KakaoBank announced on the 2nd that it has begun to handle the new policy low-income financial product, "Haet-sal Loan Bank."
"Haet-sal Loan Bank" is a bridging product that supports low-income and low-credit individuals who have used policy low-income financial products to settle into the banking sector through improvement of their liabilities or credit scores.
Individuals who have used policy low-income financial products for more than 6 months or are currently using them (or who have not exceeded 3 years after paying off normally) and have improved their liabilities or credit scores are eligible for support. Detailed conditions include an annual income of 35 million won or less (regardless of credit score) or an annual income of 45 million won or less while being in the bottom 20% of personal credit scores, who are eligible for a guarantee from the Korea Financial Welfare Institute.
The limit of "Haet-sal Loan Bank" is up to 25 million won, and the loan interest rate, including guarantee fees, ranges from 6.007% to 10.285% per year. The loan term can be 3 or 5 years, and a grace period of 1 year can be selected if needed. The repayment method is equal principal and interest repayment.
Meanwhile, KakaoBank has become the only internet bank to handle both "Haet-sal Loan 15" and "Haet-sal Loan Bank" with the launch of the latter.