Shinhan Bank Extends Interest Rate Reduction for High-Interest Household Loans by One Year

Extended for Another Year at 9.8%

A Total of 28,411 Loans, Worth Approx. KRW 311.4 Billion

Shinhan Bank announced on August 26 that it will extend its interest rate reduction support program for another year to ease the financial burden on borrowers with high-interest household loans.

Shinhan Bank building.

This program is part of Shinhan Financial Group's mutual growth financial initiative, the 'Help-Up & Value-Up Project,' which began on July 18 last year. The main purpose is to uniformly lower the interest rate to 9.8% for borrowers who were paying double-digit rates on high-interest household loans.

With this extension, as of July this year, Shinhan Bank plans to reduce the interest rate to 9.8% for household loan customers who have interest rates exceeding 9.8% and have more than three months remaining on their loan maturity, all without requiring a separate application process. The support period lasts until the maturity date of the relevant loan, and for loans with more than one year remaining, the support is provided for up to one year.

Through this measure, a total of 28,411 loans are expected to benefit. This corresponds to approximately KRW 311.4 billion in outstanding loan balances.

A Shinhan Bank official stated, "We will continue to pursue inclusive finance initiatives that customers can genuinely feel in the future."

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