KB Kookmin Bank Implements Inclusive Finance, Lowers New Hope Loan Interest Rate by 1 Percentage Point

On March 7, KB Kookmin Bank announced that it has lowered the interest rates on new loans for its leading financial product for low-income individuals, the "KB New Hope Loan II," by 1 percentage point in order to ease the interest burden on financially vulnerable groups.

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This rate reduction is part of the "KB Kookmin Happiness Hope Project," which aims to "create a better Republic of Korea together with the people." The initiative seeks to alleviate the interest burden for vulnerable groups and to revitalize financial support for low-income individuals through the implementation of inclusive finance.

Accordingly, starting from March 6, KB Kookmin Bank has lowered the interest rates for new "KB New Hope Loan II" products from the previous range of 5.47%-6.47% (based on an internal credit rating of grade 3 and a loan period of over five years) to 4.47%-5.47%.

Customers who are faithfully repaying their "KB New Hope Loan II" can receive up to an additional 2.0 percentage point reduction in interest rates during the loan period. If repayments are made without any delinquencies every six months, the interest rate is automatically reduced by 0.2 percentage points each time.

A representative from KB Kookmin Bank stated, "We hope that this rate cut will help ease the financial burden for the financially vulnerable who are experiencing economic difficulties," and added, "We will continue to expand our support for inclusive finance so that we can grow together with the people and build a better future."

Meanwhile, in January, KB Kookmin Bank's "Interest Rate Reduction for Four Types of New Credit Loan Debt Adjustment Products" was selected as an excellent case in the "7th Win-Win Cooperation Financial New Product Awards," hosted by the Financial Supervisory Service.

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