IBK Industrial Bank of Korea said Tuesday it has launched a new online loan interest-rate reduction program for employees working at small and midsize enterprises, ahead of Labor Day on May 1.
Eligible borrowers are workers employed at SMEs as of the application date. The bank will offer a basic rate cut of up to 0.4 percentage points depending on length of employment. It will provide an additional 0.1 percentage point discount for workers at companies outside the Seoul area and another 0.1 percentage point for young workers age 34 or younger, for a maximum reduction of 0.6 percentage points.
The discounts apply to the bank’s online loan products: i-ONE mortgage loans, i-ONE jeonse loans and i-ONE interest-subsidized credit loans for workers’ living stability. With the maximum discount, the bank said that as of Tuesday its mortgage loan rate would be about 3.36% a year and its jeonse loan rate about 3.09%.
The program will run through Dec. 31. Details are available at branches and on the bank’s website.
A bank official said the program is intended to provide practical financial support for SME workers and that the bank will continue to introduce preferential support measures to help ease SMEs’ labor shortages.
* This article has been translated by AI.
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