BNK Busan Bank Implements 'Warm Financial Support'... Loan Interest Rates Reduced by Up to 1%

BNK Busan Bank will implement 'Warm Financial Support' on the 8th to promote coexistence with vulnerable groups and small business owners in the region.

First, to provide practical support to financial consumers, the bank will lower the new loan interest rates for all housing, jeonse, and credit loan products sold in March.

The interest rate for the low-income financial product 'Saeheemang Holssi' will be reduced by up to 1.0%p, and reductions of up to 0.80%p for housing mortgage loans, up to 0.85%p for jeonse deposit loans, and up to 0.60%p for credit loans will be applied.

In April, interest rate reductions will also be applied to existing loan borrowers. Interest rates on jeonse deposit loans and credit loans held by low-credit borrowers (bottom 10% credit score or below) will be uniformly reduced by up to 0.50%p.

BNK Busan Bank Headquarters.

To reduce financial costs and support normalization for vulnerable groups using high-interest loans from secondary financial institutions, a new product called 'BNK Warm Coexistence Debt Refinancing Loan' will also be launched.

Additionally, support will continue to help local small business owners affected by COVID-19 to smoothly stabilize and resolve liquidity difficulties.

For the 'COVID-19 Affected Micro Small Business Agreement Loan,' whose interest subsidy is ending, the loan term will be extended with the existing variable interest rate of 6.30% changed to a fixed interest rate of 4.90%, thereby reducing the actual interest burden.

With a special contribution of 7 billion KRW from the Busan Credit Guarantee Foundation, the guarantee loan for small business owners totaling 257.7 billion KRW in 2023 will also be expanded.

Bank President An Gam-chan of BNK Busan Bank said, “We have implemented 'Warm Financial Support' to provide practical help to small business owners and vulnerable groups in the region amid difficult economic conditions such as high interest rates and high inflation. We will continue to explore and support various methods for coexistence with our customers and fulfill the role of a regional bank.”

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