Shinhan Bank will extend its interest rate reduction support for customers with high-rate household loans for another year. This move follows the recent introduction of loan products aimed at low to mid-credit borrowers, as the bank continues to expand its inclusive finance initiatives.
On August 26, Shinhan Bank announced the one-year extension of its interest rate reduction support for high-rate household loans.
Since launching the 'Help Up & Value Up Project' in July of last year, the bank has been implementing support to lower household loan rates exceeding 9.8% to 9.8%.
Eligible customers are those holding household loans with interest rates above 9.8% as of July this year, with a remaining loan term of at least three months. The interest rate will automatically be reduced to 9.8% without any separate application process.
The support period lasts until the loan's maturity. If the remaining term exceeds one year, borrowers can benefit from the interest rate reduction for up to one year. During the support period, if the loan becomes delinquent, borrowers must pay both the existing loan interest and any late fees. Shinhan Bank estimates that this support will cover a total of 28,411 cases, amounting to approximately 311.4 billion won in outstanding loans.
A Shinhan Bank official stated, "We have extended the support to continuously reduce the financial burden for customers using high-rate household loans, and we will keep expanding inclusive finance that customers can truly feel."
* This article has been translated by AI.
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