You can inquire the loan limit.

If you run a private business and need funds, you will find a loan. Banks don’t lend well to private businesses with unstable incomes. But these days, Internet banks such as Kakao Bank have introduced products that allow private businesses to take out low-interest loans. Today, we will have a time to find out the qualifications and conditions of Kakao Bank’s private businesses, loan tips, and precautions.



Kakao Bank Private Business Loan


Many people know that Kakao Bank, which was established in 2017, is an Internet bank in the first financial sector. Recently, we are releasing a lot of low-interest loan products through active marketing. One of these products, Kakao Bank Private Business Loan, is a 비대면 폰테크 product that cannot be missed by individual business owners.



Also, Kakao Bank can easily apply for loans through an app like an Internet bank. Due to these advantages, many individual businesses and freelancers are looking for it. After installing the app on your smartphone, you can deposit the loan and check the limit as soon as you authenticate the certificate.


Kakao Bank Private Business Loan Eligibility


Business registration, closure, and strike status

Kakao Bank’s private business loan can only be applied if it is registered as a business regardless of the simplified or general tax payer. In addition, only business operators currently operating at the National Tax Service can take out loans as of the date of application, and loans cannot be made if they are closed or closed.



Annual income condition

If the annual income is more than 10 million won, you can qualify for the application. Likewise, there should be evidence of income of more than 10 million won in the income amount certificate reported by the National Tax Service. If you do not have an income amount certificate, you can also prove your income with the income amount certificate for the year-end settlement business income earner.



Business period

You can apply after 6 months of business registration. Also, as I mentioned before, you must be able to check your income at the National Tax Service to qualify for a loan.

Additional loan availability

Even if you are already using another Kakao Bank loan, you can get an additional Kakao Bank private business loan. Even if you’re using a loan from another commercial bank, additional loans are available. However, depending on the individual’s situation, the limit may be lowered or rejected.



Is it possible to be a corporate business?

Kakao Bank’s private business loans are literally only available for private businesses. Therefore, a corporate operator cannot get a loan. Instead, I recommend you to use Kakao Bank’s credit loan.



Can you apply for a freelancer?

Freelancers who register as businesses and operate businesses will also be eligible for Kakao Bank’s private business loans.

Terms and conditions of Kakao Bank’s private business loan


Kakao Bank Private Business Loan Rate

It is set from the lowest 3.76%, which is lower or similar to the average 1 financial loan rate. It is slightly higher than the lending rates for small businesses and small businesses supported by the Credit Guarantee Foundation.



Kakao Bank Private Business Loan Limit

The limit is from 1 million won to 20 million won, and if you don’t have a low credit rating or a debt, you can get a loan up to the maximum limit.

Kakao Bank Private Business Loan Period

The loan period can be selected from one to five years, and you can choose between principal and interest equal distribution or principal equal distribution. Also, there is no prepayment, so you can repay the loan whenever you can afford it.



Application method

You need to download the Kakao Bank mobile application on your smartphone and sign up as a member. If you click on the menu, you can click on the loan between private businesses, enter your personal information after agreeing to the terms and conditions, and inquire the limit of the loan when you complete the certificate certification.


Personal Business Loan Tips and Precautions


The first loan you need to check

I told you before. Private business loans The lowest interest rate among the products is the loans of the Credit Guarantee Foundation. It is a loan supported by the government to private businesses, and the lowest interest rate burden is 2.5% to 2.5%. The limit is more than 20 million won, so if you look for loans among private businesses or small business owners, you should check them first.



However, the application process is quite complicated and cumbersome for small business owners and individual business owners who are unable to make time for loans from the Credit Guarantee Foundation. Also, it takes about 2~4 weeks to get a guarantee review and deposit the loan after applying. If you want to save time even if you lose a little bit of interest rates or limits, it’s a good idea to use Kakao Bank’s private business loans.



Beware of high-interest loans

If it is difficult to borrow from the Credit Guarantee Foundation, loans from the first financial sector, similar to Kakao Bank’s personal business license, are likely to be rejected. In this case, there are many private businesses who are forced to take out loans from the secondary financial sector or loans with high interest rates in the loan industry. High-interest loans are very difficult to get out of the vicious circle once they start to fall out, so be careful.

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