Kakao Bank Resumes New Applications for Overdraft Loans... Average Interest Rate Reduced by 0.69%p
Credit Loan Limit Raised to 250 Million KRW... Average Interest Rate Down by 0.28%p
Jeonse and Monthly Rent Deposit Loan Interest Rates Also Reduced by up to 0.41%p
[Asia Economy Reporter Yu Je-hoon] KakaoBank announced on the 26th that it will resume new applications for its 'Minus Account Loan' product and lower the average interest rate by 0.69 percentage points (p). This comes about 10 months after KakaoBank temporarily suspended new applications for Minus Account Loans in October last year to stabilize household debt.
KakaoBank's Minus Account Loan is a product that offers an interest rate as low as 4.234% with a maximum limit of 200 million KRW for office workers who have been employed for more than one year. The loan period is available in one-year increments and can be extended up to a maximum of 10 years.
Additionally, KakaoBank is raising the credit loan limit from the existing 100 million KRW to a maximum of 250 million KRW. The interest rate is lowered by an average of 0.28 percentage points, with a minimum rate of 4.036%.
KakaoBank is also reducing the interest rates on jeonse and monthly rent deposit loans by up to 0.41 percentage points. The general jeonse and monthly rent deposit loan interest rate is lowered by 0.41 percentage points, while the youth jeonse and monthly rent deposit loan interest rate is reduced by 0.31 percentage points.
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All loan products handled by KakaoBank, including credit loans, mortgage loans, and jeonse and monthly rent deposit loans, have no separate prepayment fees, allowing customers to repay early without any burden at any time. A KakaoBank official stated, "There were many requests from customers waiting for the Minus Account Loan product," and added, "We hope that providing the industry's lowest interest rates will help reduce the burden on customers during this period of rising interest rates."
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