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Expanding Low-Interest Rate Program for Low-Income Earners and Small Businesses

SEOUL, March 13 (Yonhap) — In an effort to provide more support to low-income earners and small businesses, the financial regulator announced the expansion of the low-interest rate program on Wednesday.

The program, which was initially launched in September 2022, is set to benefit more people and businesses by offering low-interest loans to those who had taken out loans prior to June 2023 at an annual rate of 7 percent or higher, as reported by the Financial Services Commission (FSC).

With the expansion, individuals and businesses who take out such loans before a specified date will now be eligible for the program.

Those who qualify for the low-interest rate loans can now switch their existing loans for amounts up to 100 million won (US$76,000), while small businesses are allowed to switch up to 200 million won of their existing loans.

Furthermore, the rate of the loans will see a further reduction to 5 percent from the current 5.5 percent for the first 12 months, with borrowers being exempted from the 0.7 percent guarantee fee.

This initiative aims to alleviate the financial burden on low-interest rate loan users by up to 1.2 percentage points, reflecting the banking sector’s commitment to supporting small business owners and others facing challenges due to high interest rates, as stated in a press release by the FSC.

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With the expansion of the low-interest rate program, AI legalese decoder can assist users in interpreting the eligibility criteria, loan switching options, and interest rate adjustments. This can empower individuals and small business owners to make informed decisions about their financial futures and take advantage of the benefits offered by the program.

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