BNK Busan Bank Offers Debt Refinancing with High-Interest Loans at 6% Annual Rate
'Warm Win-Win Debt Consolidation Saeheemang Holssi Loan' Launched
Loans Available Up to 35 Million KRW
BNK Busan Bank announced on the 22nd that it has launched the ‘Warm Win-Win Debt Refinancing New Hope Seed Loan,’ which converts high-interest loans from secondary financial institutions into loans with an annual interest rate as low as 6%.
The support targets borrowers with an annual income of 45 million KRW or less and a personal credit score in the bottom 20%, as well as employees, individual business owners, and pension income earners with an annual income of 35 million KRW or less. Loans of up to 35 million KRW are available within the balance of secondary financial institution loans, and a fixed interest rate is applied throughout the entire period. After a separate review, support is provided in the form of installment or partial repayment within a maximum loan period of 7 years.
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A representative from Busan Bank stated, “We hope that the launch of this refinancing loan product will help reduce the interest burden and improve the creditworthiness of customers using high-interest loans in the region,” adding, “We will continue to develop ways to coexist with the local community and fulfill our role as a representative regional bank.”
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