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If your income is low or your credit is low, it is difficult to get a loan on good terms from a first-tier financial institution. However, if you take out a loan with a high interest rate, repayment is burdensome. For these people, the government is operating a ‘policy microfinance product’ that relieves the interest burden of low-income and low-credit borrowers.
Representative examples include New Hope Spore, Microfinance, and Sunshine Loan. If you take out a loan using the ‘Policy Microfinance Product’ and repay it well without delinquent payments, you can also use the ‘Sunshine Loan Bank’.
Sunshine Loan Bank targets people who previously received a loan through a ‘policy microfinance product’ and repaid it faithfully. It was created for people who have worked hard to repay their loans and have improved their credit rating, making it difficult to receive support from other ‘policy microfinance products’, and are concerned about the interest rates when they try to borrow from a bank because their credit rating is still not high enough.
1. You can borrow money at a lower interest rate than the existing ‘Sunshine Loan’.
2. If you repay your Sunshine Loan Bank loan well, your credit rating will increase.
3. The early repayment fee is exempted.
Unlike the ‘Sunshine Loan’ available from savings banks, which are second-tier financial institutions, ‘Sunshine Loan Bank’ is a loan product available from first-tier financial institutions, including Toss Bank. Sunshine Loan Bank is a product that acts as a stepping stone to help people who have used Sunshine Loan and other policy microfinance products settle into the banking system. So even if your income and credit score are low, you can borrow money at a relatively low interest rate.
However, as seen earlier, in order to use ‘Sunshine Loan Bank’, you need to have a loan and repayment history of other ‘policy microfinance products’ including ‘Sunshine Loan’.
1. Loan limit
You can apply for a loan from 5 million won to 25 million won. Originally, the maximum limit for Sunshine Loan Bank was 20 million won, but the maximum limit was raised to 25 million won only until December 31, 2023.
* Available within the guaranteed limit of the Korea Inclusive Finance Agency
2. Loan interest rate
You can get a loan with interest rates ranging from the lowest annual interest rate of 6.84% to the highest annual interest rate of 13.24%*.
* As of 2023.08.17, including guarantee fee
3. Loan period
You can choose 3 or 5 years.
4. Repayment method
You can repay it in equal installments of principal and interest. However, if you set the first year of the loan period as a grace period, you can only pay interest during that period.
5. Application time available
You can apply from 00:00 to 24:00 on weekdays. It is difficult to apply for a loan on public holidays due to restrictions on issuing guarantees.
6. Guarantee fee
This is a fee paid to the guarantee agency in return for credit guarantee. The guarantee fee is 2% per year of the guarantee principal (90% of the loan amount). At Toss Bank, if you meet the preferential conditions, the guarantee rate can be lowered to 1.4% per year. The guarantee fee is reflected in the loan interest rate and is paid when repaying the loan every month.
Preferential conditions for guarantee fees
You can use Sunshine Loan Bank if you meet the conditions below.
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