Shinhan Bank Provides Emergency Financial Support Worth 150 Billion KRW
Shinhan Financial Group announced on the 11th that it will provide comprehensive financial support at the group level for the swift recovery and relief efforts for residents affected by Typhoon Khanun, the 6th typhoon of the season.
First, Shinhan Bank plans to offer small and medium-sized enterprises and small business owners ▲new credit support of up to 500 million KRW ▲extension of maturity and deferment of installment repayments ▲special preferential interest rates up to 1.5 percentage points for new and maturity extensions. Additionally, it will provide emergency financial support totaling 150 billion KRW, including emergency living stabilization funds of up to 50 million KRW per individual customer.
Along with this, to support customers affected by natural disasters such as this typhoon, the bank will implement the "Rapid Guarantee Support Program for Disaster Damage," which provides guaranteed loans worth a total of 22.5 billion KRW through contributions to regional credit guarantee foundations and an additional 1.5 percentage point interest rate reduction.
Shinhan Card will support ▲deferment of billing for affected customers to be repaid after 6 months ▲installment repayment spread over 6 months after the deferment period ends. Furthermore, various financial supports will be provided, such as a 30% discount on interest rates for card loans used by affected customers after the date of damage.
Shinhan Life will provide financial support including ▲a 6-month premium payment deferment for affected customers ▲installment payments for up to 6 months after the deferment period ends ▲and guarantee of normal benefits regardless of premium payment during the period.
Jin Ok-dong, Chairman of Shinhan Financial Group, said, “We extend our deepest condolences to those affected by this typhoon,” and added, “All group companies of Shinhan Financial will unite their efforts to provide various supports so that residents in the affected areas can overcome the disaster and safely return to their daily lives.”
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
