Drive towards a greener future by switching to an electric vehicle with Personal Instalment Loan

Your 1-minute guide for the ‘One-for-One’ scheme

The “One-for-One” scheme has been extended until 31 March 2026. Under this scheme, you can enjoy tax relief if you de-register and scrap an old private vehicle in your name and register a fully electric, zero-emission replacement vehicle.

There are no restrictions on the fuel type of the old private vehicle—whether it’s petrol, diesel, plug-in or non-plug-in hybrid or even an electric vehicle.

Am I eligible for the “One-for-One” Scheme?

You are eligible if you meet the following criteria:

-Your old vehicle must be at least 6 years old: At the time of de-registration, the old private vehicle must have been registered in Hong Kong for at least 6 years.

-You must have owned the old vehicle for 18 consecutive months or more: At the time of de-registration, you must have been the registered owner of the old private vehicle for at least 18 consecutive months.

-The old vehicle must have had a valid vehicle license for at least 10 months: In the 12 months prior to de-registration, the old private vehicle must have had a valid vehicle license for at least 10 months (304 days or more), either continuously or otherwise.

-Eligible private vehicle owners can also enjoy a First Registration Tax (FRT) Concession of up to HKD172,500, provided the pre-tax price of the replacement electric vehicle does not exceed HKD500,000.

Please refer to FIRST REGISTRATION TAX CONCESSIONS FOR ELECTRIC VEHICLES.

Remarks

^ Daily loan interest as low as HK$10 (rounded down to the nearest integer) is calculated with the loan amount of HK$100,000, tenor of 12 months and monthly flat rate of 0.31% which is equivalent to APR of 7.01%.  (Loan amount: $100,000 * monthly flat rate 0.31% * Tenor 12 months)  / 365  days = HK$10.19

+ New Clients are applicants who are not holding any loans and/or credit cards issued by the Bank at the time of this loan application

# The Annualised Percentage Rate is 1.85% (for clients with loan amount of HKD$1,500,000 or above and tenor of 12 months). APRs are reference rates which include the basic loan interest rate and other applicable fees and charges of a product expressed as an annualised rate. This APR does not include cash rebate. The preferential interest rates are only applicable to clients who are not holding any Standard Chartered Credit Cards/Personal Loan at the time of this application. The Bank reserves the right to determine the applicable loan interest rate and handling fee, and to approve a person instalment loan application, which is to be considered on a case-by-case basis in accordance with the client’s credit records and other relevant factors as the Bank may consider in its absolute discretion. All offers are subject to Terms and Conditions

1. The Monthly Flat Rate shown above was for reference only.

2. For every HKD1,000 loan amount.

3. The above Annualised Percentage Rates (“APR”) are reference rates which include the basic interest rate and other fees and charges of a product expressed as an annualised rate (if applicable). This APR does not include cash rebate.

The Annualised Percentage Rate ranged from 1.85% to 36% and flexible repayment period of 12 to 60 months. An APR is a reference rate which includes the basic loan interest rate and other applicable fees and charges of a product expressed as an annualised rate. This APR does not include cash rebate. The Bank reserves the right to determine the applicable interest rate and handling fee and acceptance of a loan application, which is to be considered on a case-by-case basis in accordance with the client’s credit records and other relevant factors.

The operating hours of our Loan Application Hotline are from Monday to Friday: 10am – 7pm.