Acceptance Rates of Interest Rate Cuts by 5 Major Banks: NongHyup, Woori, KB Kookmin in Order

[Image source=Yonhap News]

Among the five major banks, NH Nonghyup Bank has the highest acceptance rate for interest rate reduction requests.

According to the Bankers Association disclosure on the 28th, as of the second half of last year, the acceptance rates for interest rate reduction requests among the five major banks were NH Nonghyup Bank (69.3%), Woori Bank (37.9%), KB Kookmin Bank (36.9%), Shinhan Bank (33.0%), and Hana Bank (26.9%), in that order.

The right to request an interest rate reduction allows financial consumers to ask banks to lower their interest rates based on reasons such as employment, promotion, or income increase.

A Hana Bank official explained the relatively low acceptance rate compared to other banks by stating, "The number of applications surged from about 4,400 in 2021 to approximately 53,500 last year, and many loan interest rates were already at the lowest level." He added, "The average interest rate on household loans is the lowest among commercial banks."

Among all 19 banks, KDB Industrial Bank had the highest acceptance rate at 97.6%, while Jeju Bank had the lowest at 10.2%.

Among internet-only banks, the acceptance rates were K Bank (35.7%), Kakao Bank (23.4%), and Toss Bank (19.5%), respectively.