JT Savings Bank Launches 'Parasol 100', a Mid-Interest Loan Repayable Over Up to 100 Months

Interest Rates Starting from a Low Annual Rate of 5.8%

[Asia Economy Reporter Minyoung Kim] JT Savings Bank has launched a mid-interest rate credit loan product that can be repaid in installments over up to 100 months to support low- to middle-income groups struggling due to the novel coronavirus infection (COVID-19).

On the 21st, JT Savings Bank announced the launch of the mid-interest rate product "Parasol 100," with an interest rate as low as 5.8% per annum and a repayment period extended up to 100 months.

This product was designed to alleviate the financial burden of ordinary customers experiencing economic difficulties due to the prolonged COVID-19 crisis. The company stated that a financial product allowing principal repayment at 1% per month over 100 months is rare in the financial industry.

The loan interest rate ranges from a minimum of 5.8% to a maximum of 17.4%. The loan limit is from a minimum of 2 million KRW to a maximum of 100 million KRW.

It is available to regular employees and freelancers who find it difficult to obtain loans from first-tier financial institutions. Anyone aged 19 or older with an annual income of 21 million KRW (1.75 million KRW per month) or more can apply.

Loan consultation and application can be done through the JT Savings Bank website and customer center without visiting a branch. Loan limit inquiries can be easily made on the website with mobile phone identity verification only.

Choi Sungwook, CEO of JT Savings Bank, said, "We launched this product reflecting low interest rates and a loan period of up to 100 months to help ordinary customers who are struggling due to the impact of COVID-19 overcome this period well. Based on our know-how in continuously operating mid-interest rate credit loan products, we will continue to strive to provide products that can be of some help to our customers."

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