They are in hot competition to lure borrowers with very low interest rates before a so-called early-bird deadline
A race has begun among medium-sized banks to lure taxpayers to their latest loan offers.
Early this year several banks rushed to take advantage of the so-called early-bird deadline - promising extremely low interest rates if customers applied for tax loans before a deadline.
Tax loans allow bank customers to borrow money based on their tax amount, normally at a much lower interest rate than for a regular personal loan. Many banks also offer tax loan-personal loan packages to draw more customers and raise the loan amount.
Wing Hang Credit, which has traditionally been a major player in the tax-loan market, even went as far as giving a lowest interest-rate guarantee.
The company, a subsidiary of Wing Hang Bank, promised to take 10 per cent off the original interest rate if a customer managed to find a lower rate elsewhere within 14 days after its tax loan at Wing Hang was approved.
