KakaoBank Doubles Maximum Loan Period for Medium Credit Loans
[Asia Economy Reporter Kang Nahum] KakaoBank has decided to double the maximum loan period for 'medium credit loans' from the previous term.
On the 24th, KakaoBank announced through a notice, "As part of efforts to expand loans for medium and low credit borrowers, starting today, the maximum loan period for new applicants for medium credit loans will be extended from the previous 5 years to 10 years."
Other commercial banks generally operate with a maximum loan period of 'up to 5 years' when issuing unsecured loans with equal installments.
KakaoBank explained, "Extending the maximum loan period reduces the monthly repayment burden for borrowers, thereby alleviating their financial pressure."
Hot Picks Today
"Could I Also Receive 370 Billion Won?"... No Limit on 'Stock Manipulation Whistleblower Rewards' Starting the 26th
- Samsung Electronics Introduces New "Special Performance Bonus" for Semiconductors, Paid Entirely in Company Shares
- "From a 70 Million Won Loss to a 350 Million Won Profit with Samsung and SK hynix"... 'Stock Jackpot' Grandfather Gains Attention
- Trump: "Talks with Iran in Final Stages"... Iran Demands Release of Frozen Assets, End to Maritime Blockade
- "Who Is Visiting Japan These Days?" The Once-Crowded Tourist Spots Empty Out... What's Happening?
Recently, KakaoBank has introduced measures such as increasing loan limits and lowering interest rates to expand medium credit loans. Since the 9th, the maximum limit for medium credit loan products available to customers with a credit score (based on KCB) of 820 or below has been increased from 70 million KRW to 100 million KRW. Additionally, the additional interest rate on 'medium credit loans' was lowered by about 1.50 percentage points, reducing the interest rate by up to 1.52 percentage points.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
