Woori, Business, Shinhan Bank to Stop Non-face-to-face Loans..."Managing the total amount of loans"

While the banking sector has begun to manage the total amount of household loans, sales of non-face-to-face loan products have been suspended.

The Industrial Bank of Korea has suspended the sale of three non-face-to-face loan products since the 29th of last month to manage the total amount of household loans temporarily.

Woori Bank also decided not to handle non-face-to-face mortgage products from today to the 8th of next month.

Woori Bank also stopped selling jeonse loan products and reduced preferential interest rates for each credit loan product by up to 0.5%p.

Shinhan Bank will also temporarily stop selling non-face-to-face loan products starting tomorrow (6th).

Banks have stopped handling non-face-to-face loan products one after another because many places have exceeded the annual household loan growth target reported to financial authorities at the beginning of the year.

An official from a commercial bank said, "We have no choice but to cut household loans further to meet the annual total volume management figure."