Shinhan Financial Group launches youth loan repayment support

Shinhan Financial Group has launched an asset formation support program through the Shinhan Miso Microfinance Foundation to reward young borrowers who repay their loans without delinquency. Using 20 billion won from a previous 100 billion won contribution, the initiative aims to support approximately 10,000 individuals over the next eight years.

Eligible participants include customers who have taken out ‘Youth Future Ieum’ or ‘Youth Operating Fund’ loans since April 1, 2024, and are currently making timely payments. The foundation will provide subsidies of up to 300,000 won per quarter, for a maximum of 10 installments totaling 3 million won. Applications for the first round of support begin on September 4, with the first payments scheduled for October 12.

Separately, Shinhan Bank reported that its monthly quota for household loans through loan solicitors was exhausted within two days of reopening. Consequently, new applications via solicitors have been suspended and are expected to resume on October 1. However, new loans through physical bank branches remain available.