'Haetsalon Special,' a policy-based financial product for the lowest-credit borrowers who have no choice but to use high-interest loans, requires applicants to meet both income and credit score requirements. While the maximum loan limit is 10 million won, meeting the eligibility criteria does not guarantee loan approval or the maximum limit.

■ Eligibility... Annual Income of 35 Million Won or Less, Credit Score in Bottom 20% According to the product guide, eligible applicants are those with an annual income of 35 million won or less and a credit score in the bottom 20%. The product was created to allow those who would otherwise rely on private moneylenders or illegal private lending to access institutional finance instead of high-interest loans.

■ Interest Rate Within 12.5% Per Year... 9.9% for Socially Considered Groups The interest rate, including guarantee fees, is within 12.5% per year. A rate within 9.9% per year applies to socially considered groups. The loan period is 3 or 5 years, with equal principal and interest installment repayment, in which the combined principal and interest are repaid in monthly installments. There is no early repayment fee.

• ■ Documentation Required to Prove Socially Considered Group Status
• To receive the interest rate for socially considered groups, documents verifying eligibility must be prepared.
• Single-parent or grandparent families: single-parent family certificate
• Multicultural families: family relationship certificate or other proof of multicultural family status
• North Korean defectors: North Korean defector registration certificate
• Registered disabled persons: disability registration card or disability certificate
• National Basic Livelihood Security recipients: recipient certificate
• Near-poverty group: near-poverty group confirmation or certificate of reduced personal burden for the near-poor
• Earned income tax credit recipients: proof of earned income tax credit receipt or decision notice

■ 0.1 Percentage Point Guarantee Fee Discount... No Stacking Allowed There is also a benefit that lowers the guarantee fee. Those who have completed financial education or credit/debt counseling from the Korea Inclusive Finance Agency, successful participants in the National Employment Support Program, and welfare membership subscribers can receive a 0.1 percentage point discount on the guarantee fee at the time of loan application. However, even if multiple conditions are met, this discount cannot be applied more than once.

■ Rate Benefits Require Preparation Before Applying... No Reduction After Contract Preparation before applying is essential to receive interest rate benefits. Required procedures, such as submitting socially considered group verification documents or completing financial education or counseling, must be completed in advance. Since a guarantee fee reduction cannot be applied after the contract is signed, eligibility must be confirmed before applying.

■ Rejection Possible in Final Review Despite Pre-Screening Approval Attention must also be paid to the review results. Even if approved in the Korea Inclusive Finance Agency's pre-screening, a loan may be rejected in the financial institution's final review, as financial institutions apply their own screening criteria in addition to the agency's standards. Even if income and credit score conditions are met, the guarantee may be rejected under the inclusive finance credit evaluation system, which assesses repayment capacity. If the content of submitted documents, such as occupation or income, changes, loan availability, limits, and interest rates may also change.

[This article was written with AI assistance for informational purposes based on the provided product guide. It does not recommend loans or guarantee approval, and actual limits and interest rates may vary depending on guarantee and financial institution review results. Before applying, the latest conditions should be confirmed with the Korea Inclusive Finance Agency and the handling financial institution, and responsibility for loan decisions and repayment lies with the applicant.]