Loan Brokerage Fees Reduced by Up to 1%p Starting from the 17th

Amendment to the Daebu-eop Act Passed at the Cabinet Meeting

[Asia Economy Reporter Kim Jin-ho] From the 17th, loan brokerage fees will be reduced by up to 1 percentage point.

The Financial Services Commission announced on the 10th that the "Enforcement Decree of the Act on Registration of Loan Business and Protection of Financial Consumers" containing this content has passed the Cabinet meeting.

The amendment is a follow-up measure to the loan business system improvement plan. The main point is to reduce the loan brokerage fee by up to 1 percentage point.

Accordingly, the loan brokerage fee for loan amounts of 5 million won or less will be lowered from the current 4% of the loan amount to 3%. For amounts exceeding 5 million won, the fee is set at 150,000 won plus 2.25% of the amount exceeding 5 million won. For example, the maximum brokerage fee for a 13 million won loan is 330,000 won.

A Financial Services Commission official explained, "The amendment will be promulgated and enforced immediately on the 17th," adding, "The revised maximum loan brokerage fee will apply to contracts concluded after the enforcement date."

This content was produced with the assistance of AI translation services.