Kwangu Bank, a South Korean bank affiliated with JB Financial Group, announced Tuesday the company has teamed up with Toss Bank, the internet-only lender, to launch the nation's first joint loan product.

Kwangju Bank expects synergy by combining its know-how about private loans with Toss Bank’s extensive mobile platform. The new loan product, called Together Loan, also earned recognition as an innovative financial service from the Financial Services Commission in June.

Customers can apply for personal loans through Toss Bank’s mobile application. After Kwangju Bank and Toss Bank independently judge their qualifications, they determine the loan limits and interest rates and share the burden collectively.

Customers can easily access the services of both banks through a single mobile app and take loans at more reasonable interest rates from dual credit assessments.

The qualification for the Together Loan requires applicants to have been employed at their current job for at least three months and have annual incomes of 10 million won ($7,500). The loan amount ranges from 1 million won to 200 million won, with interest rates starting at 4.87 percent as of Tuesday. The loan term depends on the repayment method -- one year for a straight loan and a maximum of 10 years for level debt service.

“We are delighted to launch Together Loan as a result of lengthy efforts and cooperation with Toss Bank. We hope this new product can be favorably received by numerous financial consumers,” said Park Jong-chun, vice president of Gwangju Bank.