Financial institutions reduce loan interest rates and fees with 1.0265 trillion won support

The Financial Services Commission announces the winning funding performance

907.6 billion KRW for the banking sector, 118.9 billion KRW for support of the commercial sector

The insurance industry seeks to reduce car insurance premiums by KRW 520 billion

The Financial Services Commission announced on the 20th that the financial sector provided a total of 1.0265 trillion won from March last year to last month through leveraged financing, including lowering loan interest rates and fees.

About 3.44 million people were given 907.6 billion won in banking benefits. Loan interest rates were reduced for approximately 1.86 million total borrowers or the amount of interest rate increases was capped when the repayment period was extended. The credit specialty industry was estimated to have provided 118.9 billion won of support. KRW 46.6 billion and KRW 61.5 billion were provided for debt settlement of overdue borrowers and refinancing loans for vulnerable groups, respectively.

The Financial Services Commission announced that the insurance industry is also planning to implement profitable financial projects, such as developing products to protect the vulnerable. Insurance companies have lowered car insurance premiums by an average of 2.5% this year, which is expected to save about 520 billion won in car insurance premiums.

The Financial Services Commission said: “We will continue to make efforts to systematically and quickly implement financial support for people’s livelihoods and profitable financing,” he added. “We will support the identification and implementation of beneficial problems in the financial sector. and share the best cases of profitable and collaborative financial products.

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