In February, the People’s Finance Agency (Seo Geum-won) announced that it would implement such a reorganization plan to improve financial access for the underprivileged and ease the interest burden. He said that it would apply an increase of 5 million won and provide an opportunity to repay a high-interest loan through this. In addition, the guarantee fee preferential treatment will be expanded to low-income youth (age 19-34, annual income less than 35 million won), work incentive recipients, and self-supporting workers, etc. In the case of loans, he said that he would additionally support lowering interest rates on loans, such as 1.5%p for online Sunshine Loan users and 0.2~0.5%p (bank autonomy) for low-income youth through a customized loan platform. Therefore, it may be advantageous to use the Sunshine Loan, a loan for low-income earners or low-income people during the interest rate hike period.
Qualifications and Conditions for Sunshine Loan for Government-supported Low-income Workers
Source: Financial Supervisory Service 삼성 햇살론카드
Employee Sunshine Loan, a representative product of government-supported loans for the poor, is a product that supports the relieving of financial difficulties of the working class by improving financial accessibility and easing the interest rate 이베이스매뉴얼 burden through guarantee loans to the financially vulnerable class with low income and low credit who have difficulty using institutional finance. In addition, the Employee Sunshine Loan is a policy financial product for the low-income and low-credit vulnerable class who have difficulty accessing institutional finance. If it is less than 5 million won, you can apply. If this is converted into credit scores, it will be less than 744 points for NICE and 700 points for KCB as of 2022. However, if you work more than 10 days a month for the past 3 months, it is recognized as continuous work, and maternity leave of 90 days or less for a female worker is recognized as a working period. Also, the loan interest rate can be used within 10.5% of the credit rating (variable rate) per annum, and the guarantee fee rate is 0.9% to 2.0% per annum, which is lower than the credit rating. The loan term can be selected for 3 years or 5 years, and the loan limit is 20 million won. And worker sunshine loan is handled by Nonghyup, Fisheries Cooperatives, Credit Cooperatives, Saemaul Geumgo, Forestry Cooperatives, and Savings Banks, and the guarantee limit is differentiated according to credit rating and income level. The good thing about this product is that it also provides interest rate cut benefits. When using the online Sunshine Loan through a customized loan platform, it provides a 1.5%p interest rate cut, and supports low-income youth by 0.2~0.5%p (bank autonomous) loan interest rate cut. Interest rates are reduced for those aged 19-34 with an annual income of 35 million won or less. In addition, there is a preferential guarantee fee benefit, which is 0.5%p for young people with an annual income of 35 million won or less (19-34 years old) and 1.0%p for work subsidy recipients and self-supporting workers. Those who wish to get a loan can benefit from a reduction in guarantee fees by 1.0%p for those who have completed financial education and consulting and by 0.1%p for those who have completed financial education/consulting.