NH NongHyup Bank said Sunday it has been fully rolling out a no-branch loan service for its Successor Farmer Development Fund since April 24, allowing customers to complete the process without visiting a branch.
The fund is a government policy loan designed to foster future agricultural workers and help farmers settle stably. Loans are offered at an annual interest rate of 1.5% for up to 25 years, the bank said.
Under the new service, applicants can use the bank’s All One Bank mobile app to handle the entire process from application to disbursement. Document submission and contract signing are also completed electronically.
The bank said the move is aimed at improving access to financial services for farmers during the busy farming season. It said it was the first in the financial industry to introduce a non-face-to-face online registration system for farmland collateral and to apply a feature that exempts purchases of National Housing Bonds when taking out farming-related loans. The bank expects up to 20,000 farmers a year to benefit.
“The Successor Farmer Development Fund is a key policy loan that supports young farmers’ settlement and growth,” NH NongHyup Bank CEO Kang Tae-young said. “We will expand non-face-to-face lending to improve convenience for farmers.”
* This article has been translated by AI.
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