Shinhan Bank financial product and relief initiatives

Shinhan Bank has introduced several financial products and initiatives aimed at supporting asset formation and easing the financial burden on specific customer segments.

Initially, the bank launched ‘Shinhan Savings 9-dan’, a high-interest installment savings product offering up to 9.0% annually for young adults and new savers. Alongside this, the bank introduced the ‘Super SOL Mid-Interest Loan’, which utilizes an alternative credit scoring model to provide loans with fixed rates between 5.5% and 6.9% for mid-to-low credit customers.

Following these launches, the bank expanded its support through the ‘Help-up & Value-up Project’. This initiative includes a one-year extension of interest rate relief for approximately 28,411 high-interest household loan cases. For customers with rates exceeding 9.8%, the bank will cap interest rates at that threshold to promote inclusive finance.

Expanding its support for younger demographics, Shinhan Financial Group has launched an asset formation program through the Shinhan Miso Microfinance Foundation. Using 20 billion won, the program aims to reward approximately 10,000 young borrowers who repay ‘Youth Future Ieum’ or ‘Youth Operating Fund’ loans without delinquency. Eligible participants may receive quarterly subsidies of up to 300,000 won, totaling a maximum of 3 million won over ten installments.

Regarding household debt management, Shinhan Bank reported that its monthly quota for household loans through loan solicitors was exhausted within two days of reopening. While applications via solicitors are currently suspended until October 1, new loans through physical bank branches remain available.