Woori Bank to Reduce Credit Loan Limit to 'Below Annual Salary' Starting September

[Asia Economy Reporter Jin-ho Kim] Woori Bank has also decided to reduce the credit loan limit to 'below annual salary.'

According to the financial sector on the 27th, Woori Bank has set a policy to handle household credit loan limits within annual income starting next month. On the same day, Woori Bank will submit a 'Credit Loan Limit Adjustment Plan' based on this content to the Financial Supervisory Service.

This adjustment plan applies only to new and increased loans. It does not apply to extensions or renewals of existing loans.

Earlier, Woori Bank adjusted preferential interest rates for mortgage loans and jeonse loans the day before. The maximum preferential interest rate for mortgage loan products ‘Woori Apartment Loan’ and ‘Woori Real Estate Loan’ was reduced by 0.3 percentage points each, from 0.8% to 0.5% and from 0.6% to 0.3%, respectively.

Woori Bank’s credit loan limit reduction is the third case following NH Nonghyup Bank and Hana Bank. Nonghyup Bank reduced the maximum limit for new credit loans from 200 million KRW to below 100 million KRW, or 100% of annual income, starting from the 24th. Hana Bank also limited personal credit loan limits to within annual income from the same day and reduced the maximum overdraft loan (limit loan) per individual to 50 million KRW.

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