NongHyup Bank Launches "NH Korea All-in-One Connection Loan" with Maximum Interest Rate of 6.8%

Inclusive finance for financially marginalized groups
Maximum loan limit of 10 million won

NongHyup Bank announced on the 27th that it has launched a new inclusive finance product, the "NH Korea All-in-One Connection Loan," which applies a maximum interest rate of 6.8% for financially marginalized groups.

The NH Korea All-in-One Connection Loan is available to eligible individuals among young people, persons with disabilities, single-parent households, and farmers, whose qualifications can be verified through administrative agencies with documents such as a disability registration certificate or a single-parent family certificate.

The key feature of this product is that it uses KCB estimated income to conduct credit screening for vulnerable groups who have difficulty providing income documentation. The maximum loan limit is 10 million won. Preferential interest rates of up to 1.2 percentage points are offered, and if the final calculated loan rate exceeds 6.8%, it is capped at 6.8%.

NongHyup Bank explained that it aims to provide reasonable financial opportunities even to customers who have had difficulty using existing financial institutions, thereby preventing a vicious cycle of debt that leads to high interest rates and delinquencies. Previously, as part of its inclusive finance offerings, NongHyup Bank executed 567.4 billion won in Sae Hope Seed Loans last year, exceeding its target of 550 billion won.

Kang Taeyoung, President of NongHyup Bank, said, "This product was launched to create a foundation for vulnerable groups to make a stable recovery within the institutional financial system," adding, "NongHyup Bank will continue to faithfully serve as a financial ladder for low-income and vulnerable groups, and will keep practicing warm finance that fulfills the social responsibility of finance."

This content was produced with the assistance of AI translation services.