The state-run Industrial Bank of Korea said Wednesday it plans to launch a new mobile untact -- non face-to-face contact -- mortgage product for customers.

The product, designed to support self-employed or small business owners, will be extended through IBK’s mobile banking app I-One Bank. Users will be required to submit only basic personal information, instead of actual paper documents.

The time tied to the process of receiving the mortgage will be shortened, as borrowers will be able to receive the loan within one or two days after submitting an application, IBK said.

Customers will be able to borrow up to 100 million won ($83,215) with a fixed rate ranging from one-five years depending on the method of payment. The borrower has to have individual ownership of the property and reside in it to be qualified as a collateral.

“We have developed a product to help small business owners and the self-employed to receive loans swiftly and conveniently,” an IBK official said.

The product is scheduled to be launched on July 21.

By Jung Min-kyung (mkjung@heraldcorp.com)