Gyeongnam Bank Launches Special COVID-19 Credit Loans

[Asia Economy Reporter Kim Min-young] BNK Gyeongnam Bank is implementing the ‘COVID-19 Emergency Support Special Credit Loan for Small Business Owners Affected by COVID-19’ for small business owners who need emergency operating funds due to the novel coronavirus infection (COVID-19).

According to the bank on the 17th, this credit loan is operated with branch manager approval for quick support, and loans are available within the loan limit according to external credit ratings regardless of existing loan amounts.

The interest rate offers a maximum preferential rate of 0.65% per annum depending on whether the main transaction conditions are met, with an additional preferential rate of 0.4% per annum for external credit ratings of grades 1 to 2, and 0.2% per annum for grades 3 to 4, resulting in a minimum rate of about 3.91% per annum.

The loan limit is up to 20 million KRW depending on the credit rating.

The loan period is within 3 years without a grace period, and repayment is in installments.

It is available to customers who have been operating their business for more than one year, have set their franchise payment deposit account with Gyeongnam Bank, and have issued a credit card.

However, loans may be restricted if there are two or more card loans or excessive cash service amounts.

Meanwhile, Gyeongnam Bank operates dedicated financial support counters for small business owners affected by COVID-19 at all 159 branches nationwide.

This content was produced with the assistance of AI translation services.