IBK Industrial Bank, 50% Fee Waiver on Early Repayment of Household Loans

Support for Microfinance, Aimed at Protecting Actual Users

[Asia Economy Reporter Park Sun-mi]IBK Industrial Bank announced on the 1st that it will reduce the prepayment penalty on household loans by 50% from the 9th of this month until March 31 of next year.

The bank explained that the purpose is to reduce the financial burden on loan repayment customers, encourage voluntary repayment by customers who have the capacity to repay, support microfinance, and protect actual demanders.

The applicable loans are all household loans received from IBK Industrial Bank, and some products subject to prepayment penalties under separate agreements with external institutions (such as Naejipmareum Didimdol Loan, Buteimmok Jeonse Fund Loan, Bogeumjari Loan, and Qualified Loan) are excluded from the prepayment penalty reduction.

An IBK Industrial Bank official stated, “Although we have operated prepayment penalties lower than other banks, we plan to continue loan support for actual demanders and low-income people through this additional prepayment penalty reduction.”