KakaoBank-Jeonbuk Bank 'Joint Loan'... Financial Services Commission Designates New Innovative Financial Service

Joint Loan Launch in the Second Half of the Year,
Enhanced Screening Using Both Companies' Evaluation Models
Strengthening Customer Accessibility and Convenience
Through KakaoBank's Platform Capabilities

KakaoBank announced on the 3rd that the 'Joint Loan Service' being collaboratively promoted with Jeonbuk Bank has been newly designated as an innovative financial service at the Financial Services Commission's regular meeting.

The joint loan between KakaoBank and Jeonbuk Bank is structured so that when a customer applies for a loan through the KakaoBank app, both banks individually review the loan application and then jointly decide the loan limit and interest rate to handle the loan. The two banks share the loan amount within the decided loan limit at a certain ratio.

Not only loan application and execution but also management functions such as principal and interest repayment and interest rate reduction requests for loans from KakaoBank and Jeonbuk Bank will be conveniently available all at once within the KakaoBank app.

KakaoBank plans to launch the joint loan service in the second half of this year after consulting on terms and conditions and developing the product with Jeonbuk Bank.

Both companies expect to enhance loan screening by jointly utilizing their respective credit evaluation models and know-how in handling unsecured loans, thereby providing customers with loan services featuring favorable limits and interest rates.

Furthermore, as Jeonbuk Bank’s financial products, which have been mainly operated based on regional sales, will be handled through the KakaoBank app, accessibility for financial consumers is also expected to be strengthened.

A KakaoBank official stated, "Based on KakaoBank’s platform capabilities, we will cooperate with Jeonbuk Bank to enhance the competitiveness of both companies and expand inclusive finance."