K Bank Launches Boss Loan Switching Service: "Available for Both Credit and Real Estate-Backed Loans"

Refinance Existing Loans Up to 300 Million Won
with Additional Financing Options Available

On March 18, K Bank announced the launch of its "Boss Loan Switching" service, which allows individual business owners to easily switch their existing loans via mobile.

This service was prepared in line with the Financial Services Commission's implementation of the "Individual Business Owner Credit Loan Switching" initiative. The Financial Services Commission is promoting this service to ease the financial burdens of small business owners, and a total of 18 banks and platforms are participating.

K Bank's Boss Loan Switching enables individual business owners to refinance their existing loans with an individual business owner credit loan or an individual business owner real estate-secured loan.

To reduce interest burdens for small business owners and self-employed individuals, K Bank has set the minimum refinancing interest rate for business owner credit loans at an annual 4.10% (as of March 18), with a maximum limit of 300 million won. Even if the outstanding balance of existing loans exceeds 100 million won, refinancing is still possible. The bank also supports additional financing through an incremental loan, which allows customers to secure extra funds when refinancing.

In particular, for those switching individual business owner credit loans, K Bank has established a non-face-to-face process for the mandatory "post-loan fund usage verification." Business owners can now complete the required verification procedures for loans above a certain amount directly through the application.

On the Boss Loan Switching page, customers can access K Bank's in-house individual business owner real estate loan—operated entirely online—at a minimum interest rate of 3.24% per annum, with loans of up to 1 billion won available within the scope of existing collateral loans. Refinancing is available not only for loans from banks, but also for those from mutual finance institutions, savings banks, and secondary financial sectors such as card and capital companies.

A K Bank representative stated, "We have prepared this service so that small business customers can easily and quickly reduce their interest burdens, leveraging industry-leading low interest rates and K Bank's unique non-face-to-face innovation expertise," adding, "We will continue to strengthen benefits and services for individual business owners moving forward."

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