Shinhan Financial Group announced on July 18 that it will donate 2 billion KRW in relief funds and provide comprehensive financial support to residents affected by the recent heavy rainfall across the country.
Along with the 2 billion KRW donation, Shinhan Financial will provide emergency relief kits consisting of daily necessities and medical supplies, as well as relief tents, to support the urgent livelihood and housing needs of flood victims.
Shinhan Bank will offer the following support to small and medium-sized enterprises and small business owners: up to 500 million KRW in new loans, maturity extensions and deferred installment payments, special preferential interest rates of up to 1.5 percentage points for new loans and extensions, and preferential interest rates of up to 1.5 percentage points for personal loans.
Shinhan Card will provide billing deferrals, allowing affected customers to repay their card payments after six months, and will support installment payments over the following six months after the deferral period ends. Shinhan Life will also offer payment deferrals and installment payment options, as well as financial support that guarantees benefits regardless of whether insurance premiums are paid during the specified period.
Jin Okdong, Chairman of Shinhan Financial Group, stated, "Shinhan Financial established a permanent response system for disaster relief in July last year, considering the recurring loss of life and property from unexpected disasters such as floods. We will do our utmost to help residents in the affected areas regain stability quickly through this prompt and systematic support."
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