K-Bank Lowers Jeonse Loan Interest Rates... Up to 0.36%P Reduction

Providing Jeonse Loan Interest Rates in the 3% Range
Also Lowering Credit Loan Interest Rates

[Asia Economy Reporter Minwoo Lee] K-Bank is lowering the interest rates on jeonse loans by up to 0.36 percentage points (P). The bank plans to offer rates in the 3% range, the lowest level among banks.

K-Bank announced on the 18th that it has reduced the interest rates on its jeonse loan products by up to 0.36% per annum.

First, the interest rate on the general jeonse loan product was lowered by 0.14%P per annum. As a result, the interest rate range for K-Bank's general jeonse loans is now between 3.73% and 4.78% per annum. The interest rate for the youth jeonse loan was reduced by 0.36%P per annum, applying rates between 3.50% and 3.57% per annum.

K-Bank stated, "The interest rates for both jeonse loan products at K-Bank have been lowered to the lowest levels among banks," adding, "This will help reduce the burden on tenants who are choosing monthly rent instead of jeonse due to the increased interest burden during the rate hike period."

Meanwhile, K-Bank also lowered the interest rates on its credit loan products. The interest rates for credit loans (lump-sum maturity/installment repayment) were reduced by up to 0.5%P per annum depending on the customer, and for overdraft loans, rates were lowered by up to 0.4%P per annum per customer. Accordingly, from today, the interest rate for K-Bank credit loans starts at 4.21% per annum, and overdraft loans start at 4.87% per annum.

A K-Bank official said, "As contracts converting part of the jeonse deposit to monthly rent increase recently, raising the monthly housing cost burden, we hope customers will ease their burden by choosing K-Bank's jeonse loans, which are simple and competitively priced."

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