Shinhan Bank Launches 'Shinhan Hetsalron Youth Loan' for Young Adults
[Asia Economy Reporter Kwon Haeyoung] Shinhan Bank announced on the 30th that it has launched the 'Shinhan Hetsallon Youth Loan' to provide living stabilization funds to young people.
The Shinhan Hetsallon Youth Loan supports living stabilization funds for young customers. It aims to help them focus on their studies and job preparation and also promote sound financial transactions.
The loan targets customers aged 19 to 34, including university students, graduate students, job seekers, and young workers with less than one year of employment at small and medium-sized enterprises, who have received a guarantee certificate from the Korea Inclusive Finance Agency. The loan limit is up to 12 million KRW with a fixed annual interest rate of 3.5%, available for up to 15 years.
Applications can be easily made via the mobile banking app 'SOL' on smartphones, and also at nearby Shinhan Bank branches. Shinhan Hetsallon Youth Loan customers are exempt from cash withdrawal fees and interbank transfer fees when using ATMs, and receive preferential interest rates when subscribing to the youth-exclusive savings product 'S20 Savings'.
A Shinhan Bank official stated, "We will do our best to actively support the Hetsallon Youth Loan and serve as a financial partner for young customers," adding, "We will continue to lead warm finance and establish a foundation for growth together with our customers."
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Meanwhile, Shinhan Bank was the only commercial bank to offer the high-interest loan alternative product 'Hetsallon 17', launched in September last year, as a non-face-to-face product. As of the end of last year, it newly supported 28,403 cases totaling 191.3 billion KRW. Additionally, it has won the 'Best Financial Institution Award in the Inclusive Finance Support Sector' selected by the Financial Supervisory Service for seven consecutive years as of the end of last year, and was the first in the financial sector to be inducted into the 'Hall of Fame in the Inclusive Finance Support Sector', leading efforts to support inclusive finance.
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