NongHyup Bank Gyeongnam Headquarters Eases Interest Burden for Small Business Owners

Lowering the Upper Limit of Additional Interest Rate by 0.5%p and More

NH Nonghyup Bank Gyeongnam Headquarters announced on the 30th that it will implement a 'reduction of additional interest rates' and 'exemption of early repayment fees' to support small business owners in overcoming the economic crisis caused by prolonged high interest rates.

By implementing the 'reduction of additional interest rates,' a small business owner borrowing 100 million KRW is expected to save up to 2.5 million KRW in interest over 5 years (500,000 KRW per year).

Through the 'exemption of early repayment fees,' small business owners with repayment capacity will be actively supported to repay their debts without burden.

NH Nonghyup Bank Gyeongnam Headquarters will implement measures to alleviate interest rate burdens for small business owners.
[Image provided by Gyeongnam Nonghyup]

In July, NH Nonghyup Bank Gyeongnam Headquarters also made a discretionary and special contribution of 6 billion KRW to the Gyeongnam Credit Guarantee Foundation. Of this, 4 billion KRW is being used for public guarantees for small business owners and small enterprises.

Based on this contribution, the Gyeongnam Credit Guarantee Foundation issues guarantees worth 15 times the amount (60 billion KRW), up to 100 million KRW per company, exclusively for NH Nonghyup Bank borrowers.

Head of Headquarters Jo Geun-su said, “Through this measure to ease the interest burden on small business owners, we will provide practical help to small business owners in Gyeongnam who are suffering from the double burden of rising prices and loan interest rates, and strive to be NH Nonghyup Bank Gyeongnam Headquarters that practices win-win finance.”

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