Shinhan Bank Launches Debt Refinancing Loan Product Exclusive for Citibank Customers

Preferred interest rate up to 1.6% p.a. for refinancing... Various benefits including stamp tax exemption
DSR regulation applied at initial credit loan issuance... Minimizing financial consumer damage

[Asia Economy Reporter Yoo Je-hoon] Shinhan Bank announced on the 30th that it will launch the 'Citibank Debt Refinancing Loan' product starting from the 1st of next month, following Citibank's phased withdrawal from retail banking.

The Citibank Debt Refinancing Loan product is available to individual customers who are salaried employees currently employed at their workplace for more than one month (more than four months when using non-face-to-face channels) and who pay health insurance premiums as workplace subscribers. The loan can be provided up to a maximum of 500 million KRW within the principal amount of the existing Citibank credit loan held by the customer.

This product offers benefits such as ▲extension possible up to 10 years in one-year increments ▲interest rate reductions up to 1.6% per annum depending on transaction performance ▲exemption from early repayment penalties and stamp tax.

Additionally, Shinhan Bank applied household loan-related annual income and Debt Service Ratio (DSR) regulations according to the timing of the initial new credit loan acquisition at Citibank to minimize damage to Citibank customers withdrawing from retail banking and to guarantee their options.

A Shinhan Bank official stated, "In line with the core values of 'Right, Fast, Different' announced by Shinhan Financial Group Chairman Cho Yong-byeong in his New Year's address, we hope that the Citibank Debt Refinancing Loan product will alleviate inconveniences for financial consumers and assist in their future fund management plans."

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