Gwangju Bank Launches Mobile Version of 'KJB Haetsallon17'

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Bank (President Song Jong-wook) announced on the 3rd that it has launched the mobile version of the joint banking product ‘KJB Haetsallon17’.

Launched in September last year, ‘KJB Haetsallon17’ is a product secured by a 100% guarantee from the National Happiness Fund, designed to bring customers who are inevitably using high-interest loans of over 20% per annum from loan sharks or illegal private financing into the formal financial sector.

With the release of the mobile version, individuals and sole proprietors who meet the requirements can apply via mobile without the hassle of preparing various documents and visiting the bank.

The ‘KJB Haetsallon17’ mobile version allows applications up to a maximum of 7 million KRW within the approval limit of the National Happiness Fund, with loan terms selectable between 3 or 5 years, repaid monthly in equal installments of principal and interest.

The interest rate is fixed at 17.9% per annum, including the guarantee fee, and diligent repayers as well as additional or repeat users can receive an annual interest rate reduction of 1.0 to 2.5 percentage points if they meet the requirements.

Applications are only possible for wage earners employed for more than 3 months or business income earners operating for more than 3 months with an annual income of 35 million KRW or less; however, low-credit borrowers with a credit rating of 6 or below can apply with an annual income of up to 45 million KRW.

Park Gi-won, Head of Sales Planning at Gwangju Bank, said, “In the recent recession caused by the spread of COVID-19, we launched the mobile version of ‘KJB Haetsallon17’ to provide prompt financial support and benefits such as exemption from early repayment fees to customers who have not received sufficient financial benefits.” He added, “As the representative bank of Gwangju and Jeonnam, we will continue to do our best to develop products and services that meet rapidly changing financial trends while embracing all customer segments.”

This content was produced with the assistance of AI translation services.