Sangsangin-affiliated Savings Bank "18% Annual Interest Rate Retroactively Applied to Existing Loan Customers"

[Asia Economy Reporter Song Seung-seop] Sangsangin Savings Bank and Sangsangin Plus Savings Bank will retroactively expand the application of their loan product operation policy with interest rates below the 18% range to existing customers starting from the 21st.

As a result, approximately 29,000 existing borrowers will receive additional interest rate reduction benefits. This measure includes both regular transaction customers and delinquent customers, with the target amount reaching 270 billion KRW.

Additionally, a ‘Low Credit Borrower Credit Improvement and Recovery Policy’ will be implemented to adjust loan interest rates to below 16% per annum for low-credit customers who faithfully repay their loans. In the first phase this month alone, benefits will be applied to low-credit loans totaling 10 billion KRW.

The Sangsangin-affiliated savings banks were the first in the industry in 2018 to introduce a policy offering loan interest rates below the 19% range. On the 11th, ahead of the legal maximum interest rate reduction, they introduced a maximum interest rate policy in the 18% range.

A representative of the Sangsangin Group stated, “We understand that financial authorities have requested us to consider providing maximum interest rate reduction benefits to existing loan users,” and emphasized, “We expect that expanding the application to existing customers will contribute to stabilizing microfinance and social contribution.”

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