KB Also Cuts... Credit Line Limits Reduced to 50 Million Won for All Four Major Banks

[Image source=Yonhap News]

[Asia Economy Reporter Park Sun-mi] From today (the 7th), 'hundred million won' level overdraft accounts will disappear from commercial banks.

KB Kookmin Bank is lowering the maximum limit for newly issued overdraft accounts from the existing 100 million won to 50 million won starting today. This measure follows the financial authorities' recommendation to manage the total volume of household loans in order to keep the increase in household loans at an annual level of 5-6% this year.

Earlier, Kookmin Bank submitted a plan to the Financial Supervisory Service to limit the personal credit loan limit to the annual income level and to reduce the overdraft account limit to a maximum of 50 million won within this month.

Hana Bank has also reduced the personal credit loan limit to within the annual income range since the 27th of last month, and simultaneously lowered the overdraft account loan limits, which previously varied by product, to a maximum of 50 million won.

Woori Bank and Shinhan Bank have already applied the 50 million won limit on overdraft accounts since the beginning of this year, so now among the four major commercial banks, there are no longer any places where you can get an overdraft account limit exceeding 50 million won.

However, among the major banks, NH Nonghyup Bank is the only one that provides credit loan limits up to 100 million won within the annual income range without distinguishing overdraft accounts.

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