생활정보

National Credit Union Federation of Korea (NACUFOK), 10 million won loan at 2% annual interest rate to multicultural families 'Amazing'

2022.09.21 08:01
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Reporter Hasung Song
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기사한줄요약

A savings account that pays an annual interest rate of 7% is also launched... A shocking move by the regional-based financial institution ‘credit union’

게시물 내용

The National Credit Union Federation of Korea has introduced loans and savings products that offer exceptional treatment to the multicultural families. In Korea, immigrants such as multicultural families can be looked as the financially underprivileged class. This is because banks do not lend money easily to immigrants and most of them refuse to issue credit cards.


10 million won loan at 2% annual interest rate!

The Federation of Credit Unions recently launched the ‘Credit Union Sharing Support Loan’ product, which provides a loan of 10 million won at a very low interest rate of 2% per year to multicultural families with one or more children. Compared to the current commercial banks that receive 4-5% per annum when lending, this is a significant condition.

The term of the loan is 1 year as a standard and a maximum of 2 years if extended. The credit union has set the total loan limit for this product at 100 billion won, so 10,000 marriage immigrant women can use this product.

The documents required for the loan are documents that can identify the head of a multicultural family or members of the household, such as a copy of resident registration, a certificate of family relations (details), and a basic certificate (details). Loans can be obtained through 873 credit unions in Korea.

Wan-sik Lim, Chairman of Osan Credit Union, said, “The ‘Loan for Sharing with Society of Credit Union’ was prepared by the credit union to return financial profits to the local community. And hopefully that many multicultural families will enjoy financial benefits that they could not get before through this product,” he said.


7% preferential interest rate savings products too!

The credit union also launched a high-interest savings product called ‘Shinhyup Dadream Savings’ to help multicultural families become economically independent. You can deposit up to 300,000 won a month for up to one year, and a preferential rate of 3.5% is applied to the basic rate of 3.5% and upon expiry, interest rates of up to 7% per annum are applied.

The contract period has been diversified into 3 months, 6 months, and 12 months so that he or she can use as short-term savings. With a total limit of 30 billion won, about 9,000 households can sign up for savings accounts.

The documents required to sign up for savings account are: marriage immigrants who have not acquired nationality, ▲ family relation certificate (in detail) in the name of their spouse, and multicultural families who have acquired nationality need to prepare ▲ family relation certificate (details) and ▲ basic certificate (details).

You can also visit any of the 873 credit unions in Korea and sign up for savings products.

Lee Kyung-beom, head of Incheon Gyeonggi Regional Headquarters of the Credit Union Federation, said, “Chairman Yun-sik Kim’s financial philosophy is ‘value over numbers’, that is, prioritizing the happiness of financial consumers over profits. I hope that it will become a stepping stone for multicultural families to settle down in Korea.”

Inquiry 1566-6000


Reporter Hasung Song



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영국말고미국
2021. 1. 17 13:00
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영국말고미국
2021. 1. 17 13:00
Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod
영국말고미국
2021. 1. 17 13:00
Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod

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