IBK Industrial Bank of Korea to launch mid-rate loans for middle- and low-credit borrowers
IBK Industrial Bank of Korea is 7 month 12 day and is preparing its own mid-rate loan product aimed at individuals with middle and low credit. This would mark the state-owned policy bank joining savings banks and commercial banks in supplying related loans.
IBK Industrial Bank of Korea is 7 month 12 day and is reportedly preparing its own mid-rate loan product for middle- and low-credit individuals. In line with the government’s inclusive finance policy, the state-owned policy bank appears to be joining savings banks and commercial banks in the mid-rate loan market.
According to the report, the bank’s target customers are individual clients with relatively weak credit. The product is said to serve a purpose similar to the mid-rate loans offered by existing savings banks and commercial banks.
The company has not yet disclosed how the product will be launched or its detailed terms. The launch timing, specific interest rate, and lending limit will be announced later.
In the policy direction on inclusive finance from the financial authorities, the participation of policy banks has been mentioned. The article said that Industrial Bank of Korea's move is an extension of that trend.
Savings banks and commercial banks have already operated mid-rate products. With Industrial Bank of Korea joining in, the article raises the possibility that the structure of the related market may change.
The article did not include any official announcement on product details, launch timing, or the expected loan amount. Additional disclosures from Industrial Bank of Korea need to be checked.
Sources: 매일경제 경제
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