'Haetsalron Youth' Non-face-to-face Service to Launch This Month

[Asia Economy Reporter Kim Hyo-jin] From now on, loans through 'Haetsalron Youth' can be applied for and received non-face-to-face.

The Financial Services Commission announced on the 15th that starting from the 30th of this month, it will launch a fully non-face-to-face support service for Haetsalron Youth to ease the burden of face-to-face consultations due to the novel coronavirus disease (COVID-19) and enable smoother support.

Once the non-face-to-face service begins, there will be no need to visit the Integrated Microfinance Support Center in person. Applicants can submit documents through the Microfinance Promotion Agency's mobile application (app), undergo screening, and receive loans from partner banks (IBK, Shinhan, Jeonbuk).

Haetsalron Youth is a microfinance product launched in January this year by the Microfinance Promotion Agency, providing low-interest living expenses loans to university and graduate students under 34 years old, unemployed youth, and young workers with an annual income of 35 million KRW or less. Loans are available at interest rates of 3.6% to 4.5%, with a maximum of 12 million KRW per person.

By the end of last month, approximately 38,000 people had received 135.2 billion KRW through Haetsalron Youth. Since August, special guarantees have been implemented. While general guarantees allowed applications for up to 3 million KRW per half-year, special guarantees have a limit of 5 million KRW.

Even those who have already used general guarantees can receive an additional 5 million KRW. The financial authorities plan to continue supporting special guarantees until the end of the year.

This content was produced with the assistance of AI translation services.