KakaoBank to Raise Credit Loan Interest Rates by up to 0.25%p Starting from the 3rd

Tightening Credit Loans Focused on High-Income Earners Gains 'Speed'

[Asia Economy Reporter Kim Hyo-jin] Following commercial banks, internet banks are also accelerating the 'tightening of credit loans' mainly targeting high-income earners.

KakaoBank announced on the 3rd that "the loan interest rates for high-credit borrowers on salaried worker credit loans and overdraft loans will be raised by 0.10 percentage points and 0.25 percentage points, respectively." The new rates apply to loan applications submitted from 6 a.m. on the same day.

Accordingly, the minimum interest rate for salaried worker credit loans will increase from the existing 2.23% to 2.33%, and the minimum interest rate for overdraft loans will rise from 2.58% to 2.83%.

KakaoBank explained that the base interest rate is being raised because there is no interest rate reduction through 'preferential rates' as part of loan speed control measures for asset soundness management.

However, KakaoBank will maintain the current interest rates for Saetidol loans, its own mid-interest rate loans, and jeonwolse deposit loans.