KakaoBank Lowers Personal Business Loan Interest Rates by up to 0.4%p

The Only Bank Offering Non-Face-to-Face Personal Business Loans with Interest Rates in the 3% Range

KakaoBank announced on the 5th that it will lower the interest rates on personal business owner credit loans by up to 0.4%p.

With this rate reduction, KakaoBank's personal business owner credit loan interest rate will be as low as an annual 3.754%. Among non-face-to-face personal business owner credit loan products in the banking sector, KakaoBank is the only one offering rates in the 3% range.

KakaoBank's personal business owner credit loan is a product that can be applied for easily and quickly without submitting separate documents. Personal business owners who have registered their business and are operating can borrow up to 100 million KRW for a period of 1 to 10 years.

The total personal business owner loan balance, combining KakaoBank's personal business owner credit loans and guarantee loans, exceeded 1.5 trillion KRW as of the end of August. This represents about a 1.5-fold growth compared to the loan balance of 1 trillion KRW at the end of last year. The popularity is attributed to the launch of various services considering the convenience of personal business owner customers and the expansion of guarantee loan product types.

A KakaoBank representative said, "We lowered the interest rate by up to 0.4%p to ease the burden on personal business owner customers facing difficulties," adding, "We will strive to offer various services for personal business owner customers so that more small business owners can enjoy practical benefits, not only by reducing financial costs."