Restrictions on bank credit limits are lifted… Up to 2.7 times your annual income

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A view of a commercial bank loan window in downtown Seoul. 2022.6.21/News 1

From July, banks will be able to receive credit loans up to 2.7 times their annual income.

According to the financial industry on the 23rd, NH Nonghyup Bank will increase the personal credit loan limit from 10-100% to 30-270% from the 1st of next month. The limit of personal business credit loans will be increased from 10 to 100% to 30 to 305%. The maximum loan limit is Rs.

KB Kookmin Bank will handle credit loans up to twice the annual salary, and Shinhan Bank, Hana Bank, and Woori Bank also plan to increase their credit limit. K-Bank, an internet-only bank, will also lift annual income restrictions.

Last year, the financial authorities gave administrative guidance to banks to treat credit loans within ‘annual income’ to curb the growth of household loans. The administrative guidance is scheduled to end at the end of this month, but the financial authorities have decided not to extend it.

(Seoul = News 1)

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