혼례비대출Do you know that you can get a loan from the Korea Workers’ Compensation and Welfare Service? They provide low-interest loans for living stabilization funds for workers, and among them, let’s take a look at the Korea Workers’ Compensation and Welfare Service’s wedding expense loan.
“You can borrow up to 12.5 million won at an annual interest rate of 1.5%!”
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The Basic Labor Welfare Act stipulates a labor welfare project that provides support (loans) for the stability of workers’ lives.
Accordingly, the Korea Workers’ Compensation and Welfare Service plans and operates labor welfare projects.
Every year, they provide living stabilization fund support projects for ‘medical expenses, funeral expenses, wedding expenses, parental care expenses, children’s education expenses, child-rearing expenses, etc.’
Among them, wedding expenses have the highest support limit of 12.5 million won.
The annual interest rate for living stabilization funds is 1.5%, which is very low compared to credit loans from commercial banks. (As of July 2024, the average credit loan interest rate is 6.04%)
In addition, since there is a grace period of one year in which only interest is paid, it is advantageous because you can use it without the burden of repaying the principal.
If you currently need a loan and fall under the above reasons, apply for a living stabilization fund loan.
Looking at the annual budget size of the living stabilization fund project, it was 99.1 billion won in 2022, 150 billion won in 2023, and 88.4 billion won in 2024.
Perhaps due to the smallest budget in the past three years, this year’s loan project was closed early in June due to budget exhaustion.
Fortunately, the government secured additional funds of 30 billion won after the livelihood discussion, and the project has now resumed. (10 billion won supported every month)
This year, the budget size is smaller than before, and the depletion rate is faster, so we recommend that you apply quickly. In particular, the loan application that resumed on August 1st was closed in one day, so you have to wait until the next application opening date, October 2nd.
Let’s learn about the application requirements for the 2024 Living Stabilization Fund Loan.
The Living Stabilization Fund is for workers, but self-employed business owners can also apply if they meet the requirements.
Looking at the method for calculating the average monthly income, for new employees this year, it is not simply divided by the number of months.
It is calculated by dividing the income by the number of days and then multiplying by 30. (See the example below.)
If the subject works at two or more workplaces, the income calculated using the above method is combined and calculated.
Usually, income is applied based on income reported to the National Tax Service or Industrial Accident Compensation Insurance, and if there is no data, separate supporting documents must be submitted. ① Joined in 2022, total salary of 36 million won in 2023
② Joined in December 2023, salary of 9 million won for the last 3 months (June-August)
① Loan of 5 million won, 1 year grace period, 4-year installment payment
② Loan of 10 million won, 1 year grace period, 4-year installment payment
If you apply online, you can automatically submit through public data. If automatic submission is not possible, you must submit the documents below.
1) Can minors apply?
Yes, minors can apply for the living stabilization fund, but a legal representative must visit and apply together. Also, in the case of wedding expenses, children’s wedding expenses can be applied for, so the guardian can apply directly.
2) I have a history of past delinquency. Can I apply?
If you are currently delinquent or have public information related to delinquency registered, you cannot apply for a loan. 3) How long does it take to apply for support?
The final eligibility will be determined within 7 days based on the preliminary selection. Once the certificate of guarantee is issued, you can execute the loan at the contracted bank, ‘Industrial Bank of Korea.’
Today, we learned about the Living Stabilization Fund loan supported by the Korea Workers’ Compensation and Welfare Service for workers.
These days, people say that they postpone marriage because of the wedding expenses, but in fact, the biggest burden for those preparing for marriage is housing expenses.
The limit amount is small for housing, but the low interest rate is comforting.
Below is good information to check together with the newborn loan and the Sunshine Loan, so please refer to it.
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