Korean Job Discussion Forums

[groundpound]

I have an F visa...was wondering what success a foreigner has in getting a personal loan from a bank here in Korea or any people you know that may help out foreigners here. Any stories or valid info you may have would be greatly appreciated.

Thanks.

[recklesscognition1]

It is hard to get a loan as a foreigner. New loan law states you can get up to 60% of your monthly income loaned for housing. You need 6 months of documentation for taxes you've paid from your job. No banks are any better than others for this, KEB offers nothing special. I've had success with Nonghyup and Woori.

For personal loans, not for housing, you're not going to get much of anything

[red_devil]

What about for a car?

[groundpound]

ok...thx for the information. @recklesss..If you have a contact you deal with, pls msg me. thx

[T-J]

[groundpound]

@ TJ sounds like a helpful website, but give my national ID jut to be a member doesnt sound safe... how many members on that site?

[Steelrails]

[T-J]

[daeguowl]

[Lolimahro]

I have an E2 visa - is it possible to get a housing loan with this kind of visa at all? Even a smallish one for wolsae - say 10 or 20 million? I've been banking with Hana and they don't seem to have anything available.

[YTMND]

[pkang0202]

From Shinhan:

Unfortunately, foreign customers are not eligible for car loans from Shinhan Bank. The reason for this is that the car loan process requires that an individual get a Certificate of Guarantee issued by the Seoul Guarantee Insurance Company (www.sgic.co.kr) and unfortunately, SGIC currently has an internal policy that only allows them to issue this certificate to Korean nationals. And despite your F-visa status, SGIC would not consider you to be a Korean national. We are sorry to deliver this disappointing news to you.

There may be another option for you though. If you have a Shinhan credit card with a good credit rating and credit history, you may be eligible to request a temporary one-time increase to your credit limit for the purchase of a new car.

Since you are employed at a company, the process for this option is as follows:

1. Contact the Shinhan Card English Call Center at 1544-7333 to discuss your unique situation and your eligibility in detail. The Call Center is open Monday - Friday from 9 am - 6 pm. You must call first to determine your eligibility.

2. Bring the following documents to your local Shinhan Bank branch or fax them to Shinhan Card:

- Signed contract for the purchase of your new car - The contract should include your name, your Alien Registration Card number, the price of the car, the name of the dealership, the contact details of the dealership, and the name and signature of the dealer.
- A copy of your most recent tax returns (근로소득 원천 징수증)
- Proof of employment (재직증명서)

Then, as long as you are qualified, Shinhan Card will increase your credit limit to cover the cost of the car (plus a little extra so that you can still use your credit card).

For more information about this option, please visit our specialized global branch - the Shinhan Bank Seoul Global Center - located on the ground floor of the Seoul Finance Center between Gwanghwamun station (line 5, exit 5) and City Hall station (lines 1&2, exit 4) or contact the Shinhan Card English Call Center at 1544-7333.

[Lolimahro]

[pkang0202]