Sangsangin Group Savings Bank to Operate All Loan Products with Interest Rates Below 18% Per Annum

[Asia Economy Reporter Song Seung-seop] Sangsangin Savings Bank and Sangsangin Plus Savings Bank have decided to operate all loan products with interest rates below 18% per annum.

According to Sangsangin Group on the 11th, Sangsangin Savings Bank has been pursuing a policy to reduce loan interest rates to below the 19% range since 2018, before the legal maximum interest rate reduction policy was discussed. This decision is an additional measure to lower loan interest rates by 1 percentage point together with Sangsangin Plus Savings Bank. It is about 1 percentage point lower than the 19% maximum interest rate products recently introduced by the savings bank industry in accordance with the legal maximum interest rate reduction policy.

Lee In-seop, CEO of Sangsangin Savings Bank, emphasized, "We will actively participate in the financial authorities' support policy for low-income earners and establish and operate proactive and practical policies." Song Ki-moon, CEO of Sangsangin Plus Savings Bank, also expressed, "We will join the financial authorities' efforts to revitalize the supply of loans to low-income borrowers, eradicate illegal private loans, and reform mid-interest rate loans to attract low-credit borrowers."

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