Woori Bank Introduces Early Repayment Penalty for Non-Face-to-Face Credit Loans

"From the Perspective of Total Household Loan Management"

[Asia Economy Reporter Kim Jin-ho] Woori Bank will introduce a prepayment penalty for its non-face-to-face main household credit loan products.

According to Woori Bank on the 19th, from the 28th, a prepayment penalty will be applied to 'Woori Desired Employee Loan' and 'Woori Main Employee Loan (Internet)'.

The prepayment penalty will apply to all credit transactions including new, renewal, and condition changes for the 'Woori Desired Employee Loan', and will apply upon new loans and increases for the 'Woori Main Employee Loan (Internet)'.

A prepayment penalty is a fee imposed by the bank when the borrower repays all or part of the loan principal before the maturity date after receiving the loan.

Woori Bank introduced the prepayment penalty on its main credit loan products due to the recent frequent new subscriptions and cancellations of credit loan products caused by public offering subscriptions. A Woori Bank official explained, "There were difficulties in managing the total volume of household loans," adding, "The prepayment penalty was introduced for non-face-to-face credit loan products for the purpose of managing the total loan volume."

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