Busan Bank Provides Emergency Living Stabilization Funds for Local Consignment Instructors Affected by COVID-19

Per-Person Loan Limit Doubled to 10 Million KRW
Fixed Interest Rate of 3.30% Annually Applied Regardless of Credit Rating

BNK Busan Bank announced on the afternoon of the 10th that it signed a business agreement with the Busan Metropolitan Office of Education at its headquarters to provide the second round of emergency living stabilization funds for commissioned instructors at various schools. (From the fourth person on the left in the photo: Bindaein, President of Busan Bank, and Kim Seok-jun, Superintendent of Busan Metropolitan Office of Education) Photo by XXX

[Asia Economy Reporter Song Seung-seop] BNK Busan Bank will provide emergency living stabilization funds to commissioned instructors at various schools in Busan who are struggling due to the prolonged COVID-19 pandemic.

On the 10th, Busan Bank announced that it signed a business agreement with the Busan Metropolitan Office of Education for the "2nd Emergency Living Stabilization Fund Support for Commissioned Instructors at Various Schools." The support targets after-school instructors and special aptitude instructors who signed commissioned contracts with various schools in Busan in 2020.

The loan limit has been increased by 5 million KRW from last year to 10 million KRW per person. Unlike existing credit loan products that apply different loan limits and interest rates based on customer credit ratings, the interest rate will be calculated through an internal review. A fixed annual interest rate of 3.30% will be applied without differentiation according to credit rating.

By utilizing the credit rating agency's estimated income calculation system to simplify procedures, there is no need to submit separate income verification documents during the loan screening. From the end of March, applicants only need to bring a confirmation of the commissioned contract signed with various schools in Busan. Applications can be made at each Busan Bank branch and through mobile banking.

A Busan Bank official stated, "We will continue to seek various financial support measures and actively support customers who are facing difficulties due to COVID-19."

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