Savings banks are handling credit loans with an annual interest rate of up to 20% to borrowers (borrowers) with a credit score of 900 points or higher (old credit rating 1), but there are many pointed out that the interest rate calculation system is still’black’. The common people, who are the main users of savings banks, borrow money without knowing for what reason the high interest rates are set.
According to the financial sector on the 9th, savings banks set loan interest rates by adding an additional interest rate to the standard loan rate (indicative interest rate) in accordance with the ‘Model Code for Loan Rate Calculation System’ of the National Savings Banks Association. The index interest rate is calculated by adding a risk premium to the funding rate, and the additional interest rate is the sum of △work cost △capital cost △credit cost △target margin △adjusted interest rate.
The problem is that it is unclear how the additional interest rate, which accounts for a significant portion of the loan interest rate, is determined. For example, banks must recalculate liquidity and risk premiums at least once a month, and indirect costs must be newly reflected every year. However, the savings bank decides autonomously without any rules. When the interest rate is cut, it is possible to calculate the interest rate to benefit savings banks, such as setting the existing high interest rate without recalculating various additional interest rate items, and moving quickly when the interest rate is raised. In addition, the number of borrowers who use non-face-to-face, such as mobile apps, is increasing recently, but savings banks are reflecting the cost of loan recruiters to the additional interest rates of these borrowers.
Since various costs are reflected in the additional interest rate, it is a’trade secret’ of an individual financial company. Because of this, even bank borrowers do not know the interest rates of all items that make up the additional interest rate. Instead, it made it possible for borrowers to estimate personal credit costs by making it mandatory to explain the additional interest rate items and separately disclosing the adjusted interest rate (preferential interest rate + prepayment interest rate) from the additional interest rate.
On the other hand, it is difficult for savings bank borrowers to determine whether the loan interest rate applied to individuals has been properly calculated. This is due to the lack of information provided by savings banks, and the wide variation in additional interest rates for each company. Savings bank credit lending index rates are similar to 1~2% per year as of January, but the additional interest rate (for borrowers with a credit score of 900 or more) reaches at least 4.5% and maximum 18.1%. The premium rate for large companies is around 15%.
Credit loans are better. Other products excluding credit loans such as mortgage loans and heavy interest rate loans are not even disclosed on indicators and additional interest rates. The bank discloses in accordance with the detailed enforcement regulations for banking business supervision (Article 70-2), and from the 25th, the enforcement regulations in accordance with the Financial Consumer Protection Act will also be applied. In the case of savings banks, on the other hand, there are no regulations related to protection of users’ rights and interests in the savings banking supervision regulations notified by the Financial Services Commission or the detailed enforcement regulations for savings banking supervision of the Financial Supervisory Service. Because of the savings bank crisis, the focus was only on the soundness and management status evaluation, so it missed the’blooming interest rate system’.
A senior person who participated in the TF for rationalization of bank loan rates in 2018 said, “Because interest rates are set in the market as a rule and collusion issues always follow, it is necessary to be cautious to modify the rate calculation system.” The system is difficult for financial consumers to understand,” he said.