광주은행 햇살론뱅크On the 26th, KEB Hana Bank, Nonghyup Bank, Jeonbuk Bank, and Gyeongnam Bank will be the first to launch, followed by all banks within the year. The funds will be raised by the banks each year by contributing 100 billion won.
On the 1st, the Financial Services Commission held a launch ceremony for the Sunshine Loan Bank at the Korea Inclusive Finance Agency in Jung-gu, Seoul, together with related organizations such as the Korea Inclusive Finance Agency and the Korea Federation of Banks.
Participating banks are 13 banks: BNK Gyeongnam Bank, Gwangju Bank, KB Kookmin Bank, IBK Industrial Bank, NH Nonghyup Bank, DGB Daegu Bank, BNK Busan Bank, SH Suhyup Bank, Shinhan Bank, Woori Bank, Jeonbuk Bank, Jeju Bank, and Hana Bank. Financial Services Commission Chairman Eun Sung-soo said in his opening remarks, “We will conduct a pilot operation with the goal of supplying 300 billion won by the second half of this year, and then monitor actual demand and improve any shortcomings to establish a supply plan for next year.” He added, “Each bank should pay attention to promotion and guidance so that the Sunshine Loan Bank can be sufficiently supplied and easily used by ordinary citizens.”
Sunshine Loan Bank is a policy-based financial product for low-income and low-credit individuals that was introduced in preparation for the difficulty in accessing financial products due to the reduction in the maximum legal interest rate. It is a product that supports them to settle in the banking sector by improving their debt or credit rating.
It is for those who have used policy-based financial products such as Saehui Hope Loan, Microfinance, and Sunshine Loan for more than a year and whose household debt balance has recently decreased or their credit rating has increased. The income requirement is an annual income of 35 million won or less or a credit rating in the bottom 20% and an annual income of 45 million won or less. You can borrow up to 20 million won and use it for living expenses, etc. without any separate usage restrictions. There is no early repayment fee with a 3-year or 5-year principal and interest installment repayment method.
The interest rate is 4.9% to 8% per annum, and it varies by bank, and faithful repayment users can receive a preferential rate of up to 0.3% points per year. The guarantee fee paid by users is around 2% per annum, and those who are socially considered receive a 1% point discount, and those who have completed financial education or credit/debt management consulting receive a 0.1% point discount.
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