Woori Bank Launches Non-Face-to-Face Guarantee Loan Exclusively for Individual Entrepreneurs
[Asia Economy Reporter Kim Hyo-jin] Woori Bank announced on the 20th that it will launch the ‘Woori Technology Guarantee Fund Untact One-Click Guarantee Loan’ exclusively for individual business owners, reflecting the untact (non-face-to-face) trend, through a business agreement with the Korea Technology Finance Corporation.
The ‘Woori Technology Guarantee Fund Untact One-Click Guarantee Loan’ supports individual business owners who have been issued a non-face-to-face guarantee certificate by the Korea Technology Finance Corporation, providing up to 100 million KRW per case (maximum 300 million KRW). It is secured by a 100% guarantee certificate from the Korea Technology Finance Corporation, and the loan period is five years. Early repayment penalties are waived.
This product allows the entire process from application to execution to be conducted through Woori Bank’s mobile banking app ‘Woori WON Banking,’ automatically reflecting the customer’s business information, income, and sales within the app, enhancing convenience for those who find it difficult to visit the bank in person.
Along with the product launch, Woori Bank made a special contribution of 500 million KRW to the Korea Technology Finance Corporation, allowing a total loan limit of up to 10 billion KRW. For one year after loan issuance, only interest payments are required, and for four years, only 40% of the total loan principal must be repaid in installments, reducing the repayment burden. The remaining 60% of the loan principal can be repaid in installments over five years through additional guarantee issuance at maturity.
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A Woori Bank official said, “We launched this non-face-to-face guarantee loan product to provide practical help to small business owners who find it difficult to visit the bank,” adding, “We will take the lead in providing prompt financial support to small business owners struggling due to COVID-19 by continuously expanding our lineup of untact products.”
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