IBK Industrial Bank Launches Interest Subsidy Credit Loan for Solo Proprietors and Self-Employed

Launch of 'Worker Livelihood Stability Fund Interest Subsidy Credit Loan'
Business Agreement Signed with Korea Workers' Compensation and Welfare Service for Interest Subsidy Loan Program
"Loans at a Minimum 1.5% Rate for Workers at or Below Median Income Level"

IBK Industrial Bank announced on June 17 that it has launched a 300 billion won 'Worker Livelihood Stability Fund Interest Subsidy Credit Loan' offering ultra-low interest rates starting from 1.5%.

Previously, in April, IBK Industrial Bank signed a related business agreement with the Korea Workers' Compensation and Welfare Service. This product has been introduced as a result of that agreement.

The loan targets customers who have received a recommendation letter from the Korea Workers' Compensation and Welfare Service, including so-called 'solo proprietors' (one-person self-employed business owners) and workers whose income is at or below the median income level.

It provides support for up to 10 million won at a minimum interest rate of 1.5% for the customer’s own or their child’s wedding expenses, as well as childcare costs for children under the age of seven.

Regarding the loan interest rate, the maximum discounts are as follows: up to 3.0 percentage points for interest subsidies, up to 0.5 percentage points for the IBK program for small and medium-sized business workers, and 0.2 percentage points for salary transfer, for a total maximum reduction of 3.7 percentage points if all conditions are met.

Detailed information about the product is available through IBK’s mobile banking app, i-ONE Bank (Personal), and at IBK branches.

An IBK Industrial Bank representative stated, "We will continue to provide support so that all workers in Korea can find new vitality and make great strides forward."