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S KOREAN BANKS CUT RATES ON HOUSEHOLD LOANS TO 6 PCT.
SEOUL, April 1 Asia Pulse - Bank interest rates on household loans have dropped to the 6 per cent level per annum level lately due to stiff competition, the Bank of Korea said Friday.
The central bank said interest rates on retail loans fell 0.2 percentage points last month to 6.98 per cent from the preceding month.
Banks cut interest rates on credit loans of less than 5 million won by 1.13 percentage points from January's figure to 8.5 per cent as toughened competition pushed down interest rates. The more stringent competition should push down interest rates not only on mortage loans but on credit credit loans, the BOK said.
The interest rates on household loans stood at 12.93 per cent at the end of 1998, 10.08 per cent at the end of 1999, 9.48 per cent at the end of 2000 and 7.26 per cent at the end of last year.
The interest rates charged on loans to large ...
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Source: HighBeam Research, S KOREAN BANKS CUT RATES ON HOUSEHOLD LOANS TO 6 PCT.