Billions in New Hope: Loan Supply Skyrockets 33% to 1.9 Trillion Won in First Half of the Year
New Hope Seed Annual Supply Target of 4.1 Trillion Won, First Half Achievement Rate 46.2%
The Financial Supervisory Service announced that the amount of New Hope Loan provided by banks in the first half of the year was close to 1.9 trillion won, with an average interest rate of 7.7%.
The Saehui Hope Loan is a financial product for the common people, targeting borrowers with an annual income of 50 million won or less and a personal credit score in the bottom 20% or an annual income of 40 million won or less. The interest rate is capped at 10.5% per year, and the maximum loan amount is 35 million won.
The first half achievement rate of this year’s annual banknote supply target of 4.1 trillion won was 46.2%, up 10.3 percentage points from the same period last year. The average interest rate on the New Hope Loan handled during the same period was 7.7%, down slightly from 7.8% in the same period last year.
As of the end of June, the delinquency rate was 1.5%, down 0.1 percentage points from the same period last year. By bank, five banks, including Nonghyup Bank with 307.5 billion won, Woori Bank with 298.3 billion won, Kookmin Bank with 293.2 billion won, Shinhan Bank with 287.7 billion won, and IBK Industrial Bank of Korea with 246.8 billion won, accounted for 75.8%.
A Financial Supervisory Service official said, “Banks will continue to work to activate the supply of Saehui Hope Loans in the second half of the year to achieve their supply goals.”
Key Statistics:
- Amount of New Hope Loan provided by banks in the first half of the year: 1.8902 trillion won
- First half achievement rate of annual banknote supply target: 46.2%
- Average interest rate on the New Hope Loan: 7.7%
- Delinquency rate as of the end of June: 1.5%
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