Kwangju Bank Launches 'KJB Haetsallon Youth' to Address Financial Challenges for Young Adults

Gwangju Bank Launches KJB Hetsallon Youth. Photo by Gwangju Bank

Gwangju Bank announced on the 17th that it has launched 'KJ Haetsallonyouth,' a financial product for low-income or low-credit youth, based on policy guarantees to help resolve financial difficulties for this demographic.

'KJB Haetsallonyouth' is a product released through an agreement with the Korea Inclusive Finance Agency. It targets customers aged 19 to 34 who are eligible for guarantee certificates, such as job seekers, those who have been employed for less than a year, and young entrepreneurs. The loan limit is up to 12 million KRW per person, and it is a 100% guarantee-based loan product that can be used for general living expenses or special-purpose funds.

The loan interest rate is provided at a fixed annual rate of 3.5%, allowing stable use without concerns over interest rate fluctuations. The guarantee fee from the Korea Inclusive Finance Agency is charged separately.

After passing the screening by the Korea Inclusive Finance Agency, loan applications can be made non-face-to-face through a visit to the Gwangju Bank Inclusive Finance Center, the Gwangju Wa Bank (APP), or mobile web banking. Depending on eligibility, borrowers can pay only interest for up to eight years during the grace period, after which principal and interest can be repaid in equal installments for up to seven years.

Park Moonsu, Head of Data Product Strategy at Gwangju Bank, said, "'KJB Haetsallonyouth' is a product that provides financial support to help university students and young people stably enter the institutional financial sector," and added, "We will continue to carry out various marketing initiatives to attract the 20s and 30s demographic, our future core customer base."