BNK Gyeongnam Bank to Launch 'BNK Deo Joeun Medium-Interest Credit Loan' on the 29th

For Individuals and Sole Proprietors with Annual Income Over 10 Million KRW
Maximum Limit 30 Million KRW, 20 Million KRW for Sole Proprietors

BNK Gyeongnam Bank will launch the 'BNK Deo Joeun Medium-Interest Credit Loan' on the 29th.

[Asia Economy Yeongnam Reporting Headquarters Reporter Son Tae-seok] BNK Gyeongnam Bank will launch a mid-interest rate credit loan product on the 29th to reduce the interest burden on financially marginalized groups who find it difficult to use the primary financial sector.

The ‘BNK Deo Joeun Mid-Interest Rate Credit Loan’ for mid- to low-credit borrowers and customers currently using high-interest loans applies a personal credit evaluation system introduced in cooperation with NICE Information Service Co., Ltd., evaluating the repayment ability and willingness of financially marginalized groups using artificial intelligence (AI) machine learning techniques.

Applicants must be individuals or sole proprietors with an annual income of 10 million KRW or more.

The maximum limit is up to 30 million KRW, with sole proprietors eligible for up to 20 million KRW.

The interest rate ranges from a minimum of 5.2% to a maximum of 13%, with sole proprietors starting at a minimum of 5.8%.

If repayment is made without delinquency after loan execution, an interest rate reduction benefit of up to 2.0 percentage points is provided.

Repayment can be chosen between equal principal installment repayment or equal principal and interest installment repayment without a grace period, with a maximum term of 5 years.

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