IBK "From the 5th, Extension of Ultra-Low Interest Special Loans Available Non-Face-to-Face"

Extension Application Possible Without Documents or Visits... SMS Notification Two Months Before Expiry Through Preliminary Review

[Asia Economy Reporter Park Sun-mi] IBK Industrial Bank of Korea announced that starting from the 5th, small business owners who received the special ultra-low interest rate loans (simple guarantee) through the Korea Credit Guarantee Fund last year due to COVID-19 can apply for loan extension without visiting branches or regional guarantee foundations via a non-face-to-face extension service.

IBK plans to send non-face-to-face extension notification texts two months before the loan maturity to small business owners who, after prior screening, do not have information on business suspension/closure, credit management, or guarantee institution delinquency. Customers who are not eligible for non-face-to-face extension will receive a separate notification text.

Customers who receive the text can deposit the notified guarantee fee into the loan interest automatic transfer account and apply for the extension through their preferred non-face-to-face channel during business hours (9 a.m. to 4 p.m.) via ▲IBK Internet Banking ▲i-ONE Bank Corporate App ▲i-ONE Small Business App ▲IBK BOX ▲ARS.

For customers who have difficulty accessing non-face-to-face channels, IBK plans to add an extension method through voice recording in the future.

An IBK official said, “We have established a fully non-face-to-face process without branch visits to enhance customer convenience,” and added, “We will continue to prepare various measures to support small and medium-sized enterprises and small business owners to overcome the COVID-19 crisis.”

Meanwhile, last year, IBK significantly increased its support for small and medium-sized enterprises and small business owners struggling due to the spread of COVID-19 from the initially planned 1.2 trillion won to 7.8 trillion won, supporting about 270,000 companies.