Minimum Annual 4.37%... K-Bank Launches Personal Business Owner Credit Loans

Utilizing Real-Time Sales Analysis for Loan Screening

[Asia Economy Reporter Minwoo Lee] K Bank has expanded its loan product lineup by launching a personal business owner unsecured loan. The bank plans to increase loan limits and lower interest rates by analyzing real-time sales data for loan screening.

K Bank announced on the 26th that it has launched an untact unsecured loan product for personal business owners called 'Sajangnim Unsecured Loan.'

The maximum limit is 100 million KRW, and as of the announcement date, the loan interest rate ranges from 4.37% to 6.28% per annum. The loan term can be chosen between a one-year lump-sum maturity (with possible extension upon maturity) or equal principal and interest installments over 1 to 3 years. There is no prepayment penalty.

The target customers are personal business owners such as self-employed individuals and small business owners who have been operating their business for more than one year after business registration. It is a 100% untact product, allowing loan application and execution within 3 minutes via mobile phone without visiting a branch or submitting documents.

Notably, this product features an in-house credit scoring system (CSS) that collects sales information in real-time and utilizes it for screening. Through this, the bank plans to increase loan limits, reduce interest rates, and enhance customer benefits.

Meanwhile, in May, K Bank became the first internet-only bank to launch the 'Sajangnim Loan,' a personal business owner guaranteed loan with a uniform interest rate of 4.74% per annum (as of the 26th) for anyone who passes the loan screening. With the launch of the unsecured loan this time, K Bank is the first internet bank to offer both unsecured loans and guaranteed loans.

A K Bank official said, "This year, we diversified our product portfolio by consecutively launching personal business owner guaranteed loans and unsecured loans," adding, "We will continue to strengthen the ‘Sajangnim’ series, which provides various services related to business, including loan products, to personal business owner customers."