NongHyup Bank to Raise Household Loan Interest Rates by 0.1 Percentage Point
"Considering Rising Costs"
NH Nonghyup Bank announced on the 16th that it plans to raise household loan interest rates by about 0.1 percentage points in consideration of rising costs.
Nonghyup Bank will adjust the cost components of loan interest rates by reflecting funding, operations, credit risk, and other factors. Banks decide annually whether to increase the cost components of loan interest rates by reflecting various costs.
Anticipating cost increases, Nonghyup Bank expanded the preferential interest rate for mortgage loans by 0.1 percentage points in December last year.
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A Nonghyup Bank official stated, “Currently, interest rates are not high among banks, and to support household loans steadily and evenly throughout the year, we plan to further review interest rate changes through monitoring,” adding, “We will closely monitor market conditions and actively consider additional interest rate cuts.”
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