Shinhan Bank is introducing a non-face-to-face mid-rate credit loan product that lends up to 20 million won to mid-to-low credit borrowers.

Shinhan Bank said on Aug. 20 it will launch the 'SuperSOL Mid-Rate Loan' from Aug. 21.

The product is a non-face-to-face credit loan for mid-to-low credit customers in the bottom 50 percent of NICE or KCB credit scores. The loan limit is up to 20 million won per person. A fixed annual interest rate of 5.5 to 6.9 percent applies.

The loan term is up to 36 months. It can be used with equal principal instalment repayment or equal principal-and-interest instalment repayment.

It also offers a preferential rate discount of up to 1.4 percentage points per year. Up to 0.9 percentage points per year is offered depending on transaction performance such as salary transfers and Shinhan Card use. An additional event discount rate of 0.5 percentage points per year applies to customers who take out the loan by Dec. 31 this year.

Shinhan Bank applied its 'alternative credit assessment model for ordinary people' that it developed and introduced in March to the product.

A Shinhan Bank official said, "We developed the product to expand the scope of financial support to include even thin-filer customers," adding, "We will continue to improve financial access for mid-to-low credit customers."