Toss Bank Launches Non-Face-to-Face 'Sajangnim Minus Account'... First Among Internet Banks

[Asia Economy Reporter Bu Aeri] Toss Bank announced on the 16th that it has launched the first-ever "Sajangnim Minus Account" for individual business owners among internet-only banks.

According to Toss Bank, it is the first to introduce a fully non-face-to-face, unsecured, and uncollateralized minus account for individual business owners.

The maximum limit of the "Sajangnim Minus Account" is 50 million KRW. The minimum interest rate is in the low 4% range per annum (variable rate). The repayment method is a lump-sum payment at maturity. The loan period is one year, and customers can extend it up to 10 years as needed.

Toss Bank launched this account on the 11th, and within just four days until the 15th, the loan commitment amount exceeded 20 billion KRW.

The bank stated that the "Sajangnim Minus Account" retains the strengths of existing minus accounts while adding Toss Bank's unique advantages. Based on the accumulated know-how of the "Sajangnim Loan," Toss Bank calculates customized limits and interest rates according to its proprietary credit evaluation model.

The entire loan application and execution process is 100% non-face-to-face, unsecured, and uncollateralized. For the first time among internet-only banks, limits are granted based on individual credit without requiring guarantees from guarantee institutions or collateral such as real estate.

Eligible customers are individual business owners such as self-employed and small business owners who are actively conducting business. They must hold a business registration number and have been operating a business for more than one year or have generated sales for at least the past six months. The minimum documented annual income must be at least 5 million KRW based on the income certificate.

A Toss Bank representative said, "We will carefully review not only the customer's actual repayment ability but also whether the business is genuinely operating, aiming to make this product a 'relief' for customers in urgent need of funds."

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