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From January of next year, if special circumstances such as marriage, funeral, childbirth, surgery, etc. are recognized, additional credit loans up to 50% of annual income and up to KRW 100 million can be obtained from the bank.
According to the financial industry today (7th), banks have recently confirmed a plan to allow exceptions to end-users of credit loans led by the Federation of Banks. Earlier, the financial authorities announced a plan to manage household debt on October 26, and said, "In the case of credit loans with real needs such as marriage, funeral, and surgery, a temporary exception will be applied from the measure to limit annual income to less."
The bank has set a special limit to be granted to end-users who need urgent funds at 50% of their annual income, up to KRW 100 million. For example, Mr. A, whose annual income is 60 million won, has a credit limit of 60 million won, but if he gets married, he can borrow an additional 30 million won, which is 50% of his annual income. In other words, you can get a credit loan of up to 90 million won, which is 1.5 times your annual income.
There are four main reasons for allowing exceptions: marriage, funeral and inheritance tax, childbirth, and surgery and hospitalization. In order to receive an exception, you must submit supporting documents to the bank, such as marriage certificate (marriage), closed family relationship certificate or death certificate (funeral/inheritance tax), pregnancy confirmation (birth), and surgery confirmation (surgery/hospitalization).
Loan application deadlines are within 3 months from the date of marriage registration for marriage, within 6 months for funeral and inheritance tax from the date of death, within 3 months before and after childbirth (planned) for childbirth, and within 3 months from the date of surgery/discharge for surgery/hospitalization.
In addition to the four purposes, the bank decided to operate a special road through the approval of the Bank Headquarters Credit Review Committee when urgent funds are recognized.
However, banks believe that it will be difficult to broadly recognize the reasons for exceptions in practice, as problems may arise in the way of proof or in terms of equity.
After final coordination with the financial authorities, the bank plans to implement a plan to allow end-user exceptions from January next year.
Internet-only banks need to develop an automatic screening system and hire a separate manpower, so they decided to decide whether to implement it voluntarily.
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