K Bank Lowers Interest Rates on Mid-to-Low Credit Loans by 1 Percentage Point

Shinyong Daechul Plus Minimum Annual Rate 5.25%
Personal Business Loan Interest Rate Also Down 0.4 Percentage Points

K Bank announced on the 2nd that it will lower the interest rates of its loan product for medium- to low-credit customers, ‘Credit Loan Plus,’ by up to 1 percentage point.

With this rate cut, the interest rate for Credit Loan Plus has dropped to a minimum annual rate of 5.25% as of this date. Credit Loan Plus is a product designed for medium- to low-credit customers with an annual income of over 20 million KRW who have been employed for more than six months. The loan limit is 300 million KRW. The loan term can be selected between 1 to 10 years with equal principal and interest installment repayments. Loans can be processed quickly without a joint certificate, and there is no prepayment penalty.

K Bank also lowered the interest rate of the ‘Sajangnim Credit Loan’ by up to 0.4 percentage points on the same day. The minimum annual interest rate applied as of this date is 5.42%. The Sajangnim Credit Loan is a product for individual business owners that can be applied for non-face-to-face without visiting a branch or submitting documents, with a maximum loan limit of 100 million KRW. The loan term can be chosen between equal principal and interest installment repayments (1 to 3 years) or lump-sum repayment at maturity (1 year), and can be extended up to a maximum of 10 years. There is also no prepayment penalty.

A K Bank official said, “Considering the increasing burden of loan interest due to rising market interest rates, we decided to lower the rates,” adding, “We expect medium- to low-credit customers, self-employed individuals, and small business owners to reduce their interest burden through K Bank.”

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