Under South Korea’s “right to request an interest rate reduction,” borrowers can ask a financial company to cut their rate when their credit profile improves, such as through employment, higher income or better credit.
With the change, sole proprietor customers can apply and check results through KB Corporate Star Banking and internet banking without visiting a branch, regardless of loan type.
The bank also introduced a new “credit improvement guidance” service for cases in which a request is not approved. It provides five categories of information — personal details, bank transaction data, loan transaction data, card usage data and delinquency information — to help customers manage their credit.
A company official said the move is intended to help busy small business owners use financial services more conveniently and benefit from lower rates, adding that the bank will continue expanding inclusive finance services to protect consumer rights and ease financing costs.
* This article has been translated by AI.
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