IBK, Second Round Financial Support for Small Businesses Interest Rate Reduced to 2.8% per Annum

If You Take a Loan via Mobile or Internet Banking, the Maximum Loan Interest Rate of 2.8% per Year Applies

[Asia Economy Reporter Park Sun-mi] IBK Industrial Bank announced on the 20th that it has lowered the maximum interest rate of the ‘Small Business Owners 2nd Financial Support Loan’ executed through internet and mobile banking from the previous annual rate of 3-4% to 2.8% per annum.

Regardless of the credit rating of small business owners and self-employed individuals, if the loan interest rate exceeds 2.8% per annum, an interest rate of 2.8% per annum will be applied. The total amount of loans subject to the interest rate cap is 100 billion KRW.

Since June, IBK has enabled all processes of the ‘Small Business Owners 2nd Financial Support Loan’ application, guarantee issuance, and loan execution through internet and mobile banking without visiting a branch.

An IBK official stated, “We decided to lower the interest rate cap to reduce the financial burden on small business owners struggling due to COVID-19,” and added, “We will continue to strive to provide effective financial support for small and medium-sized enterprises and small business owners.”

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