K Bank has built an in-app integration system for individual business owners in the Gyeonggi region, enabling the entire process from loan application to disbursement to be handled remotely.

K Bank said on Tuesday it launched its “Boss Guaranteed Loan” service with the Gyeonggi Credit Guarantee Foundation and built an in-app integration system between the two institutions’ apps.

A key feature is that users can complete the loan application and disbursement in one go without switching apps or logging in again, regardless of which channel they access.

K Bank also newly introduced a GPS-based on-site inspection automation system. Previously, after a remote loan application, staff from the regional credit guarantee foundation had to visit in person to confirm whether the business was actually operating.

Going forward, if customers verify their location at the business site using a smartphone and submit photos of the premises, all procedures from document submission to on-site inspection and guarantee screening can be carried out remotely.

The product is available to individual business owners who have operated for at least 1 year and have a place of business in Gyeonggi province. The loan limit is up to 50 million won and the loan term is up to 5 years, including a 1-year grace period. As of Tuesday, the lowest interest rate is 4.41 percent per year.

A K Bank official said, “We improved the customer experience so they can conveniently use financial services by organically connecting the bank and foundation channels,” adding, “We will continue to expand innovative products and services that can improve small merchants’ access to finance.”