Loar, a left-hander, had a four-round total of 2-under 286. Simon Yates of Scotland closed with a 69 for 289 as runner-up in the tournament in Cheonan.
'We had a tough golf course this week, and you had to grind it out on every hole as something big could happen,' said Loar, who won the Thailand Open last year. 'It feels pretty good.'
Els began with a birdie but then made two straight bogeys. His hopes of winning faded with a double bogey on the 13th hole.
'I haven't played well all weekend,' the South African star said. 'I thought I hit it better today, but the putter went kind of cold.'
Third-round leader Terry Pilkadaris of Australia shot a 78 to share fourth place with Hendrik Buhrmann of South Africa at 292.
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