Woori Bank decided to expand its "interest rate cap system," which limits personal unsecured loan lending rate to a maximum of 7% a year, to new loans. It is broadening what had applied only to customers extending or renegotiating personal unsecured loans to include new loans.
Woori Bank said on the 22nd that it made this decision as part of an inclusive finance policy to support vulnerable groups burdened by an economic slowdown and rising prices. Woori Bank expects the rate cap benefit will apply to more than 10,000 loans.
Meanwhile, Woori Bank is launching the "Woori WON Dream living expense loan" to provide emergency livelihood stabilization funds to low-income vulnerable groups. It will lend up to 10 million won to wage earners with annual earned income of 25 million won or less, non-wage earners (freelancers), and homemakers. Including a three-year grace period, the maximum term is up to 10 years with amortized repayment. The interest rate cap is a maximum of 7% a year.