<Anchor> This is a
friendly economic time. Today (23rd), I will be with reporter Kim Hye-min. We mentioned a while ago that interest rates on loans have risen a lot. However, when commercial banks searched for the reason, the base interest rate may have risen, but it is because commercial banks have raised the additional interest rate and their own interest rates a lot. Do you have a story like this?
<Reporter>
Yes. I just came out here at the beginning of this month to explain why interest rates on loans are so high.
What I was talking about at the time was that the financial authorities raised the base rate, and in addition to that, banks were increasing the additional interest rate and reducing the preferential interest rate.
Then I said that the government is condoning this 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. Here, each bank individually adds additional interest rates and provides some benefits with preferential rates.
Cofix increased by 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.
<Anchor>
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.
<Reporter>
That's right. Loan rates keep rising, but strangely, deposit rates haven't.
The difference between loan and deposit interest 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 called all the people involved in commercial banks and ordered them to take a look to see if the additional and preferential interest rates are being calculated according to 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.
<Anchor> That's
right. So, if the prime interest rate expands like this, will the loan interest rate be lowered?
<Reporter>
First of all, banks will revive the preferential rate. 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.
Here, it seems that the base rate will be raised one more time. At this time, it is expected that the base rate will rise by 0.25%. Then the era of the base rate of 1% will come. If so, the loan interest rate can go up to 6%.
This view prevails that the interest burden experienced by consumers may not decrease even if banks release the preferential rate. This is bittersweet news for the common people, who are obliged to borrow money.
<Anchor> That's
right. In the end, the effect of a rate cut that can be felt as the base rate rises is unlikely to be significant. That's the story. 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." Could this be of any help, in your current situation?
<Reporter> 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 button to apply for an interest rate cut request when you enter the bank app.
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, don't forget this and use the right to request a rate cut, but you should 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 request a rate cut, it cannot be a fundamental solution when loan interest rates are rising rapidly like now.