Shinhan Bank has expanded its refinancing support program for low-to-mid credit borrowers using high-interest loans from savings banks to include all savings banks. This move aims to reduce the interest burden for a larger number of borrowers, as the program was previously limited to customers of Shinhan Savings Bank.
On July 1, Shinhan Bank announced the launch of its inclusive finance product, 'Shinhan Coexistence Refinancing Loan 2.'
The 'Bring Up & Value Up' project supports high-quality customers of Shinhan Savings Bank in switching their existing loans to the relatively lower interest 'Shinhan Coexistence Refinancing Loan.' This initiative is designed to alleviate borrowers' financial burdens and assist in improving their credit ratings. Since its launch, the program has facilitated a total of 1,670 refinancing cases, amounting to 29.6 billion won as of the end of June 2026.
Shinhan Bank plans to provide a new alternative to reduce financial burdens by broadening the support scope from just Shinhan Savings Bank customers to all savings bank users.
Eligible borrowers must have been employed for at least one year and have an annual income of 20 million won or more, and they must hold a loan from a savings bank. The refinancing loans are limited to those obtained from savings banks, with a maximum loan amount of 100 million won, applicable within the principal and interest range of the existing loan.
The maximum interest rate is set at 9.8% per year, with loan terms ranging from 36 months to a maximum of 120 months. The repayment method will be structured as equal principal and interest payments.
Borrowers can apply for the refinancing loan through both in-person branches and online channels. Applications at branches will be accepted starting July 1, while those through the 'Shinhan Super SOL' app will begin on July 7.
A Shinhan Bank official stated, "We will continue to promote effective inclusive finance that supports the improvement and accessibility of financial services for low-to-mid credit customers."
* This article has been translated by AI.
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