IBK Industrial Bank "Delivery Workers Also OK"... Expansion of Eligibility for Worker Life Stability Fund Loans

Expanded to All Special-Type Workers Including Courier Delivery Workers, Learning Material Teachers, and Insurance Salespersons

[Asia Economy Reporter Park Sun-mi] IBK Industrial Bank announced on the 7th that it will expand the support target for the ‘Worker Life Stability Fund Loan’ starting from the 8th.

Approximately 2 million people, including special-type workers not enrolled in industrial accident insurance such as delivery transport workers, private tutors, and insurance salespersons, as well as sole proprietors enrolled in industrial accident insurance, have been added to the eligible recipients of the Worker Life Stability Fund Loan. The Worker Life Stability Fund Loan is a financial product for ordinary citizens launched in 2008 through a sole agreement between IBK Industrial Bank and the Korea Workers' Compensation and Welfare Service, providing loans secured by a full credit guarantee from the Korea Workers' Compensation and Welfare Service.

Eligible borrowers are workers who have been employed at their current workplace for more than 3 months and whose average monthly income in the previous year is less than two-thirds of the median income (2.59 million KRW as of 2020), all special-type workers, and sole proprietors enrolled in industrial accident insurance. The loan limit is up to 20 million KRW, with an interest rate of 1.5% per annum (excluding guarantee fees), and can be used for up to 8 years. Repayment must be made in equal principal installments, and early repayment penalties are fully waived.

Once the customer applies for a guarantee with the Korea Workers' Compensation and Welfare Service and approval is confirmed, loan applications can be made through internet banking and the i-ONE Bank app.

An IBK Industrial Bank official stated, “We hope that special-type workers receive timely financial support during the COVID-19 crisis to help stabilize their livelihoods in a practical way.”

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