The Financial Services Commission is operating the policy-based microfinance product 'Haessalon Youth' to ease the financial burden on young people and help them focus on their studies and job searches.

Haessalon Youth is a guaranteed loan product designed to resolve financial difficulties faced by college students and young adults, ultimately helping them settle stably within the mainstream financial system.

■ Eligibility Applicants must be aged 34 or younger with an annual income of 35 million won or less. Specifically, this includes college students, unemployed youth, young workers employed at small and medium-sized enterprises for one year or less, and young business owners within their first year of starting a business.

■ Loan Limits and Interest Rates The loan limit is up to 12 million won per person for life. However, the actual amount supported may vary depending on the purpose of the funds. Once the lifetime limit of 12 million won is fully utilized, reapplication is not possible even after full repayment. The interest rate is 5% per annum, and socially vulnerable groups can receive an interest rate of around 2% per annum through the interest support program.

■ Repayment and Guarantee Conditions The repayment method is equal principal installment repayment within a maximum of seven years. A separate grace period of up to eight years is available, and combining the grace period and repayment period allows for usage of up to 15 years maximum. The guarantee operates as a direct guarantee with a 100% guarantee ratio, and the guarantee fee is paid either in advance or as a lump sum.

■ How to Apply Applicants can apply for a guarantee through the Korea Inclusive Finance Agency (Korea Microfinance) centers or its mobile app, receive a guarantee certificate, and then execute the loan at a financial institution.

[This article was written with AI assistance. The content is based on materials provided by the Financial Services Commission, and actual loan availability and detailed conditions may vary depending on the screening results of the Korea Inclusive Finance Agency and the handling financial institution.]