Pepper Savings Bank Surpasses 10 Billion KRW in Eco-Friendly Car Secured Loans

[Asia Economy Reporter Song Seung-seop] Pepper Savings Bank announced on the 4th that the new loan amount for its eco-friendly car interest rate preferential loan product surpassed 10 billion KRW as of the end of last month.

Since April last year, Pepper Savings Bank has been offering interest rate reduction benefits to customers using eco-friendly vehicles. For electric and hydrogen cars used as collateral, an interest rate discount of 2 to 4 percentage points per year was applied, while hybrid and plug-in hybrid cars received a discount of 1 to 2 percentage points per year.

The proportion of eco-friendly vehicles among auto-secured loans handled by Pepper Savings Bank increased from 1.6% in 2018 to 5.8% at the end of last year. Pepper Savings Bank expects that more than 5% of new auto-secured loans this year will receive interest rate preferential benefits through eco-friendly vehicles.

Lee Seung-jin, Head of the Auto Finance Division at Pepper Savings Bank, said, “Surpassing 10 billion KRW in new eco-friendly car collateral loans is an encouraging result,” and emphasized, “Pepper Savings Bank will continue to lead ESG management in the financial sector through various green finance campaigns.”

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