KB Kookmin Bank Signs 'Personal Credit Loan Refinancing Partnership Agreement' with Korea Citibank

Loan amount remains the same, with up to 0.4% point preferential interest rate and additional fee benefits

[Asia Economy Reporter Song Hwajeong] KB Kookmin Bank announced on the 22nd that it has signed a 'Personal Credit Loan Refinancing Partnership Agreement' with Citibank Korea.

This agreement is a measure to protect and enhance convenience for customers using personal credit loans due to the phased discontinuation of consumer finance operations by Citibank Korea. According to the agreement, customers using personal credit loans at Citibank Korea can convert to KB Kookmin Bank's credit loan products within the existing credit loan balance range, regardless of borrower-specific Debt Service Ratio (DSR) and loan limit restrictions within 100% of annual income.

Refinancing under this partnership will be available starting from the 1st of next month. To provide easy and convenient refinancing, KB Kookmin Bank will offer mobile refinancing services, operate dedicated consultation desks at branches nationwide to assist digitally marginalized groups, and run a dedicated consultation center for Citibank Korea refinancing loans, supporting customers through various channels. Additionally, when applying for refinancing loans, customers can easily check loan amounts and interest rates without submitting employment and income documents through the partnership with Citibank Korea.

Financial support will also be provided to alleviate the financial burden on customers wishing to refinance due to the phased discontinuation of Citibank Korea's consumer finance operations. First, a preferential interest rate of up to 0.4 percentage points compared to the pre-refinancing loan rate will be supported. The welcome preferential interest rate (0.2 percentage points) is applied uniformly without any separate conditions, and an additional preferential interest rate of up to 0.2 percentage points will be applied to customers within grade 6 according to KB Kookmin Bank's own credit evaluation, allowing many customers to receive a maximum preferential interest rate benefit of 0.4 percentage points. Furthermore, the bank will fully cover the stamp tax incurred during refinancing and waive early repayment fees incurred during the loan period.

A KB Kookmin Bank official stated, "We hope many customers take advantage of this opportunity, which allows them to use the same amount as their existing credit loan balance while also receiving preferential interest rates and fee waivers."