햇살론 유스 신청방법 [Trying it out] How to apply for ‘Sunshine Loan Youth’, a financial product for young people – Policies spoken of by the people | News | Republic of Korea Policy Briefing

햇살론 유스 신청방법These days, during the vacation period, it is easy to find young people working part-time. These days, as the number of young people who engage in both academic and economic activities is increasing, I heard that a policy financial product has been launched that can ease some of the burden on young people.
The government and the Korea Inclusive Finance Agency announced that starting January 23, they will provide Sunshine Loan Youth, a loan product exclusively for young people and college students. I personally applied for Sunshine Loan Youth, which is said to have strengthened its coverage for those just starting out in society.

Sunshine Loan Youth is a financial product that allows you to receive loans from three banks – Enterprise Bank, Shinhan Bank, and Jeonbuk Bank – with a guarantee from the Korea Inclusive Finance Agency. It targets college students under 34 years of age, unemployed young people, or those just starting out in society with an annual income of 35 million won or less.
For college students, it can be used if they are currently enrolled in school or have taken a leave of absence or delayed graduation to prepare for employment. If they are new to the workforce, they must have worked at a small or medium-sized company for less than one year. In addition, even non-college graduates or graduates can use it as long as they have a certain amount of income through short-term work.

The loan limit is 6 million won per year, and a maximum of 12 million won per person can be borrowed. If you take out a loan for the purpose of general living expenses, you can apply for up to 3 million won at a time, and if you bring supporting documents for special purposes such as tuition, medical expenses, or housing funds, you can apply within the limit.
The loan period is up to 1 year for those just starting out in society, up to 2 years for unemployed young people, and up to 6 years for college students. If you plan to serve in the military, a grace period is added, allowing up to a maximum of 8 years.

The loan interest rate is the lowest at 3.6% for young people who are subject to social consideration, such as recipients of basic livelihood security, the second-lowest class, the disabled, North Korean defectors, and single-parent families, and is higher at 4.5% for those just starting out in society, but the loan interest rate is lower than that of existing financial products. Of course, the lack of early repayment fees is also considered a major advantage.

In order to receive a loan, a guarantee from the Korea Inclusive Finance Agency is required, and the first step in applying for a guarantee is ‘qualification inquiry.’ There are two ways to check qualifications: using a mobile phone application or obtaining one through the Microfinance Integration Support Center. I tried it easily and conveniently using the application.
It was announced that qualification inquiries and guarantee applications were available every day from 6 a.m. to 11 p.m. Next, after logging in with your public certificate and entering your address and income, a simple qualification inquiry will be completed.

Once the qualification inquiry is successfully completed, you must enter personal information and income information, as well as the amount you wish to borrow. Once this process is completed, everything that can be done online is completed, and the entire process takes less than 5 minutes.
A short time later, two texts were sent to my mobile phone, one with the Sunshine Loan Youth application results and financial education information, and another text message to make a consultation reservation at the Integrated Support Center. As it is a government-supported financial product and is related to loans, it was necessary to receive education on proper debt management before consultation.

Although it has been a little over a week since it was launched, the interest among young people was so great that some counseling centers were unable to make reservations for counseling in the near future. I also needed to wait at least 10 days for an offline consultation at the center closest to my home, so I scheduled the consultation around mid-February.
It is said that if you complete offline counseling at the Korea Inclusive Finance Agency’s counseling center, you can also apply for a loan through the financial company’s app. However, I thought there were quite a few young people who visited the bank in person, so I visited the nearby bank, Industrial Bank of Korea.
The three banks handling Sunshine Loan Youth are Enterprise, Shinhan, and Jeonbuk, and each bank was providing additional services for young people using Sunshine Loan Youth. Representative services include exemption from fees for electronic financial transactions and ATMs, preferential lending for deposits and savings, lower interest rates for other loans, and support for employment activities. 

There were posters at the bank introducing various loan products, but I could not find a poster for Sunshine Loan Youth yet. A bank official said, “There are no posters since it was launched not long ago, but it seems to be receiving a lot of attention, with young people visiting the bank every day to inquire about Sunshine Loan Youth.”
A junior who plans to take out a loan through the Sunshine Loan and use it for living expenses said, “My family’s financial situation was not good, so I had to make a difficult living by paying for student loans and working part-time every semester.” He added, “I plan to focus more on acquiring qualifications by taking out a Youth Loan from this Sunshine Loan.” “He said.
Among financial products targeting young people, Sunshine Loan Youth has the great advantage of low interest rates and government guarantee. Since loans can be managed for up to 15 years, the expectation was that this could serve as a foundation for young people going through difficult times.
Korea Inclusive Finance Agency website: https://www.kinfa.or.kr/index.do
Microfinance Call Center: 1397
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