[Sponsored Report] KEB sells women’s loans

Korea Exchange Bank’s new “female partner loans” offer convenience and one month’s interest back in cash for customers who fulfill certain criteria.

Korea Exchange Bank has launched a loan product for female workers. These “female partner loans,” which the bank introduced on Nov. 18, are meant for female workers age 20 to 60 working at government investment institutes, financial companies or companies selected by the bank, and for public service workers, teachers and those with professional certificates.

The loan limit is 100 million won ($87,000) or annual salary, whichever is lower, minus any outstanding loans elsewhere. The loan period is one year but can be extended each year for up to five.

Interest options include a 3-month variable or fixed rate, varying according to one’s credit rating and transaction history with the bank. The range of interest rates as of Nov. 17 was 5.82 percent to 7.82 percent for a one-time loan, plus an additional 0.5 percentage point for a deficit account.

Depending on transaction history, some one-year loan customers will receive one month’s interest back in cash, the equivalent of an annual drop in interest rates of 0.48 to 0.65 percentage point. Deficit account holders may receive half a month’s interest back.

To be eligible for interest cash back services, a customer must have no overdue bank loans, more than two automatic payment plans for utility bills set up for the account, have their salary deposited into the account for more than three months during the six-month payout period and have used more than 300,000 won on a Korea Exchange Bank credit card for more than three months. Those who fulfill these criteria will receive half a month’s interest twice a year in cash in January and July.

Korea Exchange Bank has various products for female customers, including Female Partner Savings, Number N For Women Card as well as the Female Partner Loans.

By Lee Ji-hyun [concordia@joongang.co.kr]