KakaoBank Supplies 1 Trillion KRW in Medium-Low Credit Loans... Reduces Interest Burden by 3.1 Billion KRW
0.30% Point Interest Rate Discount for Mid-to-Low Credit Customers Over Five Months
Continued Support for Financially Vulnerable Groups in the "Interest Rate Blind Spot"
KakaoBank announced on the 26th that it supplied 1 trillion KRW worth of mid-to-low credit loans over five months through a special sales product for mid-to-low credit customers.
Since November last year, KakaoBank has offered a 0.30 percentage point interest rate discount on credit loan products for mid-to-low credit customers (KCB score of 865 or below, bottom 50% credit rating). It was analyzed that mid-to-low credit customers who took out credit loans during this period reduced their annual interest burden by 3.1 billion KRW.
By supplying mid-to-low credit loans at an interest rate in the 2% range, which is more than 1.6 percentage points lower than general credit loans based on the lowest interest rate, KakaoBank contributed to alleviating the financial cost burden of mid-to-low credit customers. According to the Bankers Association disclosure, in January, KakaoBank had the lowest interest rates among all city, regional, and internet-only banks across all credit score ranges below 900 for general credit loans.
At the end of last year, the average balance and outstanding amount of mid-to-low credit loans at KakaoBank were 32.2% and 4.9 trillion KRW, respectively, and KakaoBank has achieved its mid-to-low credit loan supply target for two consecutive years. This year, KakaoBank plans to maintain its household loan management policy while continuing inclusive finance efforts to improve financial accessibility for mid-to-low credit customers who are in the "interest rate blind spot."
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KakaoBank stated, "We conducted a special sales promotion to reduce the interest burden on mid-to-low credit customers who are facing difficulties," and added, "This year as well, we will take the lead in inclusive finance for financially vulnerable groups, such as those with insufficient financial history, to expand financial support for mid-to-low credit customers."
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