Shinhan Bank launches credit loan program for foreign workers

(Shinhan Bank)

Shinhan Bank on Tuesday introduced its SOL Global Loan, a new credit loan program designed exclusively for foreign workers in South Korea.

The product is available to those who have received salaries through Shinhan Bank accounts for at least three consecutive months. Eligible applicants must reside in Korea on a valid visa, such as the E9, E7, F2 or F5, and have more than six months remaining on their stay.

Customers can access loans of up to 20 million won ($14,200) with repayment periods ranging from six to 36 months. Applications are accepted at bank branches or via the Shinhan SOL app.

The bank will expand its service later through SOL Global, Shinhan’s dedicated mobile platform for foreign customers.

Additionally, to mark the launch the bank is offering a 5,000 won CU convenience store voucher to all customers who complete a loan limit inquiry by Nov. 30.

“We prepared the product to help foreign workers access financial services more conveniently,” a Shinhan Bank official said. “We will continue to expand customized services to enhance convenience for our foreign customers.”

To expand financial services tailored to foreign customers, the bank has been operating Sunday banking at branches at Dongdaemun Station in central Seoul, Suwon Station in Gyeonggi Province and Onyang Banking Center in South Chungcheong Province since July.

Shinhan is also running foreigner-focused outlets in Gimhae, South Gyeongsang Province, Doksan-dong in southwestern Seoul and Ansan, Gyeonggi Province.