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Before considering high interest rates, it is essential first to obtain loan approval.

The 'Haetsal Loan' offers interest rates in the range of 7% to 10% annually, providing a competitive solution for borrowers.

This loan program supports amounts up to 30 million KRW, ensuring a secure financing option.

Haetsal Loan Details:

• Interest Rate: Annual rate of 7% to 10% (as of August 2020)
• Delinquency Rate: 13%
• Repayment Method: Equal principal repayment over 3 or 5 years
• Guarantee Fee: 2% of the guaranteed amount per year (no early repayment fees)
• No documentation fees
• Living Expenses Support: Up to 15 million KRW
• Overdue Interest Rate: +3% per annum

The loan interest rate is within the bounds set by the Financial Supervisory Service, with the maximum rate being variable according to the borrowing cost (1-year maturity fixed deposit). Living expenses are determined by the benchmark rate plus an additional rate, while refinancing has a fixed interest rate. The overdue interest comprises the loan rate plus an additional 3%. The maximum loan limit is set at 30 million KRW (with a cap of 15 million KRW for living expenses and 30 million KRW for refinancing), and the borrower may choose between a 3-year or 5-year loan term. For instance, if one were to take a loan of 10 million KRW for a period of 36 months at an applicable interest rate of 8.78%, the monthly repayment would be approximately 277,777 KRW, which includes a consistent principal and decreasing interest over time. The actual repayment amount may vary.

The loan period can span from a minimum of 12 months to a maximum of 60 months.

The Haetsal Loan does not entail any early repayment fees.

In times when obtaining loans is challenging, consider the 'Shinhyup Haetsal Loan' as a viable option, taking advantage of its manageable annual interest rates.

Advantages of Haetsal Loan:

• The Haetsal Loan enables refinancing high-interest loans with lower rates.
• It provides options for refinancing, living expenses, and business loans with quick consultations available.
• The loan amount can reach up to 50 million KRW, with terms ranging from 36 months to a maximum of 60 months.
• Refinancing even one high-interest loan can lead to monthly savings of several hundred thousand won in interest payments.
• If you are currently utilizing capital loans, savings banks, credit card loans, or alternative lending services with a good repayment record, you may qualify for refinancing over 20% interest rates down to around 7-8%.
• Employees and business owners with an annual income below 40 million KRW and credit ratings between levels 6 and 8 can typically access Haetsal Loans without difficulty.

The Haetsal Loan follows a monthly equal principal repayment structure. It offers convenient access via applications for reviewing eligibility and limits associated with savings bank loans.