JT Chin-ae Savings Bank Renews Loan Products: "Extended Terms and Limits, Lowered Interest Rates"

[Asia Economy Reporter Song Seung-seop] JT Chin-ae Savings Bank announced on the 6th that it has completed the renewal of its mid-interest rate credit loan products, ‘Wonderful Wow Loan’ and ‘Wonderful Debt Consolidation Loan.’

Through this renewal, the loan period for both products has been extended from a maximum of 6 years to 10 years. The loan limit has also been expanded from 50 million KRW to 100 million KRW. The minimum interest rates have been lowered from 12.4% and 12.6% per annum for the Wow Loan and Debt Consolidation Loan, respectively, to 5.9% per annum. The revised interest rates have been applied since the 1st of this month.

If the total repayment period is 84 months or longer, the ‘grace period equal principal and interest installment repayment method’ can now be used. This method allows borrowers to pay only interest for a certain period and then repay the principal and interest in installments over the remaining period.

A JT Chin-ae Savings Bank official stated, “JT Chin-ae Savings Bank was the first in the industry to launch mid-interest rate credit loan products,” and emphasized, “We will continue to develop and launch financial products that customers need.”

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