Shinhan Bank Implements Non-Face-to-Face Seoul City Secondary Interest Subsidy Loans

Development of Non-Face-to-Face Secondary Loan Interest Subsidy Process for Small Business Customer Convenience
Plan to Expand Non-Face-to-Face Service to Regional Credit Guarantee Foundations Nationwide Starting from Seoul

[Asia Economy Reporter Kangwook Cho] Shinhan Bank announced on the 31st that it will implement a non-face-to-face process allowing customers to apply for and contract the Seoul City Secondary Interest Subsidy Loan through the mobile application Shinhan SOL without visiting a branch.

The Seoul City Secondary Interest Subsidy Loan is a loan product in which Seoul City supports part of the interest burden for small and medium-sized enterprises and small business owners located in Seoul who have received a loan support decision notice from Seoul City and the Seoul Credit Guarantee Foundation. The loan limit is up to 500 million KRW, and the interest rate varies according to the conditions of the loan support decision notice.

Once customers visit the Seoul Credit Guarantee Foundation to receive the loan support decision notice, subsequent loan applications and contracting can be done through SOL.

When customers apply for a loan via SOL, essential documents such as the business registration certificate, VAT taxable standard certificate, and national and local tax payment certificates are directly issued by the bank through a scraping method. After loan screening, the contracting process to confirm loan conditions such as loan limit, period, and interest rate is also available on Shinhan SOL, and the loan is executed immediately upon signing the electronic document.

In addition to the Seoul City Secondary Interest Subsidy Loan, SOL also enables non-face-to-face processing of financial support for small business owners, including ▲Secondary Interest Subsidy Loan for Micro Small Business Owners ▲Secondary Interest Subsidy Loan for Transferred Volume from the Small Enterprise and Market Service ▲Secondary Financial Support Loan for Small Business Owners.

A Shinhan Bank official stated, "We have made the loan application and contracting process for the Seoul City Secondary Interest Subsidy Loan non-face-to-face to improve convenience for small business customers," adding, "We plan to collaborate with regional credit guarantee foundations nationwide to make the guarantee application process non-face-to-face and expand the areas where non-face-to-face loans are available."

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