[친절한 경제] The Financial Supervisory Service summoned the bank to the soaring loan interest rate… will it go down?
Friendly economy time. Today (23rd) I will be with reporter Kim Hye-min. We talked about a lot of interest rates on loans. We talked about it a while ago. However, when commercial banks searched for the reason, the base rate may have risen, but there is a story like this, because commercial banks raised the additional interest rate and their own interest rates a lot, right?
That’s right. I just came out here at the beginning of this month to explain why interest rates on loans are so high.
The story I talked about at the time was that the financial authorities raised the base interest rate, and in addition to that, banks were also raising the additional interest rate and reducing the preferential interest rate.
Then I said that the government is condoning it because it will also help reduce this loan.
In fact, there is data that examines how much interest rates have risen.
Cofix is the standard for variable interest rates on mortgage loans. In addition, each bank individually adds additional interest rates and provides some benefits with preferential rates.
Cofix increased 0.39 percentage points this year, but the floating rate of mortgage loans at the four major banks rose by 0.9 percentage points.
In the name of banks managing loans, they raised the additional interest rate and reduced the preferential rate.
Then, in the end, the total amount of loans would have decreased, but the banks would not have been in a business that honestly suffered losses as they raised the additional interest rate and reduced the preferential interest rate as much as they gave.
Yes. Loan rates continue to rise, but strangely, deposit rates have not.
The difference between loan and deposit rates is called the deposit-to-deposit interest rate.
Of course, the profitability of the banks would have improved. Most banks are hitting all-time highs.
Consumer complaints like “loan interest rates rising too quickly” are pouring in at bank branches, and petitions have been posted to the Blue House public petition bulletin board to prevent banks from extorting money.
The financial authorities have drawn a line that it is difficult to intervene in this interest rate because it is being decided voluntarily in the market.
The Financial Supervisory Service summoned all commercial bank officials and instructed them to take a look at whether the calculation of the additional interest rate and preferential interest rate is being carried out in accordance with the standards.
Banks are actually quick to follow the instructions of the financial authorities. Therefore, we are now considering ways to revive the preferential interest rate that has been reduced.
i See. So, if the preferential interest rate expands like this, will the loan interest rate be lowered?
First of all, banks will try to revive preferential rates. But the problem is that the base rate seems to be going up soon, which is the 25th, so this Thursday.
At this time, the Monetary Policy Committee of the Bank of Korea will hold its last monetary policy direction meeting this year.
It seems that the base rate will be raised one more time here, and at this time, it is expected to rise by 0.25%, and then the era of the base rate of 1% is coming. If so, the loan interest rate can go up to 6%.
The prevailing view is that the interest burden experienced by consumers may not decrease even if banks release the preferential interest rate. This is bittersweet news for the common people, who are obliged to borrow money.
i See. In the end, the effect of a rate cut that can be felt as the base rate rises is not likely to be significant. But why isn’t the preferential rate of 0.1%? However, the additional interest rate is relatively high for banks that do not disclose it. It may be necessary to review once. Finally, one of the ways to save interest rates is the right to demand a rate cut. Our right to tell the bank, “Please lower interest rates.” Would this be of any help, in your current situation?
In conclusion, it is good to know, but it is difficult to say that it is effective.
The right to request a rate cut is the right of the borrower to request a rate cut directly from the bank when his or her wealth increases or credit score improves for reasons such as employment or promotion.
Although it was enacted into law in 2019, the standards have been a bit strict, so it has not been properly implemented. So, it is no longer difficult to apply in itself.
It is very easy to find the request for interest rate cut request button when you enter the bank app. I tried it yesterday and was able to apply easily.
With this ease of application, the number of applications for interest rate cuts has increased significantly.
It was 200,000 cases in 2017, and it increased significantly to 910,000 cases last year. However, the acceptance rate fell from 61% to 37%.
So, when your wealth increases or you change your job, you should not forget this and write a request for an interest rate cut, but be aware that there is a high possibility of being rejected.
And experts are pointing out that no matter how aggressively borrowers use their right to demand a rate cut, it cannot be a fundamental solution when loan interest rates rise sharply like now.