From July 20, Bank Loan Applications Available at Rural and Fishing Village Post Offices
Four Major Banks Join Pilot Program
Service Launched in 20 Regions
Starting from July 20, residents in rural and fishing villages without bank branches will be able to apply for loans from commercial banks through local post offices.
On July 13, the Financial Services Commission announced at the Bankers Association Hall that it has signed a bank agency business agreement (MOU) with Korea Post, Korea Financial Telecommunications & Clearings Institute, and four major banks: KB Kookmin Bank, Shinhan Bank, Hana Bank, and Woori Bank.
Under this agreement, bank agency services will be piloted at 20 central post offices in county-level areas where there are no commercial bank branches. Beginning July 20, each bank will offer two unsecured loan products, for a total of eight products, to be sold on consignment through the post offices.
The post offices participating in the pilot program are located in Hoengseong, Pyeongchang, Hwacheon, Goesan, Danyang, Taean, Cheongyang, Imsil, Sunchang, Gochang, Gurye, Yeonggwang, Hampyeong, Changnyeong, Hadong, Goseong, Bonghwa, Seongju, and Cheongdo.
Consumers will be able to receive guidance on loan products at the post office and proceed with the application, submission, and loan agreement process. Although it is expected to take about two days to complete the loan process during the initial phase, the plan is to improve speed and convenience by completing digital documentation and establishing a large-scale file transfer program within the year.
To ensure smooth pilot operations, bank staff will be stationed at each post office for the first one to two weeks to support the entire process, from loan consultation to application and contract signing.
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The Financial Services Commission plans to review the pilot program's progress within the year and expand the bank agency service coverage to more regions in 2027. The range of products handled will also be expanded, moving beyond personal unsecured loans to include loans for sole proprietors.
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