Shinhan Bank Launches 'Super SOL Mid-Rate Loan' With Fixed Rates Starting at 5.5%

Targeting Customers in the Lower 50% of External Credit Scores
Maximum Limit of 20 Million Won; Fixed Annual Interest Rate of 5.5% to 6.9%

Shinhan Bank announced on August 20 that it will launch the 'Super SOL Mid-Rate Loan' in an effort to increase financial accessibility for medium- and low-credit customers and to ease their interest burden.

The 'Super SOL Mid-Rate Loan,' which will be available starting August 21, is a non-face-to-face credit loan product targeting medium- and low-credit customers whose external credit score (NICE or KCB) falls in the lower 50%. The product offers a maximum limit of 20 million won per person. The loan features a fixed annual interest rate ranging from 5.5% to 6.9%. The loan term is up to 36 months, and repayment is made through equal monthly installments of principal and interest.

Shinhan Bank offers preferential interest rates of up to 1.4 percentage points per year. Customers may receive up to a 0.9 percentage point annual preferential rate based on their transaction history, such as salary transfers and use of Shinhan Card. In addition, to commemorate the product launch, customers who take out a loan by December 31 of this year will be eligible for an extra preferential event rate of 0.5 percentage points annually.

In particular, Shinhan Bank applies an alternative credit scoring model designed for ordinary people, allowing those with limited or unproven income—such as young adults just starting their careers or homemakers—and customers with relatively little financial transaction history to be approved through the review process. In March of this year, Shinhan Bank developed and introduced this alternative credit evaluation model, aiming to enhance financial accessibility for customers who could not be adequately assessed through traditional financial information alone.

Every step from application to execution of the loan is conducted non-face-to-face via the 'Shinhan Super SOL' app. Customers can also use the app to refinance existing loans without in-person procedures.

A Shinhan Bank official stated, "We developed this product to expand financial support even to thin-file customers." The official added, "Going forward, we will continue to expand inclusive finance to increase financial accessibility for not only medium- and low-credit individuals but also financially vulnerable groups, and to reduce their actual financial cost burdens."

This content was produced with the assistance of AI translation services.