Credit loan interest rate in December of last year 0.49%p↑… The largest increase in 8 years

At the end of last year, as banks began to reduce preferential interest rates as a means of’strengthening credit loans’, the credit loan interest rate rose the most in eight years and three months.

According to the statistics of the’weighted average interest rate of financial institutions’ released by the Bank of Korea on the 29th, the average of deposit bank loan interest rates (weighted average and new treatment amount) in December last year rose by 0.03 percentage points (p) from November (2.71%) It was counted at 2.74%. Since October (2.66%), it has risen for two consecutive months.

Depending on the loan entity, the interest rate for corporate loans rose by 0.01 percentage point from 2.72% to 2.73%, and the interest rate for household loans rose 0.07 percentage point from 2.72% to 2.79%.

By household loan type, the interest rate of general credit loans, in particular, jumped 0.49 percentage points (3.01 → 3.50%) in a month. This is the largest increase in 8 years and 3 months since September 2012 (0.66 percentage points).

Han Eun Financial Statistics Team Leader Song Jae-chang explained, “The impact of banks’ efforts to manage the total amount of household credit loans, including the reduction of preferential interest rates.”

Along with the rise in indicator interest rates such as bank bond interest rates, the mortgage loan interest rate also rose by 0.03 percentage points (2.56 → 2.59%).

The average of deposit banks’ savings-related interest rates was 0.9%, the same as in November.

Accordingly, the difference between the deposit bank’s loan interest rate and the savings-related interest rate, that is, the loan-to-deposit margin, increased by 0.03 percentage points from November (1.81 percentage points) to 1.84 percentage points.

The total received interest rate and total loan interest rate based on the balance, not the new handling standards, were 0.75% and 2.80%, respectively, and the deposit margin was also calculated at 2.05%, 0.03% points higher than in November (2.02%).

Deposit rates of mutual savings banks and credit unions other than banks (based on the amount of new one-year term deposits) rose 0.08 percentage points and 0.02 percentage points, respectively, last month.

In the case of loan interest rates for non-bank institutions, credit unions (0.03 percentage points) and Saemaul Geumgo (0.14 percentage points) rose, while mutual savings banks (-0.11 percentage points) and mutual finance (-0.04 percentage points) fell.

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