Shinhan Bank extends interest rate relief for high-interest household loans

Shinhan Bank has announced a one-year extension of its interest rate reduction support for high-interest household loans. As part of its ‘Help-up & Value-up Project,’ the bank will cap interest rates at 9.8% for customers currently facing rates exceeding that threshold.

The support targets approximately 28,411 loan cases, totaling roughly 311.4 billion to 314.4 billion won. To qualify, customers must hold household loans with an interest rate higher than 9.8% as of July and have a remaining loan maturity of at least three months. The rate reduction will be applied automatically without the need for a separate application process.

This initiative aims to alleviate the financial burden on borrowers and promote inclusive finance. For loans with a remaining maturity exceeding one year, the support will be provided for a maximum of one year. The bank also recently launched the ‘Super SOL Mid-Interest Loan’ to improve financial accessibility for low-to-mid credit customers, offering fixed rates between 5.5% and 6.9%.