As the economic burden of the common people grows due to high interest rate loans, it will be publicized as early as next month how much banks have lowered their interest rates in response to customers' requests to lower their loan rates.



According to the financial sector today (19th), the Financial Supervisory Service has prepared detailed rules for implementing banking supervision, which will be implemented next month.



The Financial Supervisory Service said, “To improve the effectiveness of the right to request a rate cut, we decided to improve the disclosure of the acceptance rate, which was mainly focused on simple applications, and expand the subject of disclosure of the acceptance rate.”



The right to request a lower interest rate refers to the right of a borrower whose credit status is better than at the time of taking out the loan to request a financial company to lower the loan interest rate.



The National Assembly and the government legislated in June 2019 the customer's right to demand a lower interest rate.



As interest rates on loans, such as mortgage loans, have skyrocketed due to the recent rise in the benchmark interest rate, the exercise of the right to demand an interest rate cut has become even more important.



Financial authorities, such as the Financial Supervisory Service and the Financial Services Commission, have prepared and are implementing improvement measures to activate the right to request interest rate cuts along with the banking sector, but many pointed out that they are condescending because they are simply disclosing the acceptance rate based on simple applications.



Existing disclosure of interest rate cut rights was all about posting the number of applications, the number of acceptances, the amount of interest reduction and exemption, and the acceptance rate.


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Accordingly, the Financial Supervisory Service plans to additionally disclose the non-face-to-face application rate so that people can know the difference between directly visiting a bank window when applying for an interest rate reduction request and when applying online, a non-face-to-face method.



In addition, it was decided to supplement the disclosure based on the number of cases by disclosing the extent of average interest rate cuts following acceptance of interest rate cut requests.



We plan to expand the provision of information by categorizing it into households and businesses and separately disclosing acceptance rates for credit, mortgage, and home mortgage loans.



On the other hand, according to data submitted by the Financial Supervisory Service to the Office of Representative Yoon Chang-hyeon, a total of 882,000 requests for interest rate cuts in 2021 from major commercial banks, regional banks, and Internet banks were received, and the acceptance rate was 234,000, with an acceptance rate of 26.6. was %.



This is 1.6 percentage points (p) lower than the previous year (28.2%).



In the 2020 FSS inspection, unreasonable points were found in record management and computer control related to the operation of the interest rate cut right system, and related sanctions from banks such as improving business procedures are also continuing.



(Photo = FSS data capture, Yonhap News TV, Yonhap News)