KB Kookmin Card Launches Industry-First Apple Product 'Lease Financing' in Card Sector

Use for up to 5 years within the limit
Freely choose desired lease product, period, and prepayment for the contract

[Asia Economy Reporter Ki Ha-young] KB Kookmin Card is launching lease financing for individuals or businesses who want to purchase or use Apple products such as iPhone, iPad, and MacBook Air, marking the first time in the card industry.

On the 20th, KB Kookmin Card announced that it will introduce a total of six Apple product lease plans. There are two personal products and four corporate products for individual business owners or corporate businesses.

The purchase-type product operates by paying lease fees in equal principal and interest installments from 12 months up to a maximum of 60 months, with the option to purchase the product at the end of the term. The return-type product is characterized by being the first in Korea to guarantee the residual value of Apple products, reducing the monthly payment burden. Customers repay the principal and lease interest, excluding the residual value, over 24 or 36 months and return the product at maturity.

Once the lease financing agreement is completed, KB Kookmin Card purchases the product from resellers and delivers it to customers, who then repay the lease fees monthly in installments.

'KB Kookmin Durable Goods General Lease Financing Personal' is a product available to any individual aged 19 or older regardless of whether they hold a KB Kookmin Card. Customers wishing to use the service can access KB Kookmin Card’s dedicated lease website by scanning the QR code available at Apple premium reseller stores or through non-face-to-face channels such as the internet and mobile.

Customers can select desired items from products sold by six Apple premium resellers?Gala International (Frisbee), Peach Valley (Wallis), Beyond Tech (KMUG), A Shop, Neptune Korea, and Daehwa Computer?and freely adjust various conditions such as lease period and down payment to enter into a lease agreement.

Lease agreements can be made without submitting documents or setting collateral, using mobile phone identity verification, and within a credit limit of up to 10 million KRW per individual based on their credit rating. Multiple Apple products can be applied for freely within this limit.

Additionally, installment repayment is possible for up to 60 months, reducing the monthly principal and interest burden. The interest rate for purchase-type products starts at 7.78% per annum and varies depending on the lease period, while for return-type products, it is 8.80% per annum for 24 months and 8.83% per annum for 36 months.

'KB Kookmin Durable Goods General Lease Financing General Corporate' and 'KB Kookmin Durable Goods General Lease Financing Excellent Corporate' are products sold to individual business owners and corporate businesses. These products allow unlimited use of desired Apple products within the lease limit assigned to each company whenever needed.

The general corporate product offers a lease limit of up to less than 500 million KRW, differentiated according to the repayment ability of individual business owners and corporations with a certain level of credit rating. The excellent corporate product is sold to corporate businesses with a corporate credit rating above a certain level and lease financing applications of 500 million KRW or more. Interest rates vary from 4.46% per annum depending on the applicant’s credit rating and lease period.

A KB Kookmin Card official said, "By utilizing the durable goods lease financing products introduced this time, not only individual customers who want to purchase or use Apple products but also business owners can conveniently equip the products necessary for their business activities while reducing initial cost burdens. Following Apple products, we plan to expand lease products to various durable goods such as premium home appliances and continuously expand partner companies capable of providing lease financing services, continuing efforts to diversify revenue through lease financing."

This content was produced with the assistance of AI translation services.