Finda Launches Non-Face-to-Face Auto Secured Loans

First in First-Tier Banks... Lowest Interest Rate at 7.92% Per Annum

Loan-specialized fintech company Finda announced on the 1st that it will partner with Jeonbuk Bank to launch the first auto-secured loan product in the first-tier financial sector. This is the first product jointly developed by the two companies since forming a strategic partnership with JB Financial Group through a Series C investment round in July last year.

The ‘JB Auto Secured Loan’ is the first auto-secured loan product in the first-tier financial sector. If the loan limit is insufficient or the interest rate level is burdensome based on personal credit alone, customers can use the vehicle’s asset value as collateral to receive better terms.

The minimum interest rate is 7.92%, which is lower than card loans and comparable to credit loans from commercial banks. The loan limit ranges from 3 million KRW to 80 million KRW depending on the credit rating, within 80% of the vehicle’s market price. The vehicle appraisal value must be at least 5 million KRW, and the initial registration date must be within 10 years. The sum of the vehicle’s age and the loan period must not exceed 15 years.

This product is available within the Finda application. By entering income, occupation, vehicle number, etc., users can check the limit, apply, and execute the loan without submitting additional documents. Anyone aged 25 or older can apply, and the loan period ranges from a minimum of 1 year to a maximum of 9 years.

[Image provided by Finda]

Meanwhile, to celebrate the product launch, Finda is holding a ‘Zero Interest for One Month’ event. Each month, 11 winners will be selected by lottery to have their one-month interest waived.

Lee Hye-min, co-CEO of Finda, said, “The auto loan market continues to grow steadily despite the high interest rate environment, and recently internet banks have also entered the market, expanding the scale further. This product is the result of long preparation to create a better loan product in collaboration with our strategic partner JB Financial Group.”

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