IBK Industrial Bank is introducing a non-face-to-face financial product to enhance access for low-income and low-credit individuals.
The bank announced on August 6 that it will launch the 'i-ONE Sunshine Loan Special Guarantee,' a loan product exclusively for online applications, on August 7. This follows the introduction of the 'IBK Sunshine Loan Special Guarantee' available at bank branches in January, expanding support for vulnerable groups through non-face-to-face channels.
Eligible borrowers include salaried individuals who have been employed for at least three months, earn an annual income of 35 million won or less, and have a credit score in the bottom 20% according to external credit rating agencies (NICE, KCB).
The loan limit is set at a maximum of 10 million won per person, with an interest rate of 6.0% per year. There are no penalties for early repayment. Borrowers who meet certain conditions, such as having a cumulative delinquency period of 60 days or less, may receive a reduction of up to 1.5 percentage points on the guarantee fee rate.
Low-credit individuals who find it difficult to visit bank branches can apply for the loan through the mobile app. Details regarding the loan application and specific conditions will be available starting August 7 on the 'i-ONE Bank' app.
An IBK official stated, "We aim to enhance financial accessibility for vulnerable groups by expanding non-face-to-face financial products and will continue to develop practical inclusive finance support measures."
* This article has been translated by AI.
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