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| The main entrance of Hana Bank's headquarters in central Seoul is seen through a window in this file photo. Korea Times file |
By Yi Whan-woo
Hana Bank will reward low-income borrowers with cash that is worth 1 percent of their remaining principal balance after they borrow from the bank under the government's special loan program, the company announced on Friday.
The reward will come in line with the Yoon Suk Yeol administration's call on major banks to lessen the financial burden of everyday citizens, many of them struggling with repayments due to steep interest rate hikes.
While the high interest rate has burdened the working class, it has also brought record earnings for the lenders, which have been giving out fat paychecks to their employees.
"The cash reward reflects our will to share the pains of our customers at a time of economic uncertainty and to act as a responsible member of society," Hana Bank said in a press release.
Beginning in March, those who borrow money from the bank under the government's Sunshine Loan program will receive cash amounting to 1 percent of their remaining principal balance.
The cash will be deposited automatically in the bank accounts of eligible customers every month for a one-year period.
"We are currently doing a trial run to ensure financial support will be carried out in a substantial manner," the lender said.
The Sunshine Loan program is designed to let those with low income and low credit ratings borrow money, with state-run Korea Asset Management Corporation being responsible for any default of repayment.
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