Gwangju Bank Launches Small Overdraft Account 'Wa Emergency Fund Loan'

Gwangju Bank announced on the 5th that it has launched the ‘Wa Emergency Fund Loan,’ a non-face-to-face exclusive small overdraft account for individual customers.

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The ‘Wa Emergency Fund Loan’ is a product in partnership with Seoul Guarantee Insurance (SGI) that allows customers to easily apply for an overdraft account (limit loan) through Gwangju W Bank (APP) and mobile web banking (WEB) without visiting a branch.

It was launched to provide better services to increasingly smart financial consumers who practice planned spending and reasonable saving. It can be quickly used in cases where cash is suddenly needed for events or taxes before payday, when repeatedly using cash services, or when card bills are higher than expected.

Application is possible if Seoul Guarantee Insurance certificate issuance is available and internal bank conditions are met. The credit limit ranges from a minimum of 500,000 KRW to a maximum of 3,000,000 KRW. The loan period is one year and can be extended annually for up to 10 years, with the option to terminate at any time without additional fees.

The loan interest rate offers a preferential rate discount of 0.5%p for using Gwangju Card (credit/debit) spending of 100,000 KRW or more in the previous month, allowing for a minimum annual rate of 4.88% (basic annual rate of 5.38%).

For more details, visit the nearest branch or contact Gwangju Bank Customer Center.

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