NH Nonghyup Capital Actively Supports Farmers through MOU with Aseatech

NH Nonghyup Capital announced on the 9th that it has signed a financial partnership agreement with agricultural machinery company Aseatek to support farmers in purchasing agricultural machinery. Park Tae-seon, CEO of NH Nonghyup Capital (left in the photo), and Kim Sin-gil, CEO of Aseatek (right in the photo), are posing for a commemorative photo after signing the business agreement at Aseatek headquarters in Daegu. Photo by Park Tae-seon

[Asia Economy Reporter Park Sun-mi] NH Nonghyup Capital announced on the 9th that it has signed a financial partnership agreement with agricultural machinery company Aseatech to support farmers in purchasing agricultural machinery.

At the signing ceremony held that day, key officials from both companies including Park Tae-seon, CEO of NH Nonghyup Capital, and Kim Sin-gil, CEO of Aseatech, attended and agreed to operate an agricultural machinery financial product that provides loans up to 100% of the purchase price of Aseatech agricultural machinery. This agreement was promoted in line with the ESG promotion strategy of Nonghyup Financial Group to expand the distribution of eco-friendly agricultural machinery equipped with carbon reduction devices and to fulfill social responsibility toward farmers.

This product can be used when purchasing items such as tillers, speed sprayers, tractors, combines, livestock work machines, and agricultural drones sold at Aseatech’s 150 dealerships nationwide. Depending on the buyer’s credit score, loans of up to 100% of the agricultural machinery purchase price can be obtained. The interest rate starts at 4.0%, and the repayment period can be selected from 12 to 60 months. Interest is paid monthly, and principal repayment can be made once, twice, or four times a year depending on the choice.

Unlike general agricultural machinery loan products, which require farmers to bear a certain amount of cost with loan limits averaging 50-60% of the purchase price, this financial product offers a higher loan limit and a lower interest rate than the market, and is expected to receive a positive response from farmers.

Park Tae-seon, CEO of NH Nonghyup Capital, stated, “As a key member of the Nonghyup Group, NH Nonghyup Capital shares the hardships of farmers and will realize the value of coexistence between urban and rural areas,” adding, “We will actively discover financial services that can provide practical benefits to farmers and do our best to achieve an increase in farm income.”