Woori Bank Supports Principal Reduction for Low-Credit and Diligent Interest Payers
[Asia Economy Reporter Song Seung-seop] Woori Bank announced on the 20th that it will reduce the principal of loans for low-credit and diligent interest payers starting in August.
This support is provided to low-credit customers, such as borrowers with a credit rating of 7 or below or high-risk multiple debtors, who are diligent in repayment. This is to prevent moral hazard. When extending or renewing a personal credit loan, if the agreed interest rate exceeds 6%, the excess interest payment will be automatically repaid to the loan principal. Early repayment penalties due to principal repayment will also be fully waived. Considering reverse discrimination against high-credit customers, additional loan support for the agreed accounts will be restricted.
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A Woori Bank official explained, “This system was implemented to fulfill the bank’s social responsibility and to facilitate a smooth landing for financially vulnerable borrowers.”
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