- Process Diagram of E9VISA Credit Loan Service
- What is the E9VISA credit loan service?
- Utilization procedure for E9VISA credit loan service
- Summary of E9VISA credit loan service
- Preparatory documents required for E9VISA credit loan
- Qualification of joint surety for E9VISA credit loan and preparatory documents
- A foreign worker may receive a E9VSIA-based loan after conclusion of loan agreement with the overseas branch of E9VISA Co., Ltd
- After entering Korea, the foreign worker shall pay E9VISA Co., Ltd the monthly loan installment with uniform amount through automatic account transfer or ATM.
E9VISA credit loan service is an unsecured credit loan for foreign workers who are supposed to enter Korea after passing the EPS-TOPIK and concluding an employment contract with a business owner, according to the Foreign Worker Employment Permit System.
The foreign workers who have concluded an employment contract shall pay an educational institution a lot of training expense, as well as prepare the money for physical examination and airfare. And also, when entering Korea, they have to bring a lot of money along with them, which will be used for travel, mobile phone registration, homecoming expense, including living expenses during their stay in Korea, for a certain period of time after they start staying in Korea.
Accordingly, foreign workers who need such a large sum of money may receive a loan from an overseas branch of E9VISA Co., Ltd. on the basis of unsecured credit loan system, on condition that they have the certificate of EPS-TOPIK, an employment contract concluded with a Korean business owner and a joint sureties.
And the family in their home country may not pay the installment loan on a monthly basis because it is transferred to the bank account of E9VISA Co., Ltd in Korea from the bank account of the foreign worker, to which his/her salary is deposited in every month after the worker started working in Korea. And another special feature of this system is that the loan may be repaid in Korean currency without paying foreign currency remittance.
01only the foreign workers who are supposed to enter Korea after passing the EPS-TOPIK and concluding an employment contract with a Korean business owner may apply for the E9VISA credit loan service.
02the foreign worker among the qualified applicants to receive the loan shall prepare separate documents and pre-agreement of credit loan along with joint sureties, so that he/she shall get an approval of the overseas branch of E9VISA Co., Ltd. after submitting those documents.
03a loan contract, including the amount of loan and repayment method, shall be concluded between the foreign worker whose documents have been approved and the overseas branch of E9VISA Co., Ltd.
04the overseas branch of E9VISA Co., Ltd. will deposit the loan into the bank account of the overseas bank account that has been established in advance by the applicant, so that the applicant may use the money.
05the foreign worker who has received the loan shall repay the loan, making payments of installment on monthly basis for 12 months according to the contents of loan contract. The installment payment to E9VISA Co., Ltd. in Korean currency starts about 3.5 months later when he/she can be paid the first salary after entering Korea.
- Qualified applicants: Foreign workers who are preparing to enter Korea after having concluded an employment contract with a Korean business owner
- Interest on the loan: Repayment by installment with same amount on the monthly rate of 3.5%
- Amount of loan: Up to USD 2,300 (Depositing the money into the customer’s bank account in the overseas bank which has entered into a partnership with Hana Bank)
- Loan fees: Free
- Loan period: Payable in 12 months with a 3.5-month grace period (15.5 months in total)
- Repayment of loan: Repayment by installment with same amount, which shall be transferred to the bank account of E9VISA Co., Ltd. head office in Korean currency.
- Things that shall be submitted by the worker(Debtor)
- ID card of the borrower(Resident registration card)
- Passport of the borrower
- Domestic Relation Certificate of the borrower
- Certificate of EPS-TOPIK
- Original text of the Employment Contract with a Korean business owner
- Copy of the bank book issued by the overseas bank that has entered into a partnership with Hana Bank
(bank book in which the loan will be deposited)
- Formation of joint sureties
- The number of joint sureties, who will pay off the debts of borrower in case he/she does not implement the payment obligation, shall be three, including a family member of the debtor.
- Because the contents of preparatory documents according to formation of the joint surety group, the applicant shall call on the number of 234-1234-1234, or visit the branch office of E9VISA Co., Ltd in order to get more detailed information in person.
- Guarantee from a family member (one without failure)
- It is compulsory that one member of the family (parent, sibling or spouse) be included in the joint surety group, who will guarantee the repayment of loan received by the borrower.
- The ID card and domestic relation certificate shall be submitted.
- Guarantee from another worker who has passed the EPS-TOPIK and concluded an employment contract with a Korean enterprise (1 or 2 persons)
- One or two foreign workers with E9VISA, who have concluded an employment contract with a Korean enterprise and are supposed to enter Korea, may stand joint surety.
- The preparatory documents are as the same as the borrower’s ones.
- Guarantee from a person who owns real estate (1 or 2 persons)
- One or two persons, who pay property taxes in the local area, or possess real estate, may stand joint surety.
- The preparatory documents include the ID card, domestic relation certificate and certificate of property tax payment of real estate owner./li>