NongHyup Bank Launches 'NH Thin Filer Loan' Easily Accessible for Young Professionals

[Asia Economy Reporter Kwon Haeyoung] NH Nonghyup Bank launched the 'NH Thin Filer Loan' on the 27th, allowing young adults with short financial transaction histories and low credit ratings to easily and conveniently borrow up to 20 million KRW through NH Smart Banking.

Thin filers refer to people with "thin documents," meaning those who have almost no financial transaction information to evaluate their credit.

The NH Thin Filer Loan targets employees of corporate companies who have been employed for more than six months and have an annual income of over 20 million KRW. As long as they have a mobile phone registered in their name, a public certificate, and a Nonghyup Bank deposit account, they can check their loan limit and interest rate and execute the loan anytime, 24/7, through the NH Smart Banking application without visiting the bank or submitting income verification documents.

Nonghyup Bank introduced a proprietary credit evaluation model for this product. By combining non-financial data such as telecom company information with a machine learning-based ML model, it can identify those with repayment ability despite low credit and income, making it a favorable credit evaluation model for thin filers who previously found it difficult to get bank loans.

The loan limit ranges from a minimum of 1 million KRW up to 20 million KRW, and applications can be made in increments of 100,000 KRW. There is no prepayment penalty, so borrowers can repay anytime if they have extra funds.

The loan interest rate offers preferential benefits of up to 1 percentage point, including salary transfer performance (0.3%), holding an NH Chaeum credit card (0.2%), and telecom excellent grade discount (0.5%), making the minimum annual rate as low as 3.4% (as of the 24th).

Lee Jeonghan, Head of Digital Marketing at Nonghyup Bank, said, "The NH Thin Filer Loan is a mid-interest loan product applying a new screening model developed by Nonghyup Bank since 2019, enabling young adults with insufficient financial transaction history to access loan products. We will develop various digital financial products that provide practical benefits to financially vulnerable groups and other customers."

For more details, please inquire through NH Smart Banking, the nearest Nonghyup Bank branch, or the Customer Happiness Center.

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