NH Nonghyup Bank to Resume Jeonse Loans Starting from the 18th

[Asia Economy Reporter Seongpil Cho] NH Nonghyup Bank will resume its previously suspended jeonse deposit loans starting from the 18th. This measure follows the financial authorities and the five major commercial banks' decision to exclude jeonse loans for low-income real demand borrowers from the total volume control limit (growth rate in the 6% range) for the fourth quarter of this year to ensure that jeonse loans are not interrupted.

A representative from NH Nonghyup Bank stated on the 14th, "We have decided to resume the sale of jeonse deposit loans starting next Monday (the 18th)." Previously, NH Nonghyup Bank announced that it would suspend the sale of new secured loans, including jeonse loans, from August 24 to November 30 after the household debt growth rate exceeded 7%.

Meanwhile, the Financial Services Commission, the Financial Supervisory Service, the Korea Federation of Banks, and the five major commercial banks?Nonghyup, Shinhan, Kookmin, Woori, and Hana?agreed at a meeting held that day to ensure the smooth supply of jeonse and balance payment loans.

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