Shinhan Bank Supports Multiple Debtors with Up to 1.5% Annual Interest Rate Reduction

"Support Amount Approximately 750 Billion KRW... Benefits for Over 72,000 People"

[Asia Economy Reporter Bu Aeri] Shinhan Bank will implement an interest rate reduction of up to 1.5 percentage points for one year starting from the 16th for customers using credit loans exceeding an annual interest rate of 7%.

On the 15th, Shinhan Bank announced that the program targets multiple debtors (holding loans from three or more financial institutions including Shinhan Bank) who have general credit loans for low-income earners, such as the Saehopeulssi Loan, with interest rates exceeding 7% per annum.

For example, if a customer currently using a low-income credit loan has an interest rate of 9% per annum, a maximum reduction of 1.5 percentage points will be applied, and if the customer's interest rate is 8% per annum, a reduction of 1 percentage point will be applied, resulting in final interest rates of 7.5% and 7% per annum, respectively.

Even if the interest rate is recalculated due to reasons such as deferment during the interest rate reduction support period, the initially granted preferential interest rate reduction will be applied equally.

Shinhan Bank stated that the total amount eligible for this win-win program support is approximately 750 billion KRW, and about 72,000 customers are expected to benefit.

A Shinhan Bank official said, "Considering the recent increase in the base interest rate and rising inflation, which have increased the burden on financial consumers, we have implemented an interest rate reduction support plan that can immediately reduce interest costs," adding, "We will continue to monitor market conditions and actively strive to provide practical win-win programs that can alleviate borrower burdens during periods of rising interest rates."