Shinhan Bank Extends Its High-Interest Rate Reduction Program for Another Year

[Financial News] Shinhan Bank will continue its interest rate reduction support for another year to ease the burden of interest payments on customers with high-interest household loans.
According to the financial sector on the 26th, Shinhan Bank will extend for one year the household loan interest rate reduction support it has been offering since last year as part of the Help Up & Value Up Project.
The project is a win-win finance initiative designed to help customers achieve financial independence, increase the value of their assets, and support sustainable financial lives.
Since July 18 last year, Shinhan Bank has reduced the interest rates on household loans carrying rates above 9.8% to that level or lower for one year, easing customers' interest burden.
With this measure, customers with high-interest household loans will be able to continue receiving the rate reduction benefit for another year. Eligible customers are those who held household loans with interest rates above 9.8% as of July and had at least three months remaining until maturity. They will have their loan rates lowered to 9.8% without a separate application process.
The support will remain in place until the maturity date of each loan. If the remaining maturity exceeds one year, the benefit will be provided for up to one year. The program is expected to cover a total of 28,411 cases, with outstanding loans amounting to about 311.4 billion won. If a loan becomes delinquent during the support period, borrowers must pay both the original loan interest and overdue interest.
A Shinhan Bank official said, "We decided to extend the rate reduction support to continuously ease the financial burden on customers using high-interest household loans," adding, "We will continue to promote inclusive finance that customers can truly feel in their daily lives."

[email protected] Seo Ji-yoon Reporter