IBK Industrial Bank Launches Fully Non-Face-to-Face Real Estate Secured Loan... First in Banking Sector

Apartment Mortgage Loan Exclusively for Individual Entrepreneurs Without Visits or Documents Using Smartphones

[Asia Economy Reporter Kim Min-young] IBK Industrial Bank announced on the 15th that it will launch the first fully non-face-to-face real estate secured loan in the banking sector, the ‘i-ONE Small Business Real Estate Secured Loan.’

This loan, which will be introduced on the 21st, is a product exclusively for individual business owners. Applicants can apply by entering simple information through the corporate mobile banking application ‘i-ONE Bank Corporate.’ As it is a no-visit, no-document loan, there is no need to visit a branch from application to execution, nor to visit government offices to obtain paper documents.

The time required for the loan has also been drastically reduced. Once the loan is applied for, the loan amount can be received on the same day or the next business day.

Unlike unsecured loans, existing real estate secured loans were difficult to process entirely non-face-to-face due to issues such as collateral investigation and mortgage registration, and it also took a certain amount of time to disburse the loan. IBK Industrial Bank solved these problems by utilizing technologies such as scraping, electronic contracts, and electronic registration.

The loan limit is up to 100 million KRW. The loan period ranges from 1 to 3 years for lump-sum repayment and from 1 to 5 years for equal monthly principal repayment. The apartment used as collateral must be solely owned and occupied by the representative.

An IBK Industrial Bank official said, “We developed this product so that small business owners in urgent need of funds can receive loans quickly and conveniently,” adding, “We will continue to expand non-face-to-face financial products for corporate customers and pursue innovation.”

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