Shinhan Financial Group Provides Comprehensive Financial Support for Typhoon 'Maysak' Damage Recovery

Comprehensive Group-Level Financial Support Measures for Typhoon 'Maysak' Damage
Shinhan Bank Provides 100 Billion KRW Financial Support to Affected Businesses and Individual Customers
Shinhan Card Offers 6-Month Payment Deferral and Installment Plans for Affected Members
Shinhan Life-Orange Life Grants Up to 6-Month Deferral on Insurance Premiums and Policy Loan Interest
Shinhan Capital Extends 6-Month Principal Repayment Deferral and Maturity Extension for Typhoon-Damaged Companies

[Asia Economy Reporter Kangwook Cho] Shinhan Financial Group announced on the 3rd that it will provide comprehensive financial support at the group level to customers affected by Typhoon Maysak.

Shinhan Bank will provide a total of 100 billion KRW in emergency financial support to small and medium-sized enterprises (SMEs) and individual customers affected by the typhoon.

First, for SMEs experiencing difficulties in fund management, new loans of up to 300 million KRW per company, totaling 80 billion KRW, will be supported, and maturity extensions and installment payment deferrals will be granted. In addition, a special preferential interest rate of up to 1 percentage point will be offered on new and maturity-extended credit for affected customers.

For individual customers, new loans totaling 20 billion KRW will be supported, with a limit of 30 million KRW per person.

Shinhan Card will support customers affected by the typhoon by deferring card payment claims for six months and allowing installment repayments. Customers using the support program can use their cards within their remaining credit limit during the deferred period and will receive reductions on interest, late fees, and service charges.

Customers affected by the typhoon can apply for the support program regardless of their region, and by submitting proof documents such as a damage confirmation issued by government offices via ARS (1544-3129), they can receive support.

Shinhan Life and Orange Life are also deferring insurance premium payments and insurance contract loan interest for up to six months for affected customers, and have decided to promptly pay accident insurance claims to help typhoon victims more quickly.

Shinhan Capital plans to operate a financial support program for flood-damaged companies, including a six-month principal repayment deferral and automatic maturity extension.

Cho Yong-byeong, Chairman of Shinhan Financial Group, said, "I hope this support will be a small help to customers struggling due to typhoon damage," and added, "Shinhan Financial Group will continue to unite all group companies to provide practical financial support without hesitation for customers who suffer unexpected disaster damage."

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