KakaoBank, 17.2 Billion Won Interest Cashback for Small Business Owners

CEO Interest Refund Inquiry Service Opened

KakaoBank has started refunding loan interest for small business owners as part of its participation in the banking sector's support measures for livelihood finance. From the 5th, it will implement the ‘Owner Interest Refund Inquiry’ service, refunding interest amounting to 17.2 billion KRW to individual business loan customers.

KakaoBank plans to pay a total of 17.2 billion KRW in interest refunds to about 40,000 individual business owners. The refund will be automatically deposited into the interest payment account linked to the loan on the scheduled deposit date without a separate application.

Customers holding KakaoBank individual business owner credit loans and guarantee loans as of December 20 last year are eligible for the refund. Ninety percent of the one-year interest payment amount exceeding an annual loan interest rate of 4% will be paid. The loan limit per borrower is 200 million KRW, and the maximum refund limit is 3 million KRW.

From the 5th, customers can check their eligibility and the expected refund amount on the ‘Owner Interest Refund Inquiry’ page in the KakaoBank mobile application (app). For customers whose loan period has passed one year, the full refund amount will be paid on the 7th. If the loan period has not yet reached one year, monthly interest refunds will be paid until the one-year mark this year. From the 1st of each month, refunds can also be received in advance before the scheduled automatic deposit date through the ‘Receive Immediately’ function.

However, KakaoBank explains that if there is a request for personal information or additional loans under the pretext of applying for the interest refund, it is a voice phishing scam, so caution is required.

KakaoBank plans to support financially vulnerable groups such as self-employed individuals, small business owners, and medium-to-low credit borrowers with a total of 37.2 billion KRW by utilizing an additional approximately 20 billion KRW.

A KakaoBank official said, "We plan to actively participate in livelihood finance support to share the pain of self-employed individuals and small business owners facing difficulties," adding, "This year as well, we will expand inclusive financial activities for financially vulnerable groups including small business owners."

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