K-Bank has introduced a policy financial product called 'Sunshine Loan Youth,' which offers loans of up to 12 million won to young people.
On October 7, K-Bank announced the launch of 'Sunshine Loan Youth' aimed at university students, recent graduates, and young entrepreneurs.
The loan is designed to alleviate the financial burden of education, job preparation, and initial startup costs for young individuals.
Eligible applicants are young people aged 19 to 34 with an annual income of 35 million won or less. This includes recent graduates employed at small and medium-sized enterprises for less than a year, young entrepreneurs within their first year of business, as well as university and graduate students and unemployed youth.
The maximum loan amount is 12 million won per person. For general living expenses, borrowers can receive up to 3 million won without additional documentation. For specific purposes such as housing costs, medical expenses, or business operation funds, borrowers can obtain up to 9 million won with proof of use.
Interest rates, excluding guarantee fees, range from a fixed rate of 1.9% per year for socially disadvantaged individuals to 4.0%. The loan term can extend up to 15 years, and there are no prepayment penalties.
Recent graduates can complete the entire process from guarantee application to loan execution through the K-Bank app. Job seekers and young entrepreneurs can undergo non-face-to-face guarantee assessments via the 'Inclusive Finance Connect' app or website, and once approved, they can execute the loan through the K-Bank app.
A K-Bank representative stated, "Through Sunshine Loan Youth, we aim to support young people with limited financial resources so they can focus on their education, job search, and startup preparations. We will continue to expand inclusive financial products for those with low credit ratings and financially vulnerable groups."
* This article has been translated by AI.
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