BNK Busan Bank Lowers Interest Rates by up to 0.5% for Low-Credit Borrowers

Existing Jeonse and Credit Loan Users,
Targeting Borrowers in the Bottom 10% of Credit Scores

BNK Busan Bank announced on the 26th that it will implement an interest rate reduction of up to 0.5% for low-credit borrowers.

The target customers are those in the bottom 10% credit score bracket (NICE 724 points or below, or KCB 670 points or below) who were using Jeonse loans and credit loans from Busan Bank as of the end of March this year. They can receive a 0.5 percentage point reduction from their current loan interest rates. The reduced interest rate will be applied from the next interest payment date after the implementation date until the current loan maturity. No separate application is required, and eligible customers will be notified of the interest rate reduction via text message.

However, some products are excluded from this benefit, such as borrowers currently in arrears, loans within one month of maturity, and low-interest loans below 2%.

Lee Soo-chan, Head of Credit Sales Division at Busan Bank, stated, “This interest rate reduction is part of the ‘Warm Financial Support’ program implemented in March and is expected to ease the interest burden on local borrowers. We will continue to consider ways to accompany the local community and fulfill the role of a regional bank.”

In March, Busan Bank implemented the Warm Financial Support program, reducing new loan interest rates by up to 1.0 percentage point for Sae Hope Holssi loans, up to 0.80 percentage points for mortgage loans, up to 0.85 percentage points for Jeonse deposit loans, and up to 0.60 percentage points for credit loans.

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