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In Hong Kong, there are relevant instructions and guidelines for loans to civil servants. What should you pay attention to? This article will distinguish the misconceptions regarding civil servant loans, allow civil servants to apply loans easily when financial assistance is needed.
According to the "Sources of Finance for Civil Servants", civil servant loans are usually provided by reputable loan services both within and outside the government. The main sources include:
1. Advance of Salary
The government has a mechanism for advance of salary. If a civil servant faces unexpected expenses due to emergencies or accidents, they can seek assistance from the government by receiving an advance on their future salary. This helps resolve short-term financial issues.
The repayment mechanism for an advance of salary is usually based on installment payments. A designated amount will be deducted from the salary over a certain period for repayment purposes. In cases where the officer leaves before the completion of the deduction period, the outstanding balance (combined with any relevant interest) will become due and payable immediately. Generally, another advance of salary will not be granted until the outstanding amount from the previous advance is fully repaid.
For more details, please refer to Civil Service Regulations section 618 to 639.
2. Staff Relief Fund
The fund offers emergency financial assistance to non-disciplined staff on Point 19 of the Master Pay Scale or below, and Model Scale I staff. Eligible civil servants may apply for an interest-free loan from the relieve fund not exceeding a total of HK$4,000.
This fund primarily helps civil servants who has immediate financial difficulties related to family illness, other domestic distress, additional expenditure entailed by children's schooling or the loss of belongings in natural disasters. The decision to approve or reject an application rests with the Permanent Secretary / Head of the Department / Organisation concerned.
3. Welfare Funds in Disciplined Services
The aforementioned staff relief fund does not apply to officers in the disciplined services. The Hong Kong Police Force, ICAC, Customs and Excise Department, Correctional Services Department, Fire Services Department, Government Flying Service, and Immigration Department have their own welfare funds to which personnel may apply for grants and loans. Disciplinary forces personnel can inquire with their respective authority for details and apply for assistance or loans.
4. Self-help Thrift and Credit Co-operatives and Credit Unions
Civil servant loans are not limited to government sources; civil servants can also join registered thrift and credit co-operatives or credit unions.
Loans are repayable in accordance with the conditions of the particular loan agreement, but generally repaid by monthly instalments at set interest rate. For example, the interest rate are set up by members at a general meeting and incorporated in by-laws in the case of co-operative. While the interest rate of credit union is set up by the board of directors. The Credit Unions Ordinance also provides that interest on loans may not exceed 1% per month on the total of the unpaid balance.
5. Lending Facilities Provided by Financial Institutions
When civil servants want to apply for loans, they can also consider options outside the government, such as various loan services offered by banks and financial institutions.
In order to protect the rights of civil servants, it is suggested to apply for loans from money lenders licensed under the Money Lenders Ordinance or banks or deposit-taking companies licensed or registered under the Banking Ordinance.
In fact, civil servant loans generally do not have any special restrictions as long as they are used appropriately. Overdrafts, secured or unsecured loans, mortgages, or installment payments are all available loan services. There are also various licensed banks and financial institutions provide low-interest loan to civil servant. However, it is still advisable borrowers to compare between different institutions before making a decision in order to choose the most suitable loan product!
For more information and details on civil servant loans, please refer to the Sources of Finance for Civil Servants。
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