Busan Bank Launches Mobile Hetsalron17

[Asia Economy Reporter Kim Min-young] BNK Busan Bank announced on the 5th that it has launched the 'Mobile Hetsalron17,' which can be conveniently used without visiting a branch.

Hetsalron17 is a loan product 100% guaranteed by the National Happiness Fund to include the lowest credit borrowers, who inevitably use high-interest loans from private lenders and illegal financial institutions, into the regulated financial sector. It is divided into consignment guarantees issued by the bank and special guarantees issued by the Korea Inclusive Finance Agency.

The newly launched 'Mobile Hetsalron17' allows one-stop application and execution of consignment guarantees through the Busan Bank mobile banking application (app). In the case of special guarantees, after applying through the Korea Inclusive Finance Agency, loans can be obtained via the mobile banking app without a separate bank visit.

Applicants must be wage earners or business income earners with an annual income of 45 million KRW or less and have been employed (or in business) for more than 3 months. The interest rate is a fixed 17.9% per annum, including a guarantee fee of 13.9%. The loan limit is up to 14 million KRW. The loan period can be selected between 3 or 5 years with equal monthly principal and interest repayments.

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