South Korean banks' credit loans hit $105b in August

Consumers rushed to buy apartments or to simply make ends meet.

South Korea’s five major lenders’ outstanding unsecured loans to individuals totaled $105b (KRW124.3t) in August, up $3.44b from July, reports Yonhap News Agency, based on industry data.

Local consumers reportedly rushed to borrow money from banks amidst low interest rates to purchase apartments or invest in higher-yielding stocks.

KB Kookmin registered the largest monthly hike of almost $890.31b (KRW1.06t), followed by Shinhan with $881.9b (KRW1.05 trillion).

Analysts said individuals probably resorted more to unsecured bank loans due to tougher mortgage regulations aimed at curb soaring housing prices.

Ultra-low interest rates have sent retail investors taking out bank loans to invest in stocks, they added.

Also responsible was the coronavirus outbreak that forced those without jobs and furloughed people to borrow money from banks to make ends meet.

Meanwhile, home-backed loans extended by local banks increased by $3.53b (KRW4.2t) in July from the previous month, according to the data.

Also Read

Malaysia's private sector credit grows 5.4% in April

Hong Kong mortgage loans drawdown rises by 9.9%

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit

Top News

What is Lorem Ipsum?

What is Lorem Ipsum? Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

Evergreen Group obtains financing license to expand in Malaysia