Woori Bank Expands Personal Loan Rate Cap, Launches Lifestyle Loan

Woori Bank has implemented an interest rate cap of 7% per year on all new personal credit loans and launched the 'Woori WON Dream Living Expense Loan' on the 22nd to reduce the interest burden for low- to mid-income borrowers. This measure was prepared in accordance with the expansion of inclusive finance policies under Woori Financial Group's ongoing 'Future Co-growth Project'. Woori Bank has extended the 7% annual interest rate cap, previously applied to existing personal credit loan extensions and renegotiations, to new personal credit loans. Consumers who have transacted savings/time deposits, credit cards, or subscription savings accounts with Woori Bank for over a year will have their interest rates capped at 7% per year for up to one year, and a maximum of one renewal.

The 'Woori WON Dream Living Expense Loan' targets salaried workers, freelancers, and housewives with an annual income of 25 million won or less. Eligibility has been expanded up to credit grade 8 by utilizing alternative credit scoring based on diverse information such as financial, telecommunications, and small payment data, and customers with insufficient verifiable income can also apply. The loan limit is up to 10 million won, with interest rates ranging from the high 4% to within 7% per year. A 10-year installment repayment structure, including a 3-year grace period, has been introduced, and preferential interest rates are offered to inclusive finance recipients such as youth, the elderly, disabled individuals, and basic livelihood security recipients.

The product can be applied for non-face-to-face through Woori Bank's mobile app 'WON Banking'.