A loan window of a parent bank. yunhap news
The demand for credit loans, which seemed to have collapsed last month as the stock market stagnated and loan interest rates rose, is exploding again in March. The stock market is still sideways, but it is analyzed that the last-minute demand to receive loans ahead of the financial authorities’ announcement of the household debt management plan, which was announced in the middle of this month, is rushing.
According to the banknote on the 9th, the credit balance of the five major banks, including KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup, as of the 5th was 136 trillion 2009 billion won. Since the balance at the end of February was 135,1683 billion won, it has increased by 1,326 trillion won in just 4 business days since March.
In the new year, the five major commercial banks’ credit loans increased sharply. As the stock market was booming, with the KOSPI index surpassing 3200 points in January, the credit loans of the five major banks increased by 1.5909 trillion won in the month of January.
However, the heat of the stock market, which was burning in February, has somewhat slowed down, and loan interest rates have risen, and credit demand has also declined. The credit loans of the five major banks declined by 707 won from the previous month at the end of February.
The atmosphere of’debt investment’ (investing from debt) and’spirituality’ (attracting souls), which seemed to decrease as it was, is changing again in March. On the 2nd, which was the first business day in March, the balance of credit loans of the five major banks increased by KRW 6746 billion, turning to an increase, and it exceeded KRW 1 trillion in 4 business days. Considering that the total increase in January was about 1.5 trillion won, it is an explosive increase.
The reason why credit loans surge in March is analyzed because the financial authorities are ahead of a household debt management plan, which is scheduled to be announced in the middle of the year. The key to this household debt management plan is to apply a 40% total debt repayment ratio (DSR) to each borrower. DSR is an index that calculates the principal and interest repayment burden on all loans of the borrower during the loan review, and reflects the principal and interest burden of all financial sector loans as well as mortgage loans. The financial authorities plan to change the DSR regulation, which was the average regulation for each financial institution, to a method of applying DSR 40% per individual borrower. This will reduce the credit limit an individual can receive.
The Financial Services Commission decided not to retroactively apply the new system to loans received prior to the enforcement of the regulation. Because of this, there is a movement to receive loans in advance due to anxiety that loans may be blocked after regulation.
In November of last year, when the financial authorities announced a 40% DSR regulation on credit loans exceeding 100 million won for high-income earners with an annual income of over 80 million won, the last-minute demand for loans increased, leading to an increase of over 1.5 trillion won in credit loans.
In addition, as the novel coronavirus infection (Corona 19) situation is prolonged, the demand for funds from the victims such as the self-employed and the low-income class is continuing, which is also a factor in increasing credit loans.
An official of a commercial bank said, “Until the announcement of a household debt management plan, more customers are expected to receive loans in advance.”
Reporter Nam Jung-hoon [email protected]
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