Pepper Savings Bank Increases Limits and Lowers Interest Rates... Launches Eco-Friendly Vehicle Secured Loans

On the 27th, Pepper Savings Bank launched the eco-friendly vehicle secured loan 'GREEN-E Auto Loan'. Photo by Pepper Savings Bank

[Asia Economy Reporter Song Seung-seop] Pepper Savings Bank announced on the 27th that it has launched ‘GREEN-E Auto Loan,’ a loan product secured by eco-friendly vehicles.

GREEN-E Auto Loan is a loan product secured by low-emission vehicles. It offers a minimum annual interest rate of 7.5% and a limit of up to twice the vehicle price, with a maximum of 100 million KRW.

The loan limit and preferential interest rates have been expanded compared to existing products. The limit increased by 30 million KRW, and the minimum interest rate dropped by 1.4 percentage points. In addition to Type 1 and 2 low-emission vehicles, Type 3 low-emission vehicles that emit exhaust gases below the standard for gasoline and LPG vehicles are also included as collateral.

Furthermore, subordinate loans are possible even if there is a senior lien. The loan period has been extended to a maximum of 72 months (60 months for subordinate loans). Customers holding assets are also offered an additional 1 percentage point interest rate discount.

Matthew Jang, CEO of Pepper Savings Bank, emphasized, "We will continue to lead ESG (Environmental, Social, and Governance) management by launching various eco-friendly financial products."

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