IBK Industrial Bank Offers Non-Face-to-Face Loan Maturity Extensions and Interest Rate Reductions for Self-Employed

All Procedures Conducted Contactlessly Through i-ONE Small Business App

[Asia Economy Reporter Park Sun-mi]IBK Industrial Bank announced on the 3rd that it will provide a non-face-to-face service called ‘Self-Employed Change-Up’ for individual business owners who are struggling due to the prolonged COVID-19 pandemic.

‘Self-Employed Change-Up’ is a system that reviews the possibility of normalization for individual business owners having difficulties in debt repayment and alleviates the repayment burden through loan maturity extension, interest rate reduction, etc. With the implementation of this non-face-to-face service, all procedures from application to contract can be completed through the i-ONE Small Business app without visiting a branch.

Eligible applicants are individual business owners holding IBK business loans who meet requirements such as ‘total loan amount less than 1 billion KRW’ and ‘average loan interest rate of 4% or higher.’

An IBK official stated, “Self-employed business owners who cannot leave their workplaces can proceed with everything from application to contract signing non-face-to-face without submitting separate documents,” and added, “We will continue to expand support for individual business owners in difficulty and strive to make IBK services more convenient to use.”