Banksalad has strengthened its loan management functions by introducing a personalised interest-saving service tailored to each customer's loan situation.

Banksalad said on Tuesday it has newly introduced an "interest cutting" solution to its loan service.

The service expands an existing refinancing-centred interest-saving function by offering an integrated set of savings options tailored to customer circumstances.

It is designed to let users compare and use together four interest-saving methods on one screen: exercising the right to request a rate cut, refinancing, meeting performance requirements for preferential card rates, and switching to a secured loan.

It also uses MyData infrastructure to analyse a customer's loan balance, interest rate, loan term and lender information, as well as insurance contracts and whether the customer owns a car or a home, and then calculates and provides the maximum annual interest amount that can be saved.

The company said that during the beta service period, customers who were able to cut interest saved an average of about 610,000 won a year. Banksalad plans to place the feature prominently on a loan home screen that is due to be revamped and to continue strengthening its loan management service.

A Banksalad official said, "We gathered various interest-saving methods tailored to customer circumstances in one place to expand actionable options." The official added, "We will continue to upgrade our services so customers can manage loans efficiently and reduce their financial burden."