The nonperforming loan ratio at Korean banks declined to a record low in the first quarter due to a drop in overdue corporate loans, data showed Wednesday.
Borrowings spiked in April, buoyed by unsecured loans taken by punters to invest in an initial public offering (IPO) by SK IE Technology, which was listed on the Kospi on Tuesday.
KakaoBank on Wednesday cut rates by up to 1.2 percentage points on loans targeting people with poor credit.
Starting July this year, the 40 percent DSR will be applied to mortgages for properties valued at 600 million won or above, down from the previous 900 million won.
Cafe24, a Korean e-commerce platform provider, is offering unsecured loans to online sellers in partnership with KB Kookmin Bank.
Korea will cut its maximum legal interest rate from 24 percent to 20 percent from July to provide relief to low-income households, the Financial Services Commission (FSC) said Tuesday.
Businesses borrowed a record amount to survive the coronavirus pandemic last year.
Loan relief offered to small businesses hurt by the coronavirus pandemic will be extended for another six months, the country's financial authorities said Tuesday.
Suspension of loan principal and interest payments for small business and corner shops is being considered by the Financial Services Commission (FSC).
KakaoBank will increase loans to people with poor credit in the latter half of the year.