최저신용자 특례보증Accordingly, today we would like to learn more about the ‘lowest credit borrower special guarantee’ loan product, which is a financial product for vulnerable borrowers who have difficulty using policy microfinance products, even among those with low credit.
Q. What is the special guarantee for people with the lowest credit?
The special guarantee for those with the lowest credit is a policy microfinance product that supports loans by providing a guarantee to financial consumers who have difficulty using policy microfinance products such as Sunshine Loan 15 due to past loan delinquency.
This product, launched jointly by the Financial Services Commission and the Korea Inclusive Finance Agency on September 29 last year, was introduced with the purpose of preventing damage from illegal private financing to those with the lowest credit who have difficulty accessing institutional finance.
Q. What is the support target and loan limit?
Those eligible for support are those with the lowest credit score, with a credit score in the bottom 10% or less and an annual income of 45 million won or less. In addition, you must be a financial consumer who has been rejected from applying for existing policy microfinance products such as Sunshine Loan 15. The credit score standard required for the special guarantee product for those with the lowest credit is the lowest level requirement among policy microfinance products currently on the market.
The loan limit is up to 10 million won. However, for the first loan, you can receive a loan of up to 5 million won based on screening, and if you faithfully repay the loan for 6 months, an additional loan of 5 million won is possible.
Q. What is the applicable interest rate and repayment method?
The basic interest rate applied to special guaranteed loan products for those with the lowest credit is 15.9%. If you receive credit and debt management consulting from the Korea Inclusive Finance Institute, you can benefit from an additional 0.1% point interest rate reduction.
Additionally, to encourage normal repayment, if you repay the loan faithfully, the interest rate will be reduced every year according to the loan term. If you commit to a 3-year loan period, the interest rate can be lowered by 3.0% points every year, and if you commit to a 5-year loan period, the interest rate can be lowered by 1.5% points every year. Ultimately, you can benefit from an interest rate reduction of up to 6% points and receive an interest rate of as low as 9.9%.
The repayment method is 3-year or 5-year installment repayment of principal and interest, and the grace period can be up to 1 year. Additionally, since there is no early repayment fee, you can repay the loan without paying any fees when you have enough money.
