Shinhan Financial Group is starting an asset-building support programme that returns part of repayments to customers who repay youth loans from the Shinhan Miso Microfinance Foundation without delinquency.

Shinhan Financial said on Sept. 3 it will accept applications for an "asset-building support payment" from Sept. 4 through the Shinhan Miso Microfinance Foundation.

The support is available to customers who have taken out the foundation's "Youth Future Link" or "Youth Operating Funds" loans since April 1 this year and are repaying them without delinquency.

The foundation checks delinquency status at the end of each quarter and provides up to 300,000 won per payment, for up to 10 payments, totalling 3 million won. The first payment date is Oct. 12.

The programme will use 20 billion won of an additional 100 billion won that Shinhan Financial contributed to the microfinance foundation in March. Shinhan Financial expects about 10,000 people to receive support over about 8 years until the funding runs out.

The first eligible group comprises 568 borrowers who took out youth loans from April to June this year. Applicants can apply from Sept. 4 on the asset-building support payment page on the Shinhan Miso Microfinance Foundation website, and the support payment will be made to a registered account after the foundation verifies the application.

Jin Ok-dong (진옥동), chairman of Shinhan Financial, said, "It was set up to help young people who repay diligently build assets."