KB Kookmin Bank Lowers Loan Rates for Vulnerable Groups... Easing Burden for 50,000 Annually

KB Kookmin Bank announced on September 4 that it will lower loan interest rates this month for vulnerable groups, including low-income workers and small business owners.

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First, the bank will reduce the new interest rate for its financial support loan product for low-income individuals, "KB Saehope Hallssi II," by 1 percentage point and lower the maximum interest rate to 9.5% per annum to ease the financial burden. This interest rate cut follows a previous 1 percentage point reduction in 2022 and serves as an additional measure to alleviate interest costs. With this additional measure, approximately 47,000 people annually-totaling 300 billion won in loans-are expected to benefit each year.

In addition, the new interest rate for the "Household Loan Debt Adjustment Program" will be lowered by 3.5 percentage points. The eligible products include: ▲ the long-term installment repayment conversion program for unsecured loans, ▲ the debt adjustment program (unsecured loans), ▲ the household loan debt adjustment program for individual business owners who have suspended or closed their businesses, and ▲ the KB Individual Business Owner Restart Loan, totaling four types. The new interest rate will be reduced from the current 13% per annum to 9.5% per annum. This interest rate reduction is expected to benefit about 4,000 people annually, covering loans totaling 60 billion won.

This interest rate cut follows the planned opening of the "KB Hope Financial Center" within the year and the expansion of the bank's own debt adjustment programs. A KB Kookmin Bank official stated, "We will continue to provide inclusive financial support so that we can grow together with everyone and create a happier future."

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