Woori Bank Launches Loan Support Program for Customers Victimized by Jeonse Fraud

Support for Remaining Jeonse Loans After Subrogation Due to Jeonse Fraud with Long-Term Installments and Low-Interest Loans

Woori Bank announced on the 10th that it will operate a loan support program for customers who have suffered from jeonse fraud resulting in subrogation during the use of jeonse deposit loans.

The loan support program can be applied for by visiting a branch. When visiting, proof documents such as a decision letter confirming the status of a jeonse fraud victim recognized by the Ministry of Land, Infrastructure and Transport are required, and prior consultation is available at the branch or customer center.

The loan limit of the loan support program is within the range of the customer's remaining jeonse loan principal and interest (including overdue interest), the loan period is up to 20 years, and it is a credit loan with installment repayment.

The loan interest rate is applied by adding 1.00% to the variable base rate, which is about mid-4% as of early September. Early repayment penalties incurred when repaying the existing jeonse deposit loan are waived. The loan support program applies the same additional interest rate to all customers, so it is excluded from the right to request an interest rate reduction.

Meanwhile, Woori Bank plans to designate and operate dedicated branches for jeonse fraud victim counseling in five areas including Seoul, Incheon, and Suwon, where many jeonse fraud cases have occurred, along with this financial support.

A Woori Bank official said, “We have launched a debt adjustment program for customers experiencing financial difficulties due to jeonse fraud,” and added, “We will prepare various support measures in line with the policy direction of ensuring tenant housing stability and supporting the economic recovery of jeonse fraud victims.”