[Asia Economy Reporter Kwangho Lee] The minimum interest rate for Toss Bank's credit loans, scheduled to launch in October, is expected to be set in the high 2% range. The loan limit is likely to reach up to 200 million KRW.
According to the financial sector on the 16th, as of the 25th, the credit loan interest rates posted on Toss Bank's website range from 2.76% to 15.00% per annum, with limits from a minimum of 1 million KRW to a maximum of 270 million KRW.
A Toss Bank official explained, "Although the loan interest rate and limit will vary depending on the borrower's conditions, it is highly likely that they will be calculated within the range currently posted on the website."
This contrasts with the recent rise in credit loan interest rates at commercial banks to the 3-4% level and the difficulty of obtaining loans in the hundred million KRW range, making it an attractive condition for borrowers upon launch.
Meanwhile, the number of pre-registrations for Toss Bank's banking service has exceeded 830,000 as of 2 PM on the 24th, just two weeks after the application opened.
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