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As the bank’s loan interest rate rises by up to 0.6 percentage points (p) in half a year, the burden on consumers who owe or plan to lose bank debt for investments such as ‘Eng Cler’ (attracting to the soul) and ‘debt investment’ (investing by loan) increases It is a prospect.
According to the financial sector on the 28th, KB Kookmin, Shinhan, Hana, and Woori’s four major commercial banks’ credit loan interest rates (1st grade, 1 year) as of the 25th are 2.59-3.65% per year.
This is a 0.6 percentage point higher at the lower end compared to 1.99 to 3.51% at the end of July last year when the ‘1% range’ credit loan interest rate appeared.
At that time, in March to May of the same year, the Bank of Korea reduced the base rate by 0.75% point (1.25 → 0.50%) significantly in two months to protect the economy from the novel coronavirus infection (Corona 19). It was a time when the low interest rate trend was reflected in earnest.
In addition to the interest rate on credit loans, the interest rate on mortgage loans is on the rise.
As of the 25th of the four major banks, the interest rate for mortgage loans (linked to Cofix) is 2.34~3.95% per year. Also, the lowest interest rate rose by 0.09 percentage points from the end of July last year (2.25 to 3.95%).
First of all, the interest rate on credit loans is based on the interest rate on short-term financial bonds, such as bank bonds 6 months and 1-year bonds. The jump of 0.6 percentage points in the six months is basically interpreted as the increase in interest rates of these financial bonds.
In recent years, long-term interest rates such as 10-year KTBs have risen enough to exceed pre-Corona 19 levels, reflecting expectations for economic improvement or inflation (inflation). For short-term stocks, the rise is not as strong as for long-term stocks, but the uptrend is clear.
In fact, the interest rate on 1-year bank bonds (AAA, non-guaranteed), which is the most commonly used index rate for credit loans, rose 0.095 percentage points in half a year from 0.761% at the end of July last year to 0.856% as of the 26th.
However, only a 0.1 percentage point increase in the credit loan index rate cannot explain the extent of the credit lending rate increase, reaching 0.6 percentage points.
The remainder of the interest rate increase was due to the fact that banks have cut the preferential interest rate range since October last year, as the financial authorities began to tighten credit loans in earnest.
In the case of variable interest rates on mortgage loans, COFIX (finance cost index) is mainly followed. The COPIX applied in February by banknotes (as of January) is 0.86% based on the amount of new treatment, which is 0.05 percentage points higher than 0.81% in July last year.
This rise in lending rates is a burden not only for new borrowers (money borrowers), but also for existing borrowers who have already received loans.
In fact, the recent slowdown in credit loan growth is the analysis of banknotes that not only the stagnation of the stock market, but also the rise in interest rates had a significant impact.
As of the 25th, the credit balance of KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup’s five major commercial banks stood at 15.3 trillion 1747 billion won, down 64.3 billion won from the end of last month (135 trillion 2390 billion won).
Eunji Cha, reporter Hankyung.com [email protected]
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