Woori Bank Launches 'Woori Haetsallon17' Mobile Banking for Low-Income Individuals
No Need to Visit Branch or Submit Documents
[Asia Economy Reporter Kim Hyo-jin] Woori Bank announced on the 9th that its policy loan product for low-income earners, 'Woori Haetsallon17,' will be available for application through the mobile banking app 'Woori WON Banking' starting from the 10th.
'Haetsallon17' is a loan product developed jointly by the Financial Services Commission, the Korea Inclusive Finance Agency, and commercial banks for low-income and low-credit individuals who previously had to rely on high-interest loans from private lenders or secondary financial institutions. Woori Bank has been offering 'Woori Haetsallon17' since September last year.
The loan limit for 'Woori Haetsallon17' is up to 7 million KRW, with a loan period of either 3 or 5 years, and repayments are made monthly including both principal and interest.
Customers who repay principal and interest without delay for one year will receive a reduced loan interest rate for the following year. For a 3-year loan period, the interest rate is reduced by 2.5 percentage points annually, up to twice, and for a 5-year period, it is reduced by 1.0 percentage point annually, up to four times. Early repayment penalties are also waived.
Customers applying for 'Woori Haetsallon17' through Woori WON Banking do not need to visit a branch or submit separate documents. Applicants must be employed for at least 3 months, and loan eligibility is determined based on annual income calculated from the health insurance premiums of the last 3 months.
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The eligibility criteria include customers with an annual income of 35 million KRW or less regardless of credit rating, or those with a credit rating of 6 or lower and an annual income of 45 million KRW or less. A Woori Bank official stated, "We plan to introduce various mobile products to support low-income earners who find it difficult to visit bank branches."
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