Shinhan Bank to Offer Interest Cashback of 190 Billion KRW for Small Businesses Starting June 6

Shinhan Bank announced on the 1st that it will officially implement loan interest refunds (cashbacks) starting from the 6th to support self-employed and small business customers struggling with interest burdens.

Shinhan Bank announced a livelihood finance support plan totaling 306.7 billion KRW earlier last month. The bank has set the common banking sector program for interest cashback and the autonomous program at 197.3 billion KRW and 109.4 billion KRW respectively, and plans to actively implement these policies going forward.

The interest cashback applies to customers holding individual business loans (excluding real estate rental businesses) as of December 20, 2023. For loan amounts up to 200 million KRW, it supports up to 3 million KRW cashback, covering 90% of the interest paid exceeding a 4% interest rate for one year. Additional cashback will also be provided quarterly in the following month for customers whose loan period has not exceeded one year. Through this, approximately 274,000 self-employed and small business customers are expected to benefit.

Additionally, the autonomous program will be promoted through various financial products and services, including contributions to guarantee institutions, broad support for small business owners and future-generation youth, and participation in solving social issues. A detailed execution plan will be jointly announced by the banking sector at the end of March.

A Shinhan Bank official said, “We hope this livelihood finance support will provide practical help to self-employed and small business owners struggling due to the economic downturn,” adding, “We will continue to responsibly fulfill our role as a corporate citizen by promoting various win-win financial projects.”

This interest cashback will be deposited into the loan principal and interest payment account after notifying eligible customers. No separate application procedure is required, and caution should be exercised regarding voice phishing (telecommunication financial fraud) related to this matter.

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