소액 생계비대출Starting on the 27th, a new small living expenses loan product will be launched for vulnerable groups to minimize damage from illegal private financing.
Those eligible for support are adults over the age of 19, with a credit rating in the bottom 20% or less and an annual income of 35 million won or less.
Loan is provided immediately on the day of application, regardless of delinquency history, up to a limit of 1 million won.
The Financial Services Commission and the Korea Inclusive Finance Agency announced on the 21st that they will launch a small living expenses loan product directly provided by the Korea Inclusive Finance Agency so that people can receive a small amount of living funds on the same day of application.
Considering the limited supply, small living expenses loans are provided first to those who have difficulty using institutional finance and existing policy microfinance products.
Among those subject to restrictions on existing policy microfinance products, support will be provided to include those who are delinquent and those who have difficulty verifying proof of income, but exclude those who are delinquent on taxes and those who disrupt financial order such as loan, insurance fraud, or forgery.
Funds are limited to living expenses, so proof of use of funds is not required, but a ‘fund use and repayment plan’ must be submitted through face-to-face consultation.
The loan limit is up to 1 million won, and after the initial loan of 500,000 won, additional loans can be made if the interest has been faithfully paid for more than 6 months. If the source of funds, such as hospital expenses, is proven, a maximum of 1 million won can be loaned even during the initial loan.
Repayment has a default maturity of 1 year, and upon faithful payment of interest, the maturity can be extended up to 5 years upon application.
If credit conditions have improved, you can apply for products with favorable conditions such as special guarantees for the lowest credit borrowers and loan limits such as Sunshine Loan 15.
You can repay the principal at any time without an early repayment fee, and with the lump sum repayment method at maturity, you only have to pay interest every month until maturity.
The interest rate paid is lowered by 0.5%p upon completion of financial education, so the initial monthly interest burden for a 500,000 won loan is around 6,416 won, and the interest rate is lowered by 3%p twice every 6 months after faithful payment of interest, so after 6 months. The interest rate burden is reduced to 5,166 won, and after an additional 6 months, to 3,916 won.
Accordingly, after paying interest faithfully for one year, the final interest burden during the maturity extension period (up to 4 years) is approximately 3,916 won per month.
During this year, 100 billion won will be supplied with financial resources raised based on bank donations, and the supply will be supplied until the financial resources are exhausted. However, considering application demand, etc., we plan to review a more sustainable supply plan if necessary.
For more information, visit the Korea Inclusive Finance Agency’s online webpage (sloan.kinfa.or.kr) or call the Small Finance Call Center (1397 without area code).
We directly visit 46 low-income financial integration support centers across the country to provide loans after customized counseling for applicants, and operate a prior reservation system to ensure smooth center consultation.
From 9 a.m. on the 22nd, a consultation reservation is required through the online reservation page (sloan.kinfa.or.kr) or by phone (Crown Finance Call Center 1397 without area code). To prevent initial congestion, a weekly reservation system (every Wednesday to Friday) will be held for the time being. ) is operated.
Starting on the 27th, we will provide comprehensive counseling in connection with various self-reliance support programs such as debt adjustment, welfare, and employment, depending on the applicant’s situation, in addition to loans.
Those who are having difficulty repaying their debt will be given a loan on the premise that they have applied for comprehensive debt adjustment counseling from the Credit Recovery Committee, and will be guided to the New Rehabilitation Committee counseling window within the Individual Finance Integration Support Center to support comprehensive debt adjustment (including court rehabilitation and bankruptcy).
In the case of the welfare system, local government welfare officials work at 11 centers to provide one-stop counseling. For the remaining centers, general counselors from the Korea Inclusive Finance Agency plan to link the welfare system through the social security information system connected to about 3,500 administrative welfare centers across the country.
In the case of employment support, professional career counselors guide about 160 employment support programs along with job search competency strengthening training such as job placement and interview coaching, and also provide employment success allowance support.
Meanwhile, for victims of illegal private financing, linkage and guidance will also be provided to the illegal private financing reporting center so that they can use the ‘Debtor Representative Free Support Project’.
For the applicant’s convenience and quick loan, proof of income, credit rating, etc. is verified electronically to minimize the required documents. When visiting the Microfinance Integration Support Center or having a loan consultation, you must bring your ID card and a copy of the bankbook (in your name) for receiving the loan.
Recently, cases of damage from text messages or voice phishing impersonating policy microfinance are increasing, so special caution is needed.
The Korea Inclusive Finance Agency (including the National Happiness Fund) does not advertise loan products at all through text or phone calls.
In particular, we do not ask for account numbers, card information, passwords, or any cash deposit under the guise of high-interest refinancing loans (loan transfers).
You should not carelessly click on the link or call the phone number listed in the loan application text message from a financial company such as a bank.
Inquiries: Microfinance Division, Financial Consumer Bureau, Financial Services Commission (02-2100-2611)
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