Up to 1.5 Million Won in Support
for Residents with Low Credit Ratings
BNK Gyeongnam Bank is taking active steps to promote the 'Gyeongnam Emergency Livelihood Loan Support Project' currently being implemented by Gyeongsangnam-do.
On July 1, BNK Gyeongnam Bank announced that it has launched and is currently offering 'Gyeongnam Donghaengron,' a financial product for low-income residents of Gyeongnam, which provides loans of up to 1.5 million won to residents with low credit ratings.
BNK Gyeongnam Bank launched Gyeongnam Donghaengron in accordance with the 'Gyeongnam Donghaengron Business Agreement' signed last May with Gyeongsangnam-do, 18 cities and counties, and the Korea Inclusive Finance Agency.
BNK Gyeongnam Bank plans to operate Gyeongnam Donghaengron so that it can provide practical support to financially vulnerable groups, utilizing the 'Regional Economy Hope Center' newly established by BNK Financial Group. This is part of the bank's efforts to participate in the government's inclusive finance policy and to strengthen its role as a financial institution that leads in creating social value.
The Gyeongnam Donghaengron is available to Gyeongnam residents who fall within the bottom 20% of credit ratings and have an annual income of 35 million won or less. (Applicants must have resided in Gyeongnam for at least three months as of the application date.)
The loan amount ranges from a minimum of 500,000 won to a maximum of 1.5 million won, and applications can be made in increments of 100,000 won.
The interest rate, including a guarantee fee (2.9%), is 8.9% per annum, and the repayment method is equal installment of principal and interest over a two-year maturity.
BNK Gyeongnam Bank has established a subscription system within the 'BNK Gyeongnam Bank Mobile Banking (App)' to enable Gyeongnam residents with low credit ratings to conveniently and easily access Gyeongnam Donghaengron without visiting a branch.
To apply, users can access 'Financial Products' within the BNK Gyeongnam Bank Mobile Banking app, click on 'Mobile Gyeongnam Donghaengron,' and follow the application procedures.
Hong Eungil, Executive Director of the Personal Customer Group, stated, "We hope that Gyeongnam Donghaengron will provide tangible and practical support to residents with low credit ratings. Since this is a non-face-to-face loan that does not require visiting a branch or submitting separate documents, we hope customers will conveniently use it through the BNK Gyeongnam Bank Mobile Banking app. Going forward, BNK Gyeongnam Bank will continue to cooperate with Gyeongsangnam-do to support local residents in various ways."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
