Mirae Asset Securities will further lower interest rates on short-sale collateral loans to reduce customers’ interest burdens.

Mirae Asset Securities said on Wednesday it will cut short-sale collateral loan rates by up to 2 percentage points depending on the amount used from Nov. 2. The move follows a cut in July to 7.95 percent a year from 9.0 percent.

The rate, currently applied uniformly at 7.95 percent a year, will be applied on a tiered basis depending on the daily amount used.

For usage amounts of 30 million won or less, the rate will be 5.95 percent a year, down 2 percentage points from the current level. For amounts above 30 million won, the rate will be 7.45 percent a year, down 0.5 percentage point.

The rate adjustment reflects customers’ actual scale of use of short-sale collateral loans.

Mirae Asset Securities analysed daily usage amounts of customers using short-sale collateral loans in July and August this year and found most used the 30 million won or less bracket. It expanded the rate cut for the bracket where customer usage is concentrated.

Mirae Asset Securities explained it decided on the additional rate cut to reduce investors’ financial cost burdens and strengthen investor protection amid ongoing market volatility and uncertainty.

A Mirae Asset Securities official said, "We decided on an additional rate cut to ease customers’ interest burdens and strengthen investor protection," adding, "We will continue to improve financial services."