Gwangju Bank Launches Non-Face-to-Face Special Apartment Loan for Individual Business Owners

Gwangju Bank has launched a non-face-to-face "Business Apartment Loan Special Loan" that allows individual business owners to obtain operating funds secured by apartments without visiting a branch. Photo by Gwangju Bank

Gwangju Bank announced on September 4 that it has launched a non-face-to-face "Business Apartment Loan Special Loan," which allows individual business owners to obtain operating funds secured by apartments without visiting a branch.

This product is characterized by the ability to handle the entire process, from application to execution, non-face-to-face through smart banking and mobile web banking, making it convenient for busy individuals to use in their daily lives.

Gwangju Bank has enhanced its non-face-to-face mortgage loan, which was introduced for individual customers in December 2022, and has expanded its support to individual business owners with various funding needs, including business operating funds.

The loan limit is set at up to 100 million won, based on up to 90% of the KB market value, excluding the amount of the senior mortgage and small deposit for tenants. Apartments jointly owned with a spouse are also eligible for the loan. However, certain industries such as leasing, construction, lodging, and solar power generation are excluded, and the collateralized apartment must be located in the Seoul metropolitan area, a metropolitan city, or a special self-governing city.

The loan interest rate ranges from a minimum of 4.44% per annum to a maximum of 9.24% per annum, and the maturity is set at three years, with a simplified renewal process in one-year increments. In addition, equal principal repayment is available for up to 10 years, allowing borrowers to choose a repayment method that suits them.

Byun Mikyung, Head of the Digital Division, said, "This product was designed to reduce the burden on busy individual business owners who would otherwise have to take time to visit branches," adding, "We will continue to introduce financial products and digital services that can provide practical help to local small business owners and self-employed individuals."