Summary of Foreigner Loans in South Korea in 2023

We have compiled a summary of loans available to overseas compatriots (foreign nationals of Korean descent) and foreigners in Korea for 2023. If you need a loan in Korea, this is a good opportunity to learn about the loan limit, interest rates, eligibility requirements, and necessary documents.

1. JB Bravo Korea Loan from Jeonbuk Bank

 

1.1 Eligibility Requirements

• Foreign nationals residing in Korea who hold one of the following permits: F-4 (overseas compatriot), F-5 (permanent resident), F-6 (marriage immigration), E-9 (unskilled labor)
• Credit rating of 9 or higher with Jeonbuk Bank
• Remaining period of stay in Korea and employment contract duration on the standard employment contract form must be at least three months longer than the loan term
• Able to submit ID verification, proof of borrower's qualifications and income, and other necessary documents

1.2 Loan Limit

• Minimum 1 million won to a maximum 10 million won per person
• Loan limit may vary depending on customer's annual income and Jeonbuk Bank credit loan

1.3 Loan Interest Rates

• Over 3 months and up to 36 months (3 years)
• The repayment method can be chosen between equal principal repayment or equal principal and interest repayment

1.4 Required Documents

• ID verification documents: Alien Registration Card
• Proof of borrower's qualifications and income: Standard employment contract form (E-9), Employment certificate, Income verification documents

1.5 JB Bravo Korea Loan Application Site

JB Bravo Korea Loan

 

2. Shinhan Card Foreigner Loan

 

2.1 Eligibility Requirements

• Shinhan Card holders
• Residing in Korea for at least 1 year
• Holders of one of the following permits: F-4 (overseas compatriot), F-5 (permanent resident), F-6 (marriage immigration), E-9 (unskilled labor)
• KCB credit rating of 445 or higher
• Employees or self-employed individuals who can provide proof of income

2.2 Loan Limit

• Minimum 1 million won to maximum 10 million won per person

2.3 Loan Interest Rates

• Annual interest rate of 4.75% to 19.9%
• Delinquent interest rate applies within the agreed interest rate plus a maximum of 3% or the legal maximum interest rate (20% per annum)

2.4 Required Documents

• ID verification documents: Alien Registration Card
• Proof of income documents: Income verification documents, Employment certificate

2.5 Shinhan Card Foreigner Loan Application Site

Shinhan Card Foreigner Loan

 

3. Hana Bank Foreigner Primary Customer Loan

 

3.1 Eligibility Requirements

• Loan target: Overseas Koreans and foreigners residing in Korea who meet Hana Bank's criteria for unsecured credit loans.
• Visa types: F-4 (overseas compatriot), D-5 (journalism), D-7 (residence), D-8 (investment), D-9 (trade management), E-1 (professor), E-3 (research), E-4 (technical guidance), E-5 (professional occupation), F-2 (residence), F-5 (permanent residence), F-6 (marriage immigration).

3.2 Loan Limit

• Maximum limit of 30 million won.
• Differentiated application depending on loan conditions and individual credit rating.

3.3 Loan Interest Rates

• Annual interest rate of 5.6% (Differentiated application depending on loan conditions and individual credit rating).
• Delinquent interest rate applies within the agreed interest rate plus a maximum of 3% or the legal maximum interest rate (20% per annum).

3.4 Required Documents

• ID verification documents: Alien Registration Card.
• Proof of income documents: Employment certificate, Income verification documents.

3.5 Hana Bank Foreigner Primary Customer Loan Application Site

Hana Bank Foreigner Primary Customer Loan

 

4. Hana Bank AI Loan

 

Hana Bank AI Loan is a credit product that uses artificial intelligence to analyze customer transaction patterns and calculate loan limits.

4.1 Eligibility Requirements

• Applicants: Customers who have transacted with Hana Bank for more than six months
• Visa types: F-4 (overseas compatriot), D-5 (journalism), D-7 (residence), D-8 (investment), D-9 (trade management), E-1 (professor), E-3 (research), E-4 (technical guidance), E-5 (professional occupation), F-2 (residence), F-5 (permanent residence), F-6 (marriage immigration)

4.2 Loan Limits

• Minimum loan amount: 3 million won
• Maximum loan amount: 50 million won
• Loan limits are optimized for each individual analyzed by artificial intelligence

4.3 Loan Interest Rates

• Annual interest rate ranges from 6.436% to 7.336%
• Differentiated application depending on Hana Bank's internal credit rating; interest rate is variable

4.4 Required Documents

• Hana Bank AI Loan can be applied for without face-to-face meetings or document submissions

4.5 Hana Bank AI Loan Application Site

Hana Bank AI Loan

 

5. Hana Bank Foreigner Credit Loan

 

The Hana Bank Foreigner Credit Loan (K-loan) is a credit loan product for foreign workers employed in Korea.

5.1 Eligibility Requirements

• Applicants must be individuals aged 19 or older.
• Credit rating must be KCB credit rating of over 560.
• Visa types considered are F-4 (overseas compatriot), F-5 (permanent resident), F-6 (marriage immigration), and E-9 (unskilled labor).

5.2 Loan Limit

• The loan amount ranges from a minimum of 3 million won to a maximum of 15 million won.
• The loan limit varies depending on individual credit rating, visa type, and target country.

5.3 Loan Interest Rates

• The interest rates range from 14.5% to 16.5%.
• The application and interest rates differ depending on individual credit rating, visa type, and target country.
• An interest rate reduction is possible through an interest rate reduction demand when improving credit status.

5.4 Required Documents

• ID verification documents required are Alien Registration Card.
• Proof of employment and income required are Standard employment contract form, Employment certificate, and Income verification documents.

5.5 Hana Bank Foreigner Credit Loan Application Site

Hana Bank Foreigner Credit Loan

 

6. Conclusion

If you need a loan in Korea, this is a good opportunity to learn about the loan limit, interest rates, eligibility requirements, and necessary documents.