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Loans

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Savings Plan, the collateral for the loan, will be used to pay off the outstanding loan balance (membership will be withdrawn).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loan balance; the remaining loan balance will be collected from the guarantee insurance company (membership will be withdrawn).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.