K Bank Lowers Credit Loan Interest Rates Again... Lowest Rate in the Early 3% Range
Increase the Overdraft Account Limit to 200 Million Won
[Asia Economy Reporter Minwoo Lee] Internet-only bank K Bank is lowering the interest rates on its unsecured loan products once again following the beginning of the month. The rates are being reduced by up to 0.4 percentage points (p), offering interest rates in the low 3% range, while the overdraft account limit is also being increased from 150 million KRW to 200 million KRW.
K Bank announced on the 31st that it has lowered the interest rates on three types of unsecured loan products.
First, the interest rate for the 'Unsecured Loan Plus' product, which is available to a variety of customers including office workers, individual business owners, and those with medium to low credit ratings, has been reduced by up to 0.4%p. As a result, the minimum interest rate for the Unsecured Loan Plus product has dropped from 4.10% to 3.75%.
The interest rates for the 'Unsecured Loan' and 'Overdraft Account' products have been lowered by up to 0.2%p depending on credit rating. The minimum interest rate for the Unsecured Loan product decreased from 3.14% to 3.04%, and for the Overdraft Account product, it dropped from 3.64% to 3.54%.
Starting from the 1st of next month, the maximum limit for the Overdraft Account product will also be expanded to 200 million KRW. The previous limit was up to 150 million KRW. Additionally, the maximum limits for the 'Unsecured Loan' and 'Unsecured Loan Plus' products are 300 million KRW and 150 million KRW, respectively.
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A K Bank official stated, "Following the proactive reduction of interest rates on three unsecured loan products by up to 0.3%p on the 5th of this month, we have further lowered the loan interest rates," adding, "We are striving to offer competitive deposit and loan interest rates, including a special deposit promotion at an annual rate of 2.5% starting mid-month."
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