Gwangju Bank Launches Auto-Secured Loan for Living Expenses

Gwangju Bank has launched the 'Wa Auto Secured Loan,' which provides living expenses secured by a passenger car or van solely owned by the borrower. Photo by Gwangju Bank

Gwangju Bank announced on April 25 that it has launched the 'Wa Auto Secured Loan,' which provides living expenses secured by a passenger car or van solely owned by the borrower.

This product is a non-face-to-face exclusive loan designed for customers whose income-based credit loan limits are insufficient. It allows customers to receive an additional limit through automobile collateral and offers same-day loan approval as a key feature.

The loan limit is determined by adding the customer's existing income-based credit loan limit to the automobile collateral limit, which is based on the market value of the borrower's own vehicle. The available loan amount ranges from a minimum of 3 million won to a maximum of 150 million won. For repayment, customers can choose an installment period of up to 10 years, depending on their repayment capacity.

Loan applications can be made non-face-to-face via Gwangju Wa Bank and mobile web banking. The bank also plans to expand its sales channels through partnerships with interest rate comparison platforms in the future. For more details about the product, customers can visit a nearby branch, check the Gwangju Bank website, or contact the customer center.

Park Moonsu, Head of Data Product Strategy, said, "'Wa Auto Secured Loan' was designed for customers with insufficient credit loan limits, and all procedures have been simplified to be non-face-to-face to enhance customer convenience." He added, "We will continue to expand the eligible customer base and vehicle range so that more customers can experience Gwangju Bank's digital finance services."