K Bank Lowers Credit Loan Interest Rates by up to 0.3 Percentage Points

[Asia Economy Reporter Buaeri] K Bank has lowered interest rates on loans such as unsecured loans and apartment mortgage loans.

According to KakaoBank on the 7th, the lowest interest rate for unsecured loans is 3.09% per annum, and the lowest interest rate for apartment mortgage loans is 2.99% per annum.

Since the 5th, K Bank has reduced the interest rates of three loan products?unsecured loans, unsecured loan plus, and overdraft accounts?by up to 0.3 percentage points per annum depending on the credit rating. For apartment mortgage loans, the interest rate on variable rate products was lowered by 0.1 percentage points per annum.

Accordingly, the new unsecured loan interest rate has decreased from 3.27%?10.32% per annum to 3.09%?10.32% per annum. K Bank’s unsecured loans allow borrowing up to a maximum limit of 300 million KRW.

The lowest interest rates for overdraft accounts and unsecured loan plus were also reduced. The new overdraft account interest rate dropped from 3.77%?10.46% per annum to 3.59%?10.46% per annum, and the unsecured loan plus interest rate decreased from 4.08%?11.41% per annum to 3.88%?11.40% per annum.

The interest rate for variable rate apartment mortgage loan products was lowered from a minimum of 3.09% per annum to 2.99% per annum.

K Bank raised interest rates on savings and deposit products in response to the base rate hike, while lowering interest rates on loan products. In December last year, K Bank increased savings and deposit interest rates by up to 0.6 percentage points per annum, and last month, it raised savings and deposit interest rates uniformly by 0.3 percentage points per annum. On the 2nd of this month, it also increased the preferential interest rate of the automatic lump-sum savings product 'Challenge Box' by 0.5 percentage points per annum.

A K Bank official said, "We decided to lower the interest rates of major loan products even during the rate hike period to reduce the burden on customers," adding, "We will continue to strive for customer satisfaction by discovering competitive products."