There are many people who stay in Korea for a long time, language institutes and international students sometimes wonder how to take out a student loan or general loans in Korea.
So, in this article, I’m going to share how to get a student loan or general loan as a foreigner.
It deals with information about banks that service foreign loans and student loan information.
so I recommend that you learn more about detailed issuance methods and documents. I deliberately excluded it because loan policies and required documents change frequently.
And I will introduce banks in the banking sector.
What is student loan in South Korea?
The student loan system is a policy to reduce the burden of tuition for college or graduate students.
Student expenses are divided into tuition and living expenses notified by the university for the semester and living expenses for the student’s livelihood.
The tuition fee includes the admission fee, tuition fee, etc.
In addition, there are various student loan systems, and since they are all for Koreans, let’s look at how to get student loans as a foreigner.
How to take out a student loan in Korea?
The way to get a student loan is to ask the school you are attending if you can get a foreign student loan.
Compared to the past, a lot of student loans are currently stopped for international students.
but I recommend asking the school first because there may be a way.
It is difficult to find a guarantor, but if you can get a guarantor, it is much easier to get a student loan, so if possible, I recommend it.
In fact, student loans for international students are currently suspended by the Korea Scholarship Foundation and commercial banks.
Because foreign loans are difficult to collect. So, it is not that there is no way, so I recommend that you inquire at the school or look for several banks.
Also, since there are many students currently studying at Korean universities, the policy may change again.
How to get foreign loans in Korea
Many banks offer foreign loans, so you can visit the bank and compare products before applying.
I will start a list of banks that provide loans to foreigners.
Then, I will tell you what documents you need to apply for a foreign loan.
First of all, basically all banks require the following documents.
- Identity verification documents
- Proof of income
- Employment confirmation document
Because each bank has different visas for foreign loans,
You can contact bank or find out through their website.
List of foreign loan banks
- KOOKMIN BANK
- Shinhan Bank
- Woori Bank
- Hana Bank
- Standard Chartered plc
- Citibank Korea Inc
- toss bank
- KakaoBank Corp
- K bank
Tips when take out loan in Korea
The most important thing that foreigners should pay attention to when looking for a loan is to take out a loan from the first financial institution, if possible.
First of all, the first financial sector has the lowest interest rate, and it is recommended to avoid loans through the second financial sector or loan companies if possible.
And most importantly, beware of fraud or voice phishing.
Wrap Up
In this article, we looked at how foreigners get loans and student loans in Korea.
In fact, the reason I wrote this article is that my friend is going to college in Korea soon.
She needs to get a loan in Korea, but it’s hard to find information about that.
So, I wrote this for other people who may be curious about how to take out a student loan in Korea.
Thank you for reading my article, and I hope my article is helpful to even one person.
