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Started using 「online/one-stop refinancing loan infrastructure」
Started using 「online/one-stop refinancing loan infrastructure」
Started using 「online/one-stop refinancing loan infrastructure」
Started using 「online/one-stop refinancing loan infrastructure」
Started using 「online/one-stop refinancing loan infrastructure」
Started using 「online/one-stop refinancing loan infrastructure」
Started using 「online/one-stop refinancing loan infrastructure」
Started using 「online/one-stop refinancing loan infrastructure」
The government has been concentrating on preparing ‘life-sympathetic policies’ that the people can practically feel during the period of high interest rates.
<윤석열 대통령>
“We will prepare special measures to reduce the interest burden of the people and promote competition among banks through digital transformation of finance.”
– The 13th Emergency Economic and Public Welfare Meeting (2023.2.15.)
■ Major progress related to online and one-stop loan exchange infrastructure
November 2022: Party-government consultation on measures to stabilize public livelihood finance (6th), infrastructure construction plan announced (8th)
January 2023: Report to the President of the Financial Services Commission’s main task promotion plan, including 20 key tasks
February 2023: President orders to eliminate bank oligopoly and prepare measures to reduce national interest burden
March 2023: Bank system improvement working group launched
May 2023: Chairman of the Financial Services Commission presides over the pre-inspection meeting on refinancing loan infrastructure
From May 31st, consumers will be able to easily search for information on credit loans they have previously received from banks, savings banks, and card/capital companies, and transfer to more favorable conditions at once.
■ Loans that can be used with 「Exchange Loan Service」
– Among the existing loans of less than KRW 1 billion received from 53 financial companies, credit loans without guarantee or collateral, such as employee loans and negative bankbooks, etc.
– Policy loans targeting the common people and low- and medium-credit borrowers in exchange for existing loans*It is possible to change to , regardless of warranty
* New Hope Spore Loan, Stepping Stone Loan, New Hope Dream Loan, Mid-Interest Rate Loan, Sunshine Loan, etc.
– In the case of card loan (long-term card loan), inquiry and transfer are possible from July 1st
※ Overdue loans, legal disputes, foreclosures, and loans in suspended transactions will be displayed as non-transferable when using the service.
■ How to use 「Exchange Loan Service」 by situation (example)
<상황 1 : 플랫폼에서 여러 금융회사의 대출 조건을 비교하고 싶어요!>
① Install the platform app on your smartphone – sign up for service
② Exchange Loan Menu ▶ View existing loan details – Link to My Data
③ Select an existing loan and enter information – Enter workplace, income, and assets
④ Carefully compare loan products to be transferred – interest rate, repayment method, etc.
⑤ Select a loan product that suits you – Check the preferential interest rate
⑥ Go to the financial company app – Execute the loan contract
* Prepare in advance.
– Issuance of financial certificates (often used bank apps) or Naver, Kakao certificates
– Sign up for My Data service (you can check my scattered financial information at a glance)
· App available for loan exchange service (as of May 31)
: Naver Pay, Bank Salad, Kakao Pay, Toss, Pinda, KB Kookmin Card, Welcome Savings Bank
<상황 2 : 대출을 옮기고 싶은 금융회사가 이미 정해져 있어요!>
① Connect to the financial company app – Log in
② Exchange loan menu ▶ View existing loan details – Mobile phone identity verification
③ Carefully compare loan products to be transferred – interest rate, repayment method, etc.
④ Select the loan product that suits you – execute the loan contract
· App available for loan exchange service (as of May 31)
(Banks) NH Nonghyup Bank, Shinhan Bank, Woori Bank, SC First Bank, Industrial Bank of Korea, KB Kookmin Bank, Hana Bank, Suhyup Bank, Daegu Bank, Busan Bank, Kwangju Bank, Kyongnam Bank, K Bank, Kakao Bank, Toss Bank
(Saving banks) JT Savings Bank, KB Savings Bank, Daol Savings Bank, Moa Savings Bank, Shinhan Savings Bank, Pepper Savings Bank, Korea Investment Savings Bank
(Card) KB Kookmin Card, Lotte Card, Woori Card, Samsung Card, Shinhan Card, Hana Card, Hyundai Card
(Capital) BNK Capital, DGB Capital, JB Woori Capital, NH Nonghyup Capital
* App name may be different from financial company name (e.g. Shinhan Bank – Shinhan SOL)
* SBI Savings Bank (June 2), Hyundai Capital (June 1) additional support planned
■「Exchange Loan Service」 Usage Hours
Bank business hours 09:00-16:00
In the case of some financial companies, the actual service use time may be operated shorter than this in the beginning.*.
* SC First Bank, Toss Bank, Hyundai Capital: until 15:30, Suhyup Bank: until 14:00 (limited to exchange of negative bankbooks)
■ The number of times that 「Exchange Loan Service」 can be used
– There is no limit on the number of times you can use the service.
– However, in the case of loans without prepayment fees, the loan contract is executed*Use the system only after 6 months have elapsed**year can be exchanged.
* Including the case of transfer through refinancing loan
** Existing offline method exchange that does not use the loan transfer system is not applicable
■ What if it is difficult to use the 「Replacement Loan Service」 on a smartphone?
– Elderly people who are not accustomed to using smartphones can apply for a loan transfer by visiting a branch of a major bank.
– The core of refinancing loan infrastructure is a loan transfer system that computerizes repayment processing between financial institutions, and the process of checking and repaying my existing loan at a branch of a new financial company is also simplified.
