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Finance

KakaoBank cuts New Hope and Sunshine Loan rates to mid-4 percent range

KakaoBank will cut interest rates on policy-backed loans for low-income and financially vulnerable borrowers to ease interest burdens. It said the cuts take effect on May 15 for its New Hope Loan II and Sunshine Loan products. New Hope rates fall by 0.30 percentage points and Sunshine Loan rates by 0.75 percentage points. KakaoBank plans to offer both at minimum rates in the mid-4 percent range.

Finance

K Bank launches Sunshine Loan special case product

K Bank said on Tuesday it launched a Sunshine Loan special case product in line with a restructuring of the Korea Inclusive Finance Agency’s policy finance system. The loan carries an annual interest rate of 12.5 percent, lower than the Sunshine Loan 15 rate. Certain socially vulnerable groups qualify for a 9.9 percent rate. Eligible borrowers include low-income, low-credit applicants, with limits up to 10 million won.