K Bank and Busan Bank to Launch Joint Loan Product in Second Half of Year

Launched via K Bank App
Joint Screening and Loan Funding by Both Banks
"Considering Products for Small Business Owners"

K Bank announced on July 10 that its joint loan product, which is being prepared in collaboration with Busan Bank, has been newly designated as an 'Innovative Financial Service' by the Financial Services Commission.

Based on this designation, the two banks aim to develop a joint unsecured loan product in the second half of this year, with both banks sharing the loan funds. Their goal is to provide customers with rational and competitive financial products.

The joint loan product is scheduled to be launched through the K Bank application (app). When a customer applies for a loan via K Bank, both banks will independently conduct credit evaluations. They will then jointly determine the loan limit and interest rate, after which the loan will be executed. The loan amount will be divided equally between the two banks, with each bank bearing 50% of the total.

All functions related to loan management?including loan guidance, application, execution, repayment of principal and interest, and requests for interest rate reductions?will be available through the K Bank app.

This joint loan product is part of the 'Strategic Marketing Partnership' agreement signed between K Bank and Busan Bank in January. To this end, the two banks applied to the Financial Services Commission at the end of March for designation as an Innovative Financial Service for the development and launch of the joint loan product, and have now received the new designation.

Starting with this joint loan product, the two banks plan to continue close cooperation to strengthen financial consumer protection and benefits, and to contribute to the revitalization of the local economy. They are also considering expanding their collaboration into the corporate loan sector, targeting small business owners and self-employed customers, to further promote regional financial co-prosperity.

A K Bank representative stated, "Both banks have distinct strengths in their respective areas, and through close cooperation, we will strive to enhance benefits for financial consumers and contribute to the revitalization of the local economy, making this a successful win-win collaboration."