As the number of foreign workers in South Korea continues to grow, Korean banks are expanding their financial services for foreign residents.
In the past, it was often difficult for foreign workers to obtain unsecured personal loans from Korean banks. However, major banks are now introducing loan products specifically designed for foreign workers, including those holding E-7 and E-9 visas.
Shinhan Bank, NH NongHyup Bank, and Hana Bank are among the major Korean banks offering these products.
For foreign professionals and workers planning to live and work in Korea, this is an important development.
Shinhan Bank – SOL Global Loan
Shinhan Bank offers the SOL Global Loan, a personal loan product for foreign workers in Korea.
Eligible visa types include:
- F-2 (Resident)
- F-5 (Permanent Resident)
- E-7 (Specific Activities)
- E-9 (Non-professional Employment)
Applicants must have received their salary through Shinhan Bank for three consecutive months.
They must also have at least six months remaining on their permitted period of stay in Korea.
The maximum loan amount is:
KRW 20 million
The available loan term ranges from:
6 months to 36 months
This means that E-7 and E-9 workers who are legally employed in Korea and regularly receive their salary through Shinhan Bank may be eligible to apply.
NH NongHyup Bank – NH K-Foreigner Credit Loan
NH NongHyup Bank also offers a personal loan product specifically for foreign workers called the NH K-Foreigner Credit Loan.
Eligible visa types include:
- F-2
- F-5
- F-6
- E-7
- E-9
Applicants must generally have been employed for at least six months, based on employment records available through Korea’s National Health Insurance Service.
The maximum loan amount is:
KRW 30 million
The available loan term ranges from:
6 months to 60 months
Applicants who meet certain preferential conditions may also receive an interest rate discount of up to 1.0 percentage point per year.
Among these three products, NH NongHyup Bank offers the highest maximum loan amount.
Hana Bank – Hana Foreigner EZ Loan
Hana Bank offers the Hana Foreigner EZ Loan, another credit loan designed specifically for foreign workers.
This product mainly targets workers holding:
E-7 and E-9 visas
The maximum loan amount is:
KRW 10 million
The loan period can be up to:
30 months
The product was designed with factors such as the average length of stay and visa expiration dates of foreign workers in Korea in mind.
Comparison of Personal Loans for Foreign Workers
| Bank | Eligible Visa Types | Maximum Loan | Maximum Term |
|---|---|---|---|
| Shinhan Bank | F-2, F-5, E-7, E-9 | KRW 20 million | 36 months |
| NH NongHyup Bank | F-2, F-5, F-6, E-7, E-9 | KRW 30 million | 60 months |
| Hana Bank | E-7, E-9 | KRW 10 million | 30 months |
However, holding an eligible visa does not automatically guarantee loan approval.
Banks may consider several factors during the credit review process, including:
- Employment history
- Monthly income
- Salary payment records
- Remaining visa period
- Period of stay in Korea
- Credit history and financial records
Therefore, the actual loan amount, interest rate, and approval decision may differ depending on each applicant’s circumstances.
Why Are Korean Banks Expanding Services for Foreign Workers?
Foreign residents are becoming an increasingly important customer group for Korean financial institutions.
According to statistics cited in the report, the number of foreign residents in Korea exceeded 2.7 million.
The income levels of foreign workers have also increased significantly.
As more foreign residents receive stable salaries and remain in Korea for longer periods, banks are beginning to see them as an important financial customer base.
Financial services for foreigners are therefore expanding beyond traditional services such as currency exchange and international money transfers.
Foreign residents can increasingly access services such as:
Salary accounts → Debit cards → Savings accounts → Personal loans
This represents an important change in Korea’s financial environment for foreign workers.
What Does This Mean for E-7 Visa Holders?
This development is particularly relevant to foreign professionals working in Korea under the E-7 visa program.
Working in Korea is not only about receiving a monthly salary.
Foreign workers who maintain legal employment, receive their salary through a Korean bank account, participate in Korea’s social insurance system, and build a stable financial history may gradually gain access to a wider range of financial services.
For this reason, E-7 workers should pay attention to their financial records from the beginning of their employment in Korea.
Receiving salary through a bank account, maintaining continuous employment, and keeping proper National Health Insurance and employment records can be important when applying for financial services later.
Important Things Foreign Workers Should Know
Korea’s financial market for foreign residents is still developing.
Each bank has different requirements regarding visa type, employment period, salary payments, remaining visa period, and credit history.
Even two workers who both hold E-7 visas may receive different loan decisions depending on their income, employer, employment history, remaining period of stay, and individual credit profile.
Foreign workers planning to stay and work in Korea for several years should therefore begin building a reliable banking and financial history as soon as possible.
A stable employment record and regular salary payments can become increasingly important as foreign workers use more financial services in Korea.
Disclaimer
This article is intended for general informational purposes only. Loan products, eligibility requirements, interest rates, limits, and other conditions may change. Applicants should confirm the latest requirements directly with the relevant bank before applying for a loan.
Source: Opinion News, “Foreign Worker Credit Loan Products Expand as Shinhan, Hana and NongHyup Join the Market,” September 30, 2025.
