According to the financial industry on the 17th, KB Kookmin Bank and Shinhan Bank will begin offering refinancing services for sole proprietors’ credit loans starting on the 18th.
At KB Kookmin Bank, the maximum loan amount eligible for refinancing is 300 million won through branches and 200 million won through non-face-to-face channels. All customers who refinance into KB Kookmin through non-face-to-face channels will receive a refinancing-only preferential rate discount of up to 0.3 percentage points.
The service will be available at all KB Kookmin branches and via KB Star Banking, KB Business Star Banking and the mobile web. It will also be offered through major loan comparison platforms including Kakao Pay, Toss and Naver Pay.
To mark the launch, KB Kookmin will run an event through May 15. Customers who move their loans to KB Kookmin via the non-face-to-face loan transfer service can receive cash support of up to 100,000 won from the interest paid in the first month.
Shinhan Bank will also offer refinancing for sole proprietors’ credit loans starting on the 18th through its Shinhan SOL Bank app and loan comparison platforms.
Eligible applicants are sole proprietors age 19 or older with a business registration certificate, and the program covers working-capital credit loans of up to 100 million won. Some products, including loans tied to real estate rental businesses, are excluded. Shinhan said it plans to allow “increased refinancing,” letting borrowers raise their loan limit when they need additional funds while paying off an existing loan.
Banks expect the expanded service to intensify competition in the sole proprietor finance market. The Financial Services Commission, based on past data, expects more than 1 trillion won in loans to move to more favorable terms through this refinancing program.
A financial industry official said, “As loan comparison services expand, rate competition is bound to become more intense,” adding that companies are likely to step up customer promotions, including related events.
* This article has been translated by AI.
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