better life with SEMA

Loans

- Savings Benefit Secured Loan (limited loan): using SEMA Payroll Savings Plan as collateral, members can borrow up to 90% of their accumulated savings amount.
- Guarantee Insurance Secured Loan: using guarantee insurance policies as collateral, members can borrow additional money in accordance with the policy and the eligibility criteria set by the Seoul Guarantee Insurance.

Loan rate (Savings Secured Loan and Guarantee Insurance Secured Loan): 3.52% per annum (late payment interest rate 6.52%) (as of 1 July 2020)

Loan Types

대여종류안내
	Saving Benefit Secured Loan (limited loan)	Guarantee Insurance Secured Loan
Collateral	- Principal and interest of SEMA Payroll Savings Plan (pension benefit cannot be used as collateral)	- Principal and interest of SEMA Payroll Savings Plan + guarantee insurance policies
Eligibility	As of the date of the loan application, members who have made contributions for a year or more or members whose accumulated savings are at least KRW 3 million, among the members enrolled in SEMA Payroll Savings Plan with no unpaid monthly contributions for 3 months or more in a row
Loan Limit	90% of accumulated savings in SEMA Payroll Savings Plan (principal and interest at termination) (unit: KRW 10 thousand; loan period yearly basis)
Guaranty Insurance	-	[Guarantee Insurance Secured Loan amount × 110% × base rate × (1 ± discount/premium rate based on historical loss rate) + amount exceeding credit limit × additional rate] × loan period
Overdue Payment Policy	If overdue payments are not made five times, an overdue payment letter will be sent. If overdue payments are not made six times, accumulated savings in SEMA Payroll Savings Plan, the collateral for the loan, will be used to pay off the outstanding loan balance (membership will be withdrawn).	If overdue payments are not made three times, accumulated savings in SEMA Payroll Savings Plan, the collateral for the loan, will be used to pay off the outstanding loan balance; the remaining loan balance will be collected from the guarantee insurance company (membership will be withdrawn).

Notice

The loan interest rate is floating for flexible plan management.

Eligibility and Loan Limit of Guarantee Insurance Secured Loan
Eligibility	Loan Limit
Members eligible for Saving Benefit Secured Loan + with an annual income of KRW 20 million or more	90% of accumulated savings in SEMA Payroll Savings Plan + within KRW 15 million
Members who have enrolled in Payroll Deduction Savings Plan for 3 years or more + with an annual income of KRW 40 million or more	90% of accumulated savings in SEMA Payroll Savings Plan + within KRW 30 million
Members who have enrolled in Payroll Deduction Savings Plan for 5 years or more + with an annual income of KRW 50 million or more	90% of accumulated savings in SEMA Payroll Savings Plan + within KRW 50 million
Members who have enrolled in Payroll Deduction Savings Plan for 7 years or more + with an annual income of KRW 70 million or more	90% of accumulated savings in SEMA Payroll Savings Plan + within KRW 70 million

* The Loan limit is determined by credit rating: up to KRW 70 million for grade 1 to 2; up to KRW 60 million for grade 3 to 4; up to KRW 50 million for grade 5 to 6; members with grade 7 or below are not eligible for Guarantee Insurance Secured Loan.

Accumulated savings in SEMA Payroll Savings Plan: principal and interest at early termination.
Eligible for Guarantee Insurance Secured Loan if members meet both of the requirements: enrollment period and annual income.
Guarantee insurance policies can be issued to members with grade 1 to 6 in KCB credit ratings; guarantee insurance policies may not be issued to a borrower of multiple loans.
For a borrower of other financial institution’s guarantee insurance secured loans, the loan limit can be reduced or she or he can be rejected for the loan.
If members borrow more than the limit of Savings Benefit Secured Loan, they need guarantee insurance policies. Guarantee insurance policies can be issued only to institutional members according to the decision of SGI (Seoul Guarantee Insurance). Issuing guarantee insurance policies can be refused according to the credit ratings of members or current employers.