In response to the financial authorities’ warning of’debt investments’, banks are putting out measures one after another, such as reducing the limit on loans and raising interest rates. As banks’ financing interest rates have also risen, the real loan interest rate felt by financial consumers has jumped even further. It is predicted that the interest burden will increase on the’Young Kul’ and’Debt’ families and those in need of emergency power supply due to the new coronavirus infection (Corona 19).
○ K Bank also raises the interest rate on credit loans.
According to the banknote on the 28th, K-Bank increased the interest rates of credit loans and negative bankbook loans for office workers from this day by 0.2 percentage points and 0.1 percentage points (based on the lowest interest rate), respectively. The minimum interest rate for credit loans has been raised from 2.44% per annum to 2.64% per annum, and the minimum interest rate for negative bank loans has been raised from 2.9% per annum to 3.0% per annum.
K-Bank explained that the decision was made in light of the fact that other banks are taking tightening measures, such as reducing limits or removing preferential treatment, to regulate the pace of household loans, which have been increasing rapidly since last year. On this day, Woori Bank also reduced the limit of 10 products, including major negative bankbooks such as’our main business employee loan’,’our special loan’, and’our first salary credit loan’, to 50 million won. Hana Bank has also made a practical’interest rate increase’ by reducing the preferential interest rate applied to the’Hana OneQ Credit Loan (Excellent)’ product, which is a credit loan for high-income, high-credit people.
The reason why banks continue to participate in the “loan tightening” is because the pressure from the financial authorities has increased. On the 26th, the Financial Supervisory Service convened the vice presidents in charge of loans at 17 banks and held an emergency inspection meeting. This is the fourth meeting since September of last year to manage household loans. It is reported that the Financial Supervisory Service has ordered, “Please manage the targets for raising household loans previously submitted to banks.”
Until last year, financial authorities mainly targeted the top five banks. However, as the stock market boom and IPO subscription offerings overlapped, a’balloon effect’ was seen in which consumers flocked to non-face-to-face loans of less regulated Internet banks, and Internet bank loans were also affected. An official from the bank said, “K-Bank suffered a loan suspension for over a year and became a’consideration’ in various regulations. On the 22nd, Kakao Bank also reduced the maximum limit on credit loan products for high-credit office workers from 150 million won to 100 million won.
○’Interest rate rises more’.
Banks protest that the recent rise in interest rates on short-term financial bonds used to calculate credit loans has made a rate hike inevitable. As of this day, the 6-month interest rate for financial bonds was 0.82% per year, up 0.13 percentage points from 0.69% per year on August 28 last year. It is analyzed that the real interest rate felt by financial consumers has increased further as measures to eliminate various preferential interest rates have been added.
According to the Federation of Banks, in December last year, the average interest rate of credit loans loaned by five major banks, including Shinhan Kookmin Hana Woori Nonghyup, to consumers with a personal credit rating of 1 to 2 was 2.60% per year. In August of last year, the interest rate rose by 0.33 percentage points in four months from 2.27% per year. The average credit loan interest rate for consumers with personal credit ratings of 5 to 6 rose 1.02 percentage points from 4.37% per year to 5.59% per year for the same period. As the funding rate rises, the risk factor increases, and the interest rate for low-credit people jumps more rapidly.
During the same period, the interest rate on mortgage loans also increased slightly. The interest rate for mortgage mortgage loans handled by the five major banks rose from 2.48% in August last year to 2.8% in December last year. A bank official said, “As the financial authorities’ measures not to give loans to high creditors and the rise in market interest rates overlap, the common people are more affected.” There is a high possibility that this will be bigger.”
Reporter Daehoon Kim/Hyunah Oh [email protected]
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