Banks overcharge borrowers on faulty interest rate
Oct. 11, 2012
The erroneous disclosure of an index has been linked to overpriced loan interest rates for more than 40,000 borrowers in the local financial market.The cost of funds index, a barometer for the benchmark interest rate, published on Sept. 17 was based on miscalculated data, and major banks have been charging borrowers higher interest rates over the past few weeks, market insiders said Thursday.As a result, interest was miscalculated for about 40,800 loans issued by seven banks ― KB Kookmin, Woori,