Kakao Bank Extends 'First Month Interest Support for Low to Medium Credit Customers' Until Year-End

[Asia Economy Reporter Kiho Sung] KakaoBank announced on the 11th that it will extend the 'First Month Interest Support for Loans to Low-to-Medium Credit Customers' program, which started in June, until the end of the year.

KakaoBank will support the first month’s interest for low-to-medium credit customers (KCB score of 820 or below) who newly receive loans such as Medium Credit Loan, Medium Credit Plus Loan, and Medium Credit Emergency Loan until the end of the year. The interest for one month will be paid into the KakaoBank account under the customer's name, and no separate application is required.

KakaoBank's 'Medium Credit Loan' and 'Medium Credit Plus Loan' are loan products targeted at salaried workers with a credit score of 820 or below (KCB standard), with maximum limits of 100 million KRW and 50 million KRW respectively, and interest rates starting from 3.367% per annum and 4.378% per annum respectively. (As of the 11th)

The 'Medium Credit Emergency Loan' is a minus account type loan product that can be contracted up to 3 million KRW without submitting documents regardless of employment or income. The maximum limit is 3 million KRW and is applied differentially based on the screening results. The lowest interest rate for the 'Medium Credit Emergency Loan' is 4.655% per annum as of the 11th. (As of the 11th)