[DigitalToday reporter Lee Ji-young] Woori Bank is moving to support financially vulnerable groups by targeting customers using high-interest credit loans at Woori Financial Group affiliates.

Woori Bank said on Tuesday it launched the 'Woori WON Dream Loan Refinancing' to reduce the burden of financial costs for customers using high-interest credit loans at affiliates including Woori Card, Woori Savings Bank and Woori Capital.

The product is an inclusive finance offering that gives customers who have credit loans at group affiliates an opportunity to refinance into relatively lower-rate bank loans.

Eligible borrowers include workers earning 35 million won or less a year, freelancers and other non-wage workers, and homemakers, among customers using high-interest credit loans at Woori Financial Group affiliates. Woori Bank expanded the pool of eligible borrowers by using alternative credit assessment that reflects non-financial data such as telecom and small-value payments, in addition to financial transaction information.

The loan limit is up to 20 million won. Rates apply from the mid-4 percent range at the lowest, and the maximum rate is capped at under 7 percent. It plans to reduce interest burdens for customers using high-interest loans through this.

Woori Bank also introduced a hybrid installment repayment method that allows repayment for up to 10 years, for the first time among its credit loan products. It said the move is aimed at reducing the burden of monthly principal and interest payments.

It also provides preferential rates to socially vulnerable groups such as young people, older people, people with disabilities, basic livelihood security recipients and near-poverty groups, as well as customers with CB scores in band 7 or lower.

Applications can be made without visiting a branch through the inclusive finance platform 'Woori Inclusive Finance 36.5 Degrees' within WooriWON Banking. The bank also offers an 'inclusive finance integrated limit inquiry' that allows customers to check at once loan limits and terms from Woori Bank, group affiliates and partner financial companies.

Lee Jung-ho (이정호), deputy head of the Retail Product Marketing Department at Woori Bank, said the Woori WON Dream Loan Refinancing is a product designed to offer bank refinancing opportunities to mid- and low-credit customers using high-interest loans at group affiliates. He said the bank would continue to expand tailored financial products that provide practical help to financially vulnerable groups.