Shinhan Financial Group announced on the 3rd that it will expand the 'Help Up & Value Up' project aimed at alleviating the financial burden on low-income earners to Jeju Bank and Shinhan Savings Bank, following Shinhan Bank.
Jeju Bank will waive all outstanding interest of about 200 million won after making compensation to the guarantors for approximately 800 long-term delinquent customers with loans guaranteed by the Jeju Credit Guarantee Foundation. Additionally, for loans to small and medium-sized enterprises and household loans with rates over 10% as of the end of last month, the rates will be reduced to single digits for up to one year including the term, and the interest rates for all new Hope Loan products executed this year will be applied 1 percentage point lower than the calculated rates.
Shinhan Savings Bank will waive approximately 4 billion won in outstanding interest for about 8,000 long-term delinquent customers whose principal repayment was completed due to subrogation of some guaranteed loans or legal procedures among household loan customers. Furthermore, for the 4,800 customers utilizing Hug Loan with rates exceeding 15% as of the end of last month, the loan amount of about 35 billion won will be uniformly reduced to 15% interest for the next year.
Jin Ok-dong, chairman of Shinhan Financial, noted, "We will consistently promote execution-oriented support measures to establish a credit improvement structure through tailored support for each group company and enhance the effectiveness of collaborative finance."