FINANCING INTEREST RATES
With Snowball X, the interest rate on margin loan is generally based on tiers of the amount borrowed. The greater amount borrowed, the lower interest rate applied. Interest is calculated on a daily basis, charged on a monthly basis. There is no interest incurred if the loan is repaid on the same day that it is drawn.
The interest formula:
US Dollar: interest = amount borrowed x (R/360).
HK Dollar: interest = amount borrowed x (R/365).
CHN: Interest = amount borrowed x (R/365).
Where R is the annual interest rate prevailing on the day the fund is borrowed. A balance of interest will be sent to client on the third working day each month, which is the sum of daily interest incurred in the previous month. Clients can check balance of the interest, and around 5th each month, the balance is added to the liability of clients.
Financing interest rate for US Dollar
| Currency | Loan amount | Interest rate |
|---|---|---|
| USD | 0 - 100,000 | -- |
| 100,000.01 - 1,000,000 | -- | |
| 1,000,000.01 - 3,000,000 | -- | |
| 3,000,000.01 – 200,000,000 | -- | |
| 200,000,000.01 + | -- |
Financing interest rate for HK Dollar
| Currency | Loan amount | Interest rate |
|---|---|---|
| HKD | 0 - 780,000 | -- |
| 780,000.01 - 7,800,000 | -- | |
| 7,800,000.01 - 780,000,000 | -- | |
| 780,000,000.01 + | -- |
Notes:
The financing interest rate is subject to change. Please check the latest rate on the prices page.
The tiered commission models on which interest is calculated based may change from time to time without prior notice to the customer. These adjustments are cyclical to accommodate changes in currency exchange rates.