Kookmin Bank Reduces Overdue Interest Rate by 1 Percentage Point

[Asia Economy Reporter Bu Aeri] KB Kookmin Bank will reduce the delinquent interest rate by 1 percentage point and fully waive the early repayment fee for household loans starting from the 10th of next month.

KB Kookmin Bank announced on the 19th that it will temporarily implement the "Household Debt Soft Landing Support Program" with these measures.

This program provides customized support for vulnerable borrowers, such as those with delinquency and low credit scores.

First, as a proactive support measure for borrowers at risk of default, KB Kookmin Bank will reduce the delinquent interest rate applied when loans are overdue by 1 percentage point.

The bank explained that lowering the delinquent interest rate will ease the interest burden on delinquent borrowers and increase the possibility of loan normalization. The related IT system is being developed with the goal of implementation next month.

In addition, for borrowers rated 5 or below by external credit rating agencies (CB), the early repayment fee for household loans will be fully waived. Regardless of the loan period, the waiver will be automatically applied when repaying loans, including partial repayments. There is no limit on the number of waivers.

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