NH NongHyup Bank said Sunday it has fully introduced a branch-free loan service for the Next-Generation Farmer Development Fund, effective since April 24.
The fund is an agricultural policy financing program aimed at developing future farm workers and helping farm managers settle stably. It offers loans at an interest rate of 1.5% for up to 25 years.
The new service is designed to let customers complete the entire process — from application to disbursement — without visiting a branch, using the bank’s mobile app, All One Bank.
The bank said it added non-face-to-face document submission and an electronic contract system to improve access for farmers busy during the planting season.
It also said it implemented a non-face-to-face online land-registration process for farmland collateral — a first in the financial sector — and applied a feature that exempts purchases of National Housing Bonds when taking out farming loans.
The bank expects up to 20,000 farmers a year to benefit from the service.
Kang Tae-young, head of NH NongHyup Bank, called the fund a key agricultural policy financing program supporting young farmers’ stable settlement and growth. He said the bank will expand branch-free lending to other agricultural policy funds to improve convenience for farmers and strengthen its role as a specialized agricultural finance bank.
* This article has been translated by AI.
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