Major Korean banks lend money to foreigners

Banks such as Shinhan, Hana… have just announced new credit loans specifically for foreigners working in Korea. Loans with limits ranging from 20 - 30 million won (equivalent to 14,000 - 21,000 USD) are for foreign workers who meet the requirements of working time or visa duration.

Accordingly, Shinhan Bank launched the SOL Global Loan product for foreigners with E-9, E-7, F-2 and F-5 visas, with a maximum loan limit of 20 million won (about 14,220 USD), as long as the visa is valid for at least 6 months. Shinhan currently operates branches specializing in serving foreign customers in Gimhae, Doksan (Seoul) and Ansan.

NH NongHyup Bank offers a loan package of up to 30 million won to workers who have worked for at least 6 months, including F-2, F-5, F-6, E-7 and E-9 visa holders. Meanwhile, Hana Bank applies a limit of 10 million won to E-7 and E-9 visa holders, through 16 specialized branches.

Experts say this move not only promotes financial integration but also helps foreign workers settle down, study and plan their finances, thereby expanding their customer base in the context of fierce competition in the banking industry.

South Korea currently has more than 2.5 million legal foreign residents, of whom over 567,000 are licensed workers. The new loan packages are expected to help foreign workers integrate financially, while banks can also expand their customer base.

Source: https://vtv.vn/cac-ngan-hang-lon-han-quoc-cho-nguoi-nuoc-ngoai-vay-tien-100251004100645832.htm