Saessalloon Special is a policy-based microfinance product designed to help the lowest-credit borrowers, who have no choice but to use high-interest loans, access institutional finance. If applicants meet the support requirements, they can receive a guarantee limit of up to 10 million won after screening.

■ Eligibility: Annual Income of 35 Million Won or Less, Bottom 20% Credit Score

According to the product guide, eligible applicants are those with an annual income of 35 million won or less whose credit score falls within the bottom 20%. Both income and credit requirements must be met, and even those included in the target group are not guaranteed approval for the guarantee or loan.

■ Interest Rate and Repayment Terms

The interest rate, including guarantee fees, is within 12.5% per year. A rate within 9.9% per year applies to socially vulnerable groups. The loan term is 3 or 5 years, and repayment is made through the equal principal and interest installment method, under which a fixed amount combining principal and interest is repaid monthly. There is no early repayment fee.

■ Socially Vulnerable Groups Must Prepare Documents Proving Eligibility

Applicants in socially vulnerable categories must prepare documents proving their eligibility.

• Single-parent or grand-family households: single-parent family certificate
• Multicultural families: family relation certificate or other documents confirming multicultural family status
• North Korean defectors: North Korean defector registration confirmation
• Registered disabled persons: disability registration card or disability certificate
• National Basic Livelihood Security recipients: certificate of National Basic Livelihood Security recipient status
• Near-poverty (second-lowest income bracket) households: near-poverty confirmation or certificate of eligibility for near-poverty out-of-pocket cost reduction
• Earned Income Tax Credit recipients: proof of Earned Income Tax Credit receipt or the decision notice

■ Guarantee Fee Reduced by 0.1 Percentage Point: Must Be Completed and Submitted Before Applying

A guarantee fee discount is also available. At the time of loan application, those who fall under any of the following can receive a 0.1 percentage point reduction in the guarantee fee: completers of the Korea Inclusive Finance Agency's financial education or credit/debt counseling, successful participants in the National Employment Support Program, or welfare membership subscribers. Discounts cannot be applied cumulatively.

To receive the guarantee fee reduction, applicants must complete the required document submission or education and counseling before applying for the loan. The reduction cannot be applied after a contract has been signed, so eligibility and preparation requirements must be checked before applying.

■ Even with Pre-Screening Approval, Financial Institutions May Reject the Loan

There are also points to note during the screening process. Even if an applicant is approved in the Korea Inclusive Finance Agency's pre-screening, the loan may still be rejected in the financial institution's own review. Even applicants who meet the support requirements may be denied the guarantee under the microfinance credit evaluation system, which assesses repayment capacity and other factors.

If the content of submitted documents changes, such as regarding occupation or income, the screening result, loan limit, and interest rate may also change. Rather than accepting the advertised maximum limit and rate as fixed conditions, applicants should verify the final screening results and contract terms.

[This article was written based on the provided Saessalloon Special product guide. Actual loan availability, limits, and rates may vary depending on the results of guarantee and financial institution screening. Before applying, applicants should confirm the latest conditions and required documents with the handling institution. AI assistance was used in writing this article.]