KakaoBank Surpasses 1 Trillion KRW in Mid-Interest Loans Again This Year... Cumulative Total Exceeds 2 Trillion KRW

[Asia Economy Reporter Kim Hyo-jin] KakaoBank announced on the 11th that as of the end of September, its cumulative supply of mid-interest rate loans has exceeded 2 trillion won.

KakaoBank began supplying mid-interest rate loans starting with the policy mid-interest rate loan product 'Saitdol Loan' in January last year. It supplied a total of 1 trillion won last year.

This year, it achieved 1 trillion won in loan supply in just 9 months, three months faster than last year. By product, Saitdol Loan accounts for 910 billion won, and KakaoBank's own credit-based 'Jungsinyong Loan' accounts for 112 billion won.

Through the 'Mid-Interest Rate Loan Development Plan Meeting' in October 2018, KakaoBank promised to supply more than 1 trillion won annually from 2019, totaling over 4.1 trillion won in mid-interest rate loan products, to activate the policy mid-interest rate product Saitdol Loan and support low-income finance by launching its own mid-interest rate products.

Although KakaoBank achieved its 1 trillion won supply target this year, it plans to maintain the expansion trend of mid-interest rate loan supply in the fourth quarter as well. Accordingly, KakaoBank excluded mid-interest rate loans from the credit loan interest rate increase on the 25th of last month.

As of this day, KakaoBank's Saitdol Loan interest rates range from 3.985% to 9.800% per annum, and Jungsinyong Loan interest rates range from 3.840% to 6.492% per annum. Additionally, KakaoBank operates linked loan services targeting mid- to low-credit customers through agreements with secondary financial institutions.

A KakaoBank official stated, "Through direct and indirect channels, we will do our best to revitalize mid-interest rate loans and expand inclusive finance, which is one of the purposes of establishing an internet-only bank."

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