NongHyup Bank Launches Mobile-Only Loans for Individual Entrepreneurs

[Asia Economy Reporter Kiho Sung] NH Nonghyup Bank announced on the 18th that it has launched 'NH Ontact Guarantee Loan,' a mobile-exclusive loan service on its mobile platform NH Smart Banking that allows customers to apply for regional credit guarantee foundation guarantees and execute loans without visiting the bank.

This loan is available to individual business customers who have been registered for more than one year and are eligible for guarantee issuance from the regional credit guarantee foundation. They can easily apply without submitting paper documents such as guarantee certificates, as long as they have a joint certificate and a Nonghyup Bank deposit and withdrawal account.

The loan interest rate is as low as 3.05% per annum (as of the 16th), and loans ranging from a minimum of 5 million KRW to 30 million KRW are available. The loan period is a total of 5 years (1 year grace period, 4 years monthly equal principal repayment), and there is no prepayment penalty, so customers can repay anytime if they have extra funds.

Ko Myunghwan, Head of the Digital Marketing Department, said, “We launched this product to provide simple financial services through digital innovation to individual business customers who need financial support,” adding, “We will continue to strive to provide faster and simpler financial support to small business owners facing difficulties.”