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Let’s find out detailed information about Sunshine Loan Bank loans. These are the things you must be aware of before applying for this loan, so please read them carefully.
1. What is Sunshine Loan Bank?
Sunshine Loan Bank is a ‘stepping stone’ loan product that helps low-credit and low-income people receive banking services by improving their debt or credit. This program operates through bank contributions.
2. Features of Sunshine Loan Bank
Loan application eligibility conditions: Those who have used policy microfinance products for more than 6 months and are currently using them normally, have installment debt within 3 years after payment, or have low income or low credit with improved credit rating.
Loan limit: From 5 million won to a maximum of 25 million won
Loan interest rate: Average 8.9% per year, may vary slightly depending on the bank, and a guarantee fee of 2% per year is charged.
Loan period: 3 or 5 years, grace period can be selected up to 1 year
Repayment method: Equal installment of principal and interest, no early repayment fee
Application procedure: Apply through a participating bank window or app
Inquiries: Affiliated Bank Call Center or Korea Inclusive Finance Agency Call Center (1397 without area code)
Required documents: Varies depending on individual applicant’s situation
3. Sunshine Loan Bank rejection and reasons for rejection
Those who are delinquent or have a history of delinquency
Personal rehabilitation, credit recovery committee debt adjustment target
If you already have multiple loans
Insufficiencies or problems with submitted documents
Exceeded the limit of the Korea Inclusive Finance Agency
unemployed
credit delinquent
Late payments due to non-payment of utility bills, communication fees, etc.
4. Sunshine Loan Bank loan review
Available to people with low credit and low income: Sunshine Loan Bank is a loan product that is open to people with low credit or low income. It is especially useful for those who regularly use policy microfinance products or those who have improved their debt and credit.
Loan limit and interest rate: The loan limit of up to 25 million won and the average annual interest rate of 8.9% provide favorable conditions for users.
Preferential interest rates: We provide more advantageous conditions by providing lower guarantee fees to those subject to social consideration, those who have completed financial education and consulting, and low-income youth.
This is a useful loan product for those who need Sunshine Loan Bank, so be sure to check if it meets the conditions.
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