The bank announced on June 29 that all early repayment fees for home loans applied for by the end of December will be fully waived. Early repayment fees are charges incurred when a loan is paid off before its maturity date. Since launching its home loan products in 2022, Kakao Bank has been the only financial institution to waive fees on all early repayments, totaling 214.6 billion won waived as of the first quarter of this year.
Kakao Bank has returned a cumulative 1.3141 trillion won in financial benefits to customers through various initiatives, including ATM fee waivers, guidance on interest rate reduction requests, and cashback on debit cards.
The bank fully waives ATM fees at convenience stores and bank ATMs without any conditions or limits, resulting in a cumulative savings of 456.2 billion won in financial costs as of the first quarter of this year. It has also actively implemented interest rate reduction requests, having introduced the first non-face-to-face service for such requests within a banking app in 2019, leading to a total interest savings of 57.1 billion won for customers. Additionally, the cumulative cashback benefits since its inception amount to 586.2 billion won.
A Kakao Bank representative stated, "We aim to reduce our customers' financial burdens through fee waivers and interest reduction benefits, and we will continue to practice inclusive finance in the future."
* This article has been translated by AI.
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