Shinhan Bank to Accept 2nd Round of 'COVID Loans' via Non-Face-to-Face Applications

[Asia Economy Reporter Kwon Haeyoung] Shinhan Bank announced on the 18th that it will support small business owners affected by the novel coronavirus disease (COVID-19) to receive the 2nd Small Business Financial Support Loan non-face-to-face without visiting branches.

The 2nd Small Business Financial Support Loan is a product that provides emergency operating funds based on a guarantee from the Korea Credit Guarantee Fund to individual business owners who are struggling due to COVID-19 damage. The loan limit is up to 10 million KRW, and the loan period is 5 years (2 years grace period, 3 years installment repayment). Pre-registration starts from today, and loans will be executed sequentially from the 25th.

Customers who need a loan can simply apply for the loan through the mobile application 'Shinhan SOL'. Shinhan Bank will use a scraping method to directly issue essential submitted documents such as business registration certificate, VAT taxable certificate, and national/local tax payment certificates. Other documents required depending on the customer's situation, such as lease contracts and standard financial statement certificates, can be submitted by taking photos. In particular, Shinhan Bank has established a 'Guarantee Review Dedicated Team' at its headquarters to prepare for non-face-to-face processing of guarantee review and issuance without customers visiting branches.

After the loan review is completed, customers only need to check the electronic contract form specifying the loan amount, period, and interest rate on Shinhan SOL, and the loan amount will be deposited into their Shinhan Bank account.

In addition to the 2nd Small Business Financial Support Loan, the interest subsidy loan for micro small business owners and the interest subsidy loan for the transferred volume from the Small Enterprise and Market Service can also be received through Shinhan SOL without visiting bank branches.

With the availability of non-face-to-face applications using Shinhan SOL, it is expected that the waiting time for small business customers applying for loans will be reduced and work convenience will be greatly improved.

A Shinhan Bank official said, "We have completed all preparations so that small business owners struggling due to COVID-19 can apply for loans while running their businesses without having to wait long hours at the bank," adding, "Shinhan Bank will do its best with a 'customer-centered' approach to support COVID-19 damage."

This content was produced with the assistance of AI translation services.