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Finance

Hana Bank launches 5.5 percent mid-rate loan for mid-to-low credit borrowers

Hana Bank launched an online-only mid-rate unsecured loan aimed at improving access to finance for mid-to-low credit borrowers. The product applies a fixed annual interest rate of 5.5 percent and offers a maximum limit of 10 million won, targeting customers in the bottom 50 percent of personal credit scores. Hana Bank plans to supply 2 trillion won of the loans and said the design helps borrowers plan repayments without rate volatility.

Finance

Korean banks tighten lending standards ahead of government property measures

South Korea\'s financial sector is raising lending hurdles ahead of a possible government property package as early as next month. Banks are tightening self-imposed rules, including reducing credit loan limits and strengthening management of overdraft facilities, even as decisions on mortgage and jeonse loan curbs remain undecided. Markets are watching possible tighter jeonse loan guarantees and renewed focus on second-tier lenders. Internet-only banks are also cutting limits as demand shifts.

Finance

Banksalad says loan refinancing cut average interest by 560,000 won in 3 years

Banksalad on Monday released customer benefit data to mark the third anniversary of its loan refinancing service. The company said users saved an annual average of 560,000 won in interest, with an average rate cut of 4.2 percentage points and an average refinancing amount of 16.8 million won. It also cited cases of larger savings and said borrowers moving from second-tier lenders to top-tier lenders saw credit scores rise by 50 points on average.