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Finance

NH NongHyup Bank launches local settlement finance package, bolsters support outside capital

NH NongHyup Bank said on April 17 it will launch a “local settlement finance package” from the end of this month for regions outside the Seoul metropolitan area to support local economic revitalisation and balanced national development. The programme will run through end-2026 with a 1 trillion won cap for new mortgage borrowers. It will offer a 0.2 percentage-point preferential rate, waive early repayment fees and have the bank cover stamp duty in full.

Finance

Korean banks\' household loans return to growth after four months, up 500 million won

Household loans at South Korea\'s deposit banks rose in March for the first time in four months, increasing by 500 million won from the previous month to 1,172.8 trillion won, Bank of Korea data showed. Mortgage lending was flat at 934.9 trillion won, while other loans rose by 500 million won to 237.1 trillion won. Across all financial institutions, household loans increased by 3.5 trillion won in March, the Financial Services Commission and Financial Supervisory Service said.

Finance

Banks, fintech brace for battle over refinancing for sole proprietors

Competition is set to intensify in South Korea’s sole proprietor loan market as a refinancing service for sole proprietors’ unsecured business loans begins. The Financial Services Commission said the service allows borrowers to switch via smartphone to lower-rate loans for working capital of up to 1 billion won. Eighteen banks and five loan-comparison platforms including Naver Pay, Kakao Pay and Toss take part. Authorities expect lower costs for small merchants and stronger competition.