K Bank Offers 200,000 Won Support to Customers Refinancing into "Sajangnim Real Estate Secured Loan"

Refinance Existing Loans to K Bank's "Sajangnim Real Estate Secured Loan" by September for Refinancing Support Payment
Individual Business Owners Can Borrow Up to 1 Billion Won for Up to 5 Years, Within 85% of Collateral Value

On August 11, K Bank announced that it will run a promotion until next month, offering a refinancing support payment of 200,000 won to customers who refinance loans from other financial institutions into the "Sajangnim Real Estate Secured Loan."

This promotion is open to customers who, from this month until September 30, refinance loans from other financial institutions into K Bank's "Sajangnim Real Estate Secured Loan" and complete the execution of the loan. However, customers who have already received support payments from the same event held between March and June of this year are excluded.

The support payment will be deposited into the K Bank "Sajangnim Account" during the third week of October. The "Sajangnim Account" is a demand deposit account from K Bank for individual business owners aged 17 or older who hold a business registration certificate.

The "Sajangnim Real Estate Secured Loan" is the first fully non-face-to-face secured loan for individual business owners in the banking sector, launched by K Bank in July last year. The entire process?including limit inquiry, application, document submission and review, and execution?can be completed 100% online.

It typically takes one to three business days from application to execution, and both senior and junior liens are eligible for both new loans and refinancing. The loan limit is up to 1 billion won, with a maximum of 85% of the collateral's market value, and the loan term is up to five years (extendable to ten years upon maturity extension).

As of August 11, the interest rate for K Bank's "Sajangnim Real Estate Secured Loan" ranges from 2.76% to 9.65% per annum, which is among the lowest in the banking sector. According to the Korea Federation of Banks, as of the end of June, the average interest rate for the outstanding balance of the "Sajangnim Real Estate Secured Loan" was 3.60% per annum, which is 0.76 percentage points lower than the average interest rate of 4.36% per annum for individual business owner secured loans at four major commercial banks.

The "Sajangnim Real Estate Secured Loan" offers low interest rates and generous limits to support individual business owners in securing operating funds. Through this product, K Bank is maintaining its household loan management policy while also helping to ease the financial burden on self-employed individuals and small business owners amid the economic downturn.

A K Bank representative stated, "We have relaunched the refinancing support payment promotion to help reduce the interest burden on self-employed individuals and small business owners facing difficulties," and added, "We will continue to expand tailored financial benefits for customers struggling to secure operating funds."

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