Shinhan Bank is launching a guarantee fee support program to ease the financial burden on young people facing economic difficulties.
On July 20, Shinhan Bank announced an event to support guarantee fees for customers using its 'Sunshine Loan Youth,' a policy financial product aimed at young people.
The Sunshine Loan Youth is a guaranteed loan product operated by the Korea Financial Services Agency to help college students and young adults overcome financial challenges.
Eligible applicants include job seekers, recent graduates, and young entrepreneurs aged 19 to 34 with an annual income of 35 million won or less. Loans of up to 12 million won are available based on a guarantee from the Korea Financial Services Agency.
Since July 15, Shinhan Bank has been processing new loans and will provide guarantee fee support of up to 100,000 won to customers who make regular payments on their guarantee fees and interest. The support will be applied automatically without a separate application process and will end once the budget is exhausted. The guarantee fee support will be paid at the end of the quarter following the loan's issuance date. Customers who take out loans in the third quarter (July to September) will receive the support funds by the end of December after meeting the eligibility criteria.
A Shinhan Bank official stated, "This initiative was designed to provide practical support to young customers burdened by financial costs during their studies, job preparation, and early business stages. We will continue to expand inclusive finance to support young people's stable entry into society and economic activities."
* This article has been translated by AI.
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