PLGS (“Lenders”)) to apply for a loan under the PLGS. Any loan application prepared by or submitted through a third party may incur unnecessary financial costs or loss to the applicant and expose the applicant’s personal data to the risk of disclosure to or misuse by an unscrupulous third party;
2. they should apply for a loan under the PLGS directly through the Lenders which will provide assistance without levying any application fee or handling fee; and
3. the Lenders and HKMCI will not tolerate any illegal conduct (e.g. making a false declaration or using a false instrument) and will report suspected illegal conduct to the relevant law enforcement agencies.   




Hong Kong’s economy has been facing significant downward pressure since the outbreak of Coronavirus Disease 2019 (“COVID-19”) in early 2020.


The labour market deteriorated markedly following the fourth wave of local outbreak. Unemployment surged across almost all the major economic sectors. 


Against this backdrop, the Financial Secretary announced in the 2021-2022 Budget the time-limited PLGS and subsequently announced enhancements measures on the PLGS in view of further impact brought by a new wave of the epidemic.


The PLGS is operated by the HKMCI. 





The PLGS aims at providing a source of financing to individuals who are suffering from loss of main recurrent incomes from employment in Hong Kong during the COVID-19 pandemic.


The Government provides 100% guarantee for concessionary low-interest loans taken out by eligible borrowers.





An eligible borrower must:


  • be a Hong Kong permanent resident holding a valid Hong Kong identity card who is aged 18 or above;
  • have been unemployed and have suffered from loss of main recurrent incomes from employment or business in Hong Kong at the time of loan application:

    a. for an individual under employment – have been unemployed for at least 2 consecutive months; or

    b. for a self-employed individual who carried on any business in Hong Kong (only for those who currently do not have any loan or credit facilities guaranteed under the SME Financing Guarantee Scheme (“SFGS”)(#)) – have the individual’s business ceased for at least 2 consecutive months; or

    c. for free-lancers, gig or casual workers – have been unemployed or ceased business (as the case may be) in Hong Kong for at least 2 consecutive months;


  • be neither undischarged bankrupts, nor subject to any bankruptcy petition or proceedings at the time of loan application(^) and shall maintain valid bank account(s) in Hong Kong; and
  • (in relation to application of an existing borrower for top-up loan) – be unemployed at the time of top-up loan application and not be having any outstanding default of more than 60 days for any existing loan(s) of the borrower under the PLGS at the time of application for top-up loan and loan drawdown.


(#)  An individual who is currently carrying on any business (whether by sole-proprietorship, partnership or privately owned limited company) in Hong Kong may apply for financing guaranteed under the HKMCI’s SME Financing Guarantee Scheme.


(^) The Lenders shall check with credit reference agency(ies), other service provider(s) or relevant authorities before loan drawdown to confirm the borrower’s fulfilment of this criterion. 


Note:  Documents are required to substantiate a borrower’s eligibility of PLGS.  



Key Features of 100% Personal Loan Guarantee Scheme


Application Period

From 19 April 2022 to 30 April 2023 (Application period has closed)

Loan Type

Terms loans only

 Maximum Repayment Period

10 years

Loan Limit


HK$100,000 per borrower


All loans under the PLGS inclusive. Any amount of loans repaid or prepaid cannot be reborrowed.


Maximum Aggregate Loan Amount

The lower of:

  • the Loan Limit minus the aggregate original amount of loan(s) approved for or drawn by the borrower under the PLGS (“Available Loan Amount”); and
  • 9 times the average monthly income for any 3 months during the period between January 2020 and February 2022 or 9 times the average monthly assessable income as calculated with reference to the tax demand note for any of the financial years 2019-2020 or 2020-2021 or 2021-2022.
Loan Interest Rate and Interest Rebate

The annualised percentage rate is 1%.

Borrowers will receive full rebate of the interest payments made after the loan and interests are fully repaid by end of the repayment period, despite any interim delinquencies.


 Please refer to the PLGS Fact Sheet for details.







For general enquiries about the PLGS, please contact:
1. the Lenders; or
2. the HKMC


PLGS Hotline: 2536 0392

PLGS Enquiry:


This PLGS is operated by the HKMCI and is subject to the relevant terms and conditions. The copyright to the contents of this document is owned by the HKMCI.



Last Update Date: 2 May 2023