Woori Bank announced on October 3 that it has launched a non-face-to-face real estate secured loan service for small business owners, allowing applications via mobile without visiting a branch.
Launched on October 1, this service expands the non-face-to-face offerings of Woori Bank's flagship product, the 'Woori CEO Loan,' from unsecured loans to include real estate secured loans. Small business owners can apply for the loan through the 'Woori WON Banking Corporate' app.
The range of properties recognized as collateral has also been broadened. In addition to apartments and multi-family homes, officetels, and commercial properties, neighborhood shopping centers can now be used as collateral. Unlike previous non-face-to-face secured loans, which primarily focused on easily appraised residential properties, this new service includes commercial properties that are typically harder to appraise.
Eligible applicants are small business owners who can provide real estate in their name or jointly owned as collateral and meet Woori Bank's credit evaluation criteria. The maximum loan amount is 1 billion won, and applications can be submitted up to 15 business days before the desired execution date. Borrowers can choose between a lump-sum repayment at maturity or a principal installment repayment method.
After the loan application, a dedicated department will handle document verification, collateral assessment, and on-site inspections of the business premises. If there are no registration details, only the registration-related tasks will be processed at the branch, while the remaining procedures can be completed non-face-to-face, reducing the burden of branch visits for customers.
Park Jun-seok, head of Woori Bank's small business division, stated, "We will continue to improve financial services for small business owners to reduce their burden of visiting the bank and allow them to focus more on their businesses."
* This article has been translated by AI.
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