Woori Bank Launches 5.5% Annual Interest Living Expense Loans for Small Business Owners

Operating for over 1 year, annual income under 40 million KRW
Loan limit up to 20 million KRW

Woori Bank announced on the 26th that it will launch the ‘Woori Boss Living Expense Loan,’ which provides low-interest loans for living expenses to low-income small business owners.

The Woori Boss Living Expense Loan targets low-income individual business owners who have been operating for more than one year and have an annual income of 40 million KRW or less, with a total limit of 500 billion KRW available.

The loan limit is up to 20 million KRW depending on the individual’s credit rating, and the interest rate is fixed at 5.5% per annum. Business owners without existing loans at Woori Bank can receive a 0.5 percentage point interest rate discount. However, the fixed interest rate applies only for the first year, and upon extension, an individually calculated interest rate will be applied.

The loan uses a one-year maturity lump-sum repayment method to minimize monthly financial burden, and upon extension, a 10% repayment of the original principal is required. This product can be easily applied for at branches or through Woori Bank’s application ‘Woori WON Banking.’

This product is part of Woori Bank’s ‘Woori Win-Win Finance 3·3 Package’ announced last March. Woori Bank stated, “All packages have been implemented within six months of the announcement,” and added, “We prepared this living expense loan to support individual business owners struggling due to the recent economic downturn, and we will continue to fulfill our social responsibility through win-win financial support.”

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