[Asia Economy Reporter Bu Aeri] K Bank announced on the 12th that it will lower the interest rate on the 'Sajangnim Credit Loan' by up to 0.9 percentage points.
The Sajangnim Credit Loan is a product for individual business owners with a maximum loan limit of 100 million KRW. Following this reduction, the Sajangnim Credit Loan will offer interest rates ranging from 5.72% to 7.95% per annum.
The loan term can be freely chosen between a lump-sum maturity (1 year) or equal principal and interest installment repayment (1 to 3 years). It can be extended up to a maximum of 10 years, and there is no separate prepayment penalty.
A K Bank official stated, "We decided to lower the interest rate on the Sajangnim Credit Loan to ease the burden on individual business customers amid difficult economic conditions and rising loan interest rates," adding, "We will continue to strive to practice inclusive finance."
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