K-Bank Lowers Loan Interest Rates for Low-to-Mid Credit Borrowers by up to 3.3 Percentage Points... Minimum Rate in the 4% Range

K Bank announced on the 15th that it will lower the interest rates on credit loan products for middle- and low-credit borrowers (bottom 50% credit scores) by up to 3.3 percentage points.

The products subject to the reduction are two refinancing loan products through refinancing loan infrastructure: ‘Switch to Credit Loan’ and ‘Switch to Overdraft Loan,’ as well as ‘Credit Loan Plus.’

The interest rate for ‘Switch to Credit Loan’ will be reduced by 3.3 percentage points to a minimum annual rate of 4.26%, and the interest rate for ‘Switch to Overdraft Loan’ will be lowered by 1.87 percentage points to a minimum annual rate of 5.99%. The interest rate for ‘Credit Loan Plus’ will also be reduced by 0.14 percentage points to a minimum annual rate of 4.25%.

K Bank also lowered interest rates on loan products for middle- and low-credit borrowers by up to 1.0 percentage point each in August and September. As of the end of October, the proportion of loans to middle- and low-credit borrowers at K Bank was 27.4%.

A K Bank official said, “Despite the rise in market interest rates, we have significantly lowered loan interest rates for middle- and low-credit customers to practice inclusive finance,” adding, “Refinancing existing loans with K Bank products can reduce the interest burden.”

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