SC Jeil Bank Celebrates 10 Billion KRW in 'Partners Loan' Sales... "We Cut Interest Rates by 3%P"

[Asia Economy Reporter Song Seung-seop] SC First Bank announced on the 10th that it will offer a preferential interest rate event to commemorate surpassing 10 billion KRW in sales of the ‘Partners Loan’.

During the event period, customers who complete subscription (limit agreement) to the Partners Loan will receive a 3 percentage point interest rate discount. The product, which had an annual interest rate of 6.5%, can be used at 3.5% (applied for the first 3 months of the loan agreement period). The first 50 companies to sign up will receive a mobile Shinsegae gift certificate worth approximately 100,000 KRW. The event will run until October 29.

The Partners Loan is available to online sellers (storefront vendors) registered on the transaction brokerage system of online market platforms. SC First Bank advances the expected settlement amount to the online sellers, which is to be paid by the online market operators. Afterward, when SC First Bank receives the settlement funds from the online market operators on behalf of the sellers, the loan is automatically repaid. This service allows sellers to receive settlements from the day after sales, instead of waiting up to about 90 days as was previously the case, making it convenient to use.

Eligible applicants are sellers registered on six affiliated online markets (Interpark, Tmon, Wemakeprice, Lotte Shopping, SSG.com, CJ O Shopping). Applicants must be individual or corporate business owners with at least one year of business operation and annual sales of up to 25 billion KRW. The loan interest rate is fixed regardless of the seller’s credit score, and the maximum limit is 1 billion KRW.

Kim Kwang-chun, Head of Business Banking Division (Deputy General Manager) at SC First Bank, emphasized, “It seems effective that we created an environment where the MZ generation leading the e-commerce market can easily access the Partners Loan,” adding, “We hope this will help small and medium-sized business owners who are struggling with liquidity supply.”

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