Shinhan Bank announced on the 2nd that it will lower the interest rate on household credit loans with rates above 10% to 9.8%.
Shinhan Financial Group announced the 'Help Up and Value Up Win-Win Finance Project,' which includes this information.
Shinhan Bank will reduce the interest rate to 9.8% for customers with Shinhan Bank household credit loans that have applied an interest rate of 10% or more as of the end of June. However, accounts in arrears will be excluded. According to Shinhan Bank's own analysis, about 42,000 people are expected to benefit from a total of 650 billion won. The reduced interest rate will take effect as soon as the computer system preparation is completed this month.
Additionally, the interest rates for the New Hope Loan being handled after the 1st of this month will be lowered by 1 percentage point. Approximately 33,000 individuals are estimated to be eligible for interest rate reductions on loans amounting to about 300 billion won.