K Bank launches youth policy microfinance product ‘Sunshine Loan Youth’

Support of up to 12 million won for annual income of 35 million won or less... 1.9~4.0% per year

(Seoul = Yonhap News) Reporter Lee Do-heun = K-Bank [279570] announced on the 7th that it has launched the 'Sunshine Loan Youth' product for young customers under the age of 34.

'Sunshine Loan Youth' is a policy financial product that supports college students and those just starting out in society with their studies, job preparation, and initial funds for starting a business, based on a guarantee from the Korea Inclusive Finance Agency.

The target group is young people between the ages of 19 and 34 with an annual income of 35 million won or less. You can apply if you are a beginner working at a small or medium-sized business for less than a year, a young self-employed person within one year of starting a business, a college or graduate school student, or an unemployed youth.

The loan limit is up to 12 million won per person. You can receive up to 3 million won at a time for general living funds, and up to 9 million won at a time for special-purpose funds such as housing expenses, medical expenses, and business operation funds.

A fixed interest rate of 1.9-4.0% per year is applied, excluding the guarantee fee. The loan period is up to 15 years, including the grace period, and there is no early repayment fee.

Those who are new to society can apply for a guarantee and even take out a loan through the K Bank app. Job seekers and young business owners can go through a non-face-to-face guarantee screening on the ‘Crown Finance Itda’ app or website and then apply for a loan through the K Bank app.