– Visit the branch of the financial company to receive the new loan only once, check the existing loan received from another financial company on the spot, and proceed with the transfer*Face-to-face refinancing loans will also become more convenient.
* Previously, it took 1-2 business days to visit both branch offices of financial companies and transfers were completed.
Implementation of ‘transfer to credit loan’ with a smartphone
Started using 「online/one-stop refinancing loan infrastructure」
The government has been concentrating on preparing ‘life-sympathetic policies’ that the people can practically feel during the period of high interest rates.
<윤석열 대통령>
“We will prepare special measures to reduce the interest burden of the people and promote competition among banks through digital transformation of finance.”
– The 13th Emergency Economic and Public Welfare Meeting (2023.2.15.)
■ Major progress related to online and one-stop loan exchange infrastructure
November 2022: Party-government consultation on measures to stabilize public livelihood finance (6th), infrastructure construction plan announced (8th)
January 2023: Report to the President of the Financial Services Commission’s main task promotion plan, including 20 key tasks
February 2023: President orders to eliminate bank oligopoly and prepare measures to reduce national interest burden
March 2023: Bank system improvement working group launched
May 2023: Chairman of the Financial Services Commission presides over the pre-inspection meeting on refinancing loan infrastructure
From May 31st, consumers will be able to easily search for information on credit loans they have previously received from banks, savings banks, and card/capital companies, and transfer to more favorable conditions at once.
■ Loans that can be used with 「Exchange Loan Service」
– Among the existing loans of less than KRW 1 billion received from 53 financial companies, credit loans without guarantee or collateral, such as employee loans and negative bankbooks, etc.
– Policy loans targeting the common people and low- and medium-credit borrowers in exchange for existing loans*It is possible to change to , regardless of warranty
* New Hope Spore Loan, Stepping Stone Loan, New Hope Dream Loan, Mid-Interest Rate Loan, Sunshine Loan, etc.
– In the case of card loan (long-term card loan), inquiry and transfer are possible from July 1st
※ Overdue loans, legal disputes, foreclosures, and loans in suspended transactions will be displayed as non-transferable when using the service.
■ How to use 「Exchange Loan Service」 by situation (example)
<상황 1 : 플랫폼에서 여러 금융회사의 대출 조건을 비교하고 싶어요!>
① Install the platform app on your smartphone – sign up for service
② Exchange Loan Menu ▶ View existing loan details – Link to My Data
③ Select an existing loan and enter information – Enter workplace, income, and assets
④ Carefully compare loan products to be transferred – interest rate, repayment method, etc.
⑤ Select a loan product that suits you – Check the preferential interest rate
⑥ Go to the financial company app – Execute the loan contract
* Prepare in advance.
– Issuance of financial certificates (often used bank apps) or Naver, Kakao certificates
– Sign up for My Data service (you can check my scattered financial information at a glance)
· App available for loan exchange service (as of May 31)
: Naver Pay, Bank Salad, Kakao Pay, Toss, Pinda, KB Kookmin Card, Welcome Savings Bank
<상황 2 : 대출을 옮기고 싶은 금융회사가 이미 정해져 있어요!>
① Connect to the financial company app – Log in
② Exchange loan menu ▶ View existing loan details – Mobile phone identity authentication
③ Carefully compare loan products to be transferred – interest rate, repayment method, etc.
④ Select the loan product that suits you – execute the loan contract
· App available for loan exchange service (as of May 31)
(Banks) NH Nonghyup Bank, Shinhan Bank, Woori Bank, SC First Bank, Industrial Bank of Korea, KB Kookmin Bank, Hana Bank, Suhyup Bank, Daegu Bank, Busan Bank, Kwangju Bank, Kyongnam Bank, K Bank, Kakao Bank, Toss Bank
(Saving banks) JT Savings Bank, KB Savings Bank, Daol Savings Bank, Moa Savings Bank, Shinhan Savings Bank, Pepper Savings Bank, Korea Investment Savings Bank
(Card) KB Kookmin Card, Lotte Card, Woori Card, Samsung Card, Shinhan Card, Hana Card, Hyundai Card
(Capital) BNK Capital, DGB Capital, JB Woori Capital, NH Nonghyup Capital
* App name may be different from financial company name (e.g. Shinhan Bank – Shinhan SOL)
* SBI Savings Bank (June 2), Hyundai Capital (June 1) additional support planned
■「Exchange Loan Service」 Usage Hours
Bank business hours 09:00-16:00
In the case of some financial companies, the actual service use time may be operated shorter than this in the beginning.*.
* SC First Bank, Toss Bank, Hyundai Capital: until 15:30, Suhyup Bank: until 14:00 (limited to exchange of negative bankbooks)
■ The number of times that 「Exchange Loan Service」 can be used
– There is no limit on the number of times you can use the service.
– However, in the case of loans without prepayment fees, the loan contract is executed*Use the system only after 6 months have elapsed**year can be exchanged.
* Including the case of transfer through refinancing loan
** Existing offline method exchange that does not use the loan transfer system is not applicable
■ What if it is difficult to use the 「Replacement Loan Service」 on a smartphone?
– Elderly people who are not accustomed to using smartphones can apply for a loan transfer by visiting a branch of a major bank.
– The core of refinancing loan infrastructure is a loan transfer system that computerizes repayment processing between financial institutions, and the process of checking and repaying my existing loan at a branch of a new financial company is also simplified.
– Visit the branch of the financial company to receive the new loan only once, check the existing loan received from another financial company on the spot, and proceed with the transfer*Face-to-face refinancing loans will also become more convenient.
* Previously, it took 1-2 business days to visit both branch offices of financial companies and transfers were completed.
