Shinhan Card Launches 'Business Loan Step-Down Service' for Small Business Owners

New Business Loan Customers from October to December
Up to 3% Point Rate Cut Over 3 Years for Faithful Repayment

Shinhan Card announced on October 13 that it is operating the "Business Loan Step-Down Service," which lowers interest rates by up to 3 percentage points for small business owners who faithfully repay their loans.

Shinhan Card Headquarters, Euljiro, Jung-gu, Seoul. Shinhan Card

From this month until December, customers who take out a new business loan and repay it without any delinquencies will have their interest rate reduced by 0.5 percentage points every six months. If they continue to repay faithfully for three years, the rate can be reduced by up to 3 percentage points.

For example, if a customer starts a loan this month and repays without any delinquencies, the interest rate will be reduced by 0.5 percentage points every six months, such as in April and October next year.

Even if the loan is repaid early, as long as there are no delinquencies, the discounted interest rate will be applied until the loan is fully repaid. If a customer who has been repaying faithfully becomes delinquent due to unavoidable circumstances, no further discounts will be given after the delinquency, but the previously applied discounted rate will be maintained.

If the customer's request for an interest rate reduction is accepted, additional discounts can be applied through the step-down service.

The company has improved financial accessibility for small business owners by eliminating the need for a separate application process. Customers who take out a business loan will automatically receive the discounted rate if they meet the conditions, without having to apply separately.

Shinhan Card also plans to send long message service (LMS) notifications when the interest rate discount starts or stops, helping customers easily keep track of their loan status.

Meanwhile, Shinhan Card operates the "MySHOP Partner" platform for small business owners, which provides services ranging from sales management and commercial district analysis to legal consultation.

In addition, the company is implementing financial support measures through its "MyCredit" credit evaluation model for sole proprietors, which increases loan approval rates and limits for small business owners with insufficient financial history.

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