E9VISA Credit Loan Service

Process Diagram of E9VISA Credit Loan Service

What is the E9VISA credit loan service?

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.

Utilization procedure for E9VISA credit loan service

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.

Summary of E9VISA credit loan service

Preparatory documents required for E9VISA credit loan

Qualification of joint surety for E9VISA credit loan and preparatory documents