Shinhan suspends loan-broker applications two days after reopening

  • Shinhan Bank suspended new household loan applications through brokers on September 3.
  • 15.2 trillion won: Shinhan’s SME support package runs through October 16.
  • Branch-window applications continue while broker-channel resumption remains unscheduled.

Shinhan Bank suspended new household loan applications through external loan brokers on September 3, only two days after reopening the channel, as surging demand exhausted its monthly application quota. The halt covers mortgage and jeonse loans, while applications at branch windows remain available and no new broker resumption date has been set. Shinhan had limited each loan consultant to one application and shortened broker application hours from 10 a.m.-9 p.m. on September 1 to 10 a.m.-5 p.m. on September 2. The reversal follows a similar two-day suspension in late July and illustrates how quickly additional lending capacity created by South Korea's higher household debt growth target is being used. Separately, Shinhan will provide a 15.2 trillion won support package for small and medium-sized enterprises through October 16, including loans of up to 1 billion won per company and preferential rates of as much as 1.5 percentage points. The contrasting measures show household lending being tightened for volume control while SME credit is expanded for seasonal Chuseok funding needs.

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