Toss Bank Expands Jeonwolse Deposit Loans to 4 Types

Loan Limits Doubled

Toss Bank announced on the 28th that it has expanded its jeonwolse deposit loan products from the existing 2 types to 4 types.

The newly launched “Jeonwolse Deposit Loan Plus” has doubled the maximum loan limit compared to before. The maximum loan amount is 444 million KRW, with an interest rate as low as 3.63% per annum. The loan is available to salaried workers and business owners, and anyone residing in apartments or residential officetels whose prices can be verified by KB Market Price can apply. Loans can be granted up to 88% of the jeonse deposit based on KB Real Estate market prices. For example, if the deposit is 500 million KRW, up to 440 million KRW can be borrowed. There is no prepayment penalty.

For the first time among internet banks, a jeonwolse deposit loan for credit recovery customers is also introduced. Customers undergoing credit recovery procedures can use this product if they meet certain conditions, and it is guaranteed by the Korea Housing Finance Corporation. The loan limit is up to 50 million KRW, and loans can be granted up to 80% of the rental deposit. For instance, if the jeonwolse deposit is 60 million KRW, a maximum of 48 million KRW can be borrowed. The interest rate is as low as 4.62% per annum.

Toss Bank also provides deposit return guarantees and registration change notification services even after the loan is executed. A dedicated screen is provided immediately after loan execution for easy application. Through the notification service, real-time alerts are provided when real estate registrations are changed.

A Toss Bank official stated, “Since jeonwolse deposit loans are essential financial products for many customers, we will support a wider range of customers to choose loans that fit their situations and secure housing funds stably by expanding our product lineup.” He added, “In particular, we will do our best to safely protect customers’ valuable funds through various additional services such as deposit return guarantees and registration change notifications.”