Busan Bank Launches 'Mobile Hetsalron17'

Up to 14 Million KRW Support for Low-Credit Individuals Without Branch Visits or Document Submission

[Asia Economy Yeongnam Reporting Headquarters Reporter Kang Woo-kwon] BNK Busan Bank announced on the 10th that it has newly launched the ‘Mobile Hetsalron17,’ which can be conveniently used without visiting a branch.

Hetsalron17 is a high-interest alternative product with a 100% guarantee from the National Happiness Fund, designed to include the lowest credit borrowers who inevitably use high-interest loans from private lenders and illegal financial institutions into the formal 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 service from consignment guarantee application to execution through the BNK Busan Bank mobile banking app. In the case of special guarantees, loans can also be obtained through the mobile banking app without a separate bank visit after applying through the Korea Inclusive Finance Agency.

The applicants are wage and business income earners with an employment period of more than 3 months and an annual income of 45 million KRW or less. The interest rate is a fixed rate of 17.9% per annum, including a guarantee fee (13.9%), and 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.

Busan Bank is also holding an event to give Starbucks coffee coupons to the first 300 customers who execute loans to commemorate the launch of ‘Mobile Hetsalron17.’

Son Dae-jin, Head of Credit Sales Division at Busan Bank, said, “Mobile Hetsalron17 is a non-face-to-face loan product launched for customers who need a high-interest alternative product but find it difficult to visit the bank due to their livelihood.”

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