KakaoBank announced on the 2nd that it will expand the limit for personal business loans from a maximum of 100 million won to 300 million won.
Loans exceeding 100 million won will be targeted at professional individual business owners such as doctors and lawyers, as well as reputable businesses. When applying for a personal business loan exceeding 100 million won, a post-loan inspection procedure for purposes other than the intended use of funds must be conducted after the loan is executed. KakaoBank has implemented a completely non-face-to-face process for submitting documents and completing the inspection conveniently without visiting banks or institutions. In addition, it has introduced a post-loan inspection procedure using non-face-to-face scraping, a first in the financial sector.