'50% Support on Student Loan Repayment' Woori Bank Selected as an Excellent Case of Win-Win Cooperation

'Win-Win and Cooperative New Financial Products' Excellence Case Selection and Award Ceremony Held
KB Kookmin Bank, NongHyup Central Association, Mirae Asset Life Insurance, and 6 Other Companies' New Products Selected
Active Discovery of Cases Sharing Pain or Benefits with Socially Vulnerable Groups

Financial Supervisory Service, Yeouido, Seoul. Photo by Huh Younghan younghan@

Six financial institutions, including Woori Bank, KB Kookmin Bank, IM Bank, Busan Bank, NongHyup Central Association, and Mirae Asset Life Insurance, have had their win-win and cooperative financial new products selected as exemplary cases.

On the 11th, the Financial Supervisory Service (FSS) announced that it held a contest for 'win-win and cooperative financial new products,' selected six products as exemplary cases, and held an awards ceremony for the related financial companies. The FSS has regularly announced exemplary cases by selecting financial products that share pain or distribute benefits with socially vulnerable groups and financial consumers.

This contest saw participation from a total of 27 win-win financial products from various sectors, including regional banks and mutual finance, which had not been very active participants before. The contest actively discovered products that provide benefits to small business owners and traditional market merchants suffering from prolonged high interest rates, or reduce the interest burden on agricultural loans for farmers.

Woori Bank ran a program called 'Youth Student Loan Repayment Support Cashback,' which provides 50% cash support on the principal and interest repayment amount of student loans (up to 300,000 KRW cashback per person). NongHyup Central Association launched the 'New Start Happy Rural Win-Win Loan' product, which supports the interest on farming loans for all farmers.

IM Bank made a special contribution of 18 billion KRW to the Daegu Credit Guarantee Foundation to support working capital loans for local traditional merchants, introducing the 'Daegu Metropolitan City Win-Win Traditional Market Special Guarantee Loan,' which was recognized as an exemplary case. Busan Bank introduced a savings product that offers high interest rates to families with childbirth or multiple children, applying a basic interest rate of 2.0% plus a preferential interest rate of up to 5.5 percentage points (P).

Additionally, KB Kookmin Bank was selected as an exemplary case for its KB Small Business Support Project, which supports credit loan interest (20-50% of 6 months' interest) or guarantee fees (60-80%) for personal business owners who received non-face-to-face corporate loans. Among insurance companies, Mirae Asset Life Insurance introduced the 'Insurance Premium Payment Deferral Rider,' which defers premium payments for one year in cases of unemployment, three major critical illnesses (cancer, stroke, acute myocardial infarction), childbirth, or parental leave.

An FSS official stated, "We plan to operate the program solidly by continuously discovering and selecting financial products that provide practical help to financial consumers," and explained, "The names of the products and companies selected as exemplary cases will be posted on the FSS website for one year from the selection date."

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