[Asia Economy Reporter Bu Aeri] A dedicated loan service that favors 2.5 million small and medium-sized enterprises (SMEs) registered on Naver SmartPlace, including neighborhood stores, restaurants, and beauty salons, has been launched.
Naver Financial announced on the 30th that it will start the 'SmartPlace Business Loan' in collaboration with Woori Bank and Jeonbuk Bank.
It offers a preferential interest rate of up to 1 percentage point depending on the scale of transactions through Naver Reservations and Orders linked to the store.
The target is 2.5 million individual business owners registered on SmartPlace. With a single loan application, it is possible to check the credit limit non-face-to-face in one minute for four loan products: unsecured and collateral-free credit loans exclusively for SmartPlace business owners provided by Woori Bank and Jeonbuk Bank, and policy low-income financial products (Hae-sal-loan Bank, Hae-sal-loan 15) through Jeonbuk Bank.
Naver Financial, as a loan recruitment corporation, provides the loan screening results conducted by each bank using the business owner's joint certificate and Naver certificate. If the business owner wants to receive a loan under these conditions, they can proceed through the respective financial institution’s app without submitting additional documents or visiting a branch.
Both Woori Bank and Jeonbuk Bank offer preferential benefits exclusively for SmartPlace business owners. When calculating the credit limit, both banks consider not only the business owner's income but also the estimated income from credit rating agencies (CB), reflecting whichever is more favorable to the business owner.
Woori Bank offers a preferential interest rate benefit of up to 0.8 percentage points, and Jeonbuk Bank offers up to 1 percentage point. There is no early repayment fee regardless of when the loan is repaid, and a 'Loan Safety Care' service that repays the loan on behalf of the borrower in case of death or severe aftereffects is provided free for one year.
Both products allow the borrower to choose their preferred repayment method between equal principal and interest payments or lump-sum payment at maturity. Woori Bank is advantageous for early-stage businesses operating for at least six months, and overdraft accounts are also available. The unused limit fee is waived. The maximum loan limit is 40 million KRW, and the minimum interest rate is 4.4% per annum (variable rate).
Jeonbuk Bank has somewhat relaxed credit requirements during internal loan screening to include medium-credit borrowers. Businesses operating for at least one year or with an annual income of 10 million KRW or more are eligible. The maximum limit is 50 million KRW, and the minimum interest rate is 5.86% per annum (variable rate). Business owners with low personal credit scores will be screened for policy products from the Korea Inclusive Finance Agency, such as 'Hae-sal-loan Bank' or 'Hae-sal-loan 15.' If they receive loans through these products and repay diligently, it will positively affect their credit score and allow them to use loans under more favorable interest conditions.
Park Sang-jin, CEO of Naver Financial, said, "We will continue to introduce innovative financial services that provide differentiated value exclusively through Naver Financial to SMEs inside and outside the Naver ecosystem."
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