# 4 January 2021. When the New Year’s first bank door opened at 9:30 am, people rushed into the store. The people who flocked are the common people who beat General Dong Seol-furan and struggled to open the door that had been closed. People who have not yet entered the store due to the reinforcement of social distancing, how farther from the road outside the door should be, without any promise… I was put in a desperate situation where I had to simply leave my body in the queue.
This is a unique New Year’s landscape that took place as banks that had started to “hang the bar” of credit loans at the end of last year’s “first in thought” resumed loans. From this day on, banks will increase their credit limit, while some banks will raise the preferential interest rate again, which has been reduced to a minimum.
“I was very embarrassed by the sudden reduction of the loan limit at the end of last year,” said Kim Mo, who came to receive a credit loan that day. “I don’t know when the bank will raise the loan threshold again, and I knocked on the bank door from the morning of the first day of the year.” Said.
Another visitor, Mr. Park Mo, repeatedly appealed, “If you can count on the feelings of the common people as if walking in a dark tunnel, you should not implement a stage predation policy that blindly blocks loans as at the end of last year.”
According to the financial sector on the 4th, KB Kookmin Bank lifted the restrictions on credit loans in December. From the 14th of last month, Kookmin Bank stopped all household loans exceeding 100 million won, and from the 22nd, it has not paid all new credit loans exceeding 20 million won. It is also possible to revert to other banks’ mortgage loans to Kookmin Bank’s mortgage loans. However, the reduction of credit loan limits, such as professional loans, which have been in effect since the end of September last year, has decided to continue for the time being.
Shinhan Bank also resumed non-face-to-face credit loans from the 1st and opened the door of credit loans at stores on the 4th. The bank has not received new applications for mobile credit loans on the 15th of last month and for all household loan credit products except for the low-income financial products from its branches from the 23rd. In addition, mortgage loans for housing and officetel through loan counselors and loans to all households will be released from this month. In addition, it decided to apply for online mortgage loans again.
Woori Bank is planning to resume the sale of the discontinued’Won Loan for Office Workers’ in January. However, the preferential interest rate reduction and the maximum limit adjustment (100 million won) will be extended this year as well. Hana Bank is also weighing the timing of the resumption of the online product, Hana One Q Credit Loan, which has been discontinued since the 24th of last month. Kakao Bank has been receiving’minus bankbook credit loans’ again from the 1st of this month. It was suspended on the 17th of last month and resumed in two weeks.
In fact, the reduction in preferential interest rates, which caused the effect of raising the loan rate, will also be partially eased.
NH Nonghyup Bank applied the existing preferential interest rate system from the 4th to increase the maximum preferential interest rate for home mortgage loans with variable rates from 1.0% to 1.4% at present. For credit loans, the maximum preferential interest rate rises from 0 to 0.25% to 0.8 to 1.2%.
The reason why banks have resumed household loan credit lending is because the complaints of the common people on the’loan cliff’ and the financial authorities’ annual regulation on the total amount of household loans have been initiated. Financial authorities have urged commercial banks to comply with the total amount regulation as the rate of increase in household loans from 4 to 5% per year soared to 7% at the end of last year.
An official in the banking sector said, “As the year has changed, the burden on the annual household loan regulation has been reduced, but that does not mean that there is no burden at all. Uncertain public sentiment about the loan market can significantly increase the total amount of loans.” “Since it is a position to maintain the management system, the trend of reducing the relatively large-scale high-income and professional loans will continue.” He added, “I received the government’s position to actively handle loans to the common people, as large credit loans that have a lot of possessions for purposes such as luck and debt are condemned.”
Meanwhile, the government has announced that it will come up with a’advanced household debt management plan’ in the first quarter, focusing on strengthening the regulation on the total debt principal repayment ratio (DSR) through key tasks of each department in the direction of economic policy this year. The DSR is an indicator of the borrower’s repayment capacity versus the repayment capacity of the borrower. It is the annual repayment of principal and interest of all loans held by the borrower divided by annual income. It is also known that the supervisory authority will receive loan-related business plans from commercial banks at the beginning of the year and monitor them.
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