Hana Bank offering benefits to low-income borrowers

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Hana Bank offering benefits to low-income borrowers

Hana Bank said yesterday that starting next month it will provide several benefits to low-income household borrowers who pay half of the interest on their overdue loans.

The benefits include exemption from the remaining overdue loan interest and allowing new loans with no additional restrictions.

For example, on a low-income household of 10 million won with an annual interest rate of 7 percent that is six months in arrears, the borrower would have to pay an additional 850,000 won at a late payment interest rate of 17 percent.

That compares with 350,000 won they would have paid if they made the payment on time.

However, if they pay the 250,000 won difference between the late payment interest and the normal interest payment, the remaining 250,000 won is canceled.

The benefit will only be offered to government welfare recipients, those with physical or mental disabilities and children who are heads of households.

The maximum exempted amount will be 100 million won.

The bank also offers consulting on debt restructuring as well as personal bankruptcy at a half-price through “Hana Hopeful Financial Plaza.”

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