Nonghyup Financial to Launch Three-Part Inclusive Finance Package in Q1... "Expanding Access for Vulnerable Groups"

NH Nonghyup Financial Group announced on the 18th that it plans to launch a three-part inclusive finance package designed to close credit blind spots for financially vulnerable groups such as low-income households and young people, improve access to financial services, and lower the burden of financial costs.

In November last year, Nonghyup Financial announced through the "NH Mutual Growth Project" that it plans to provide 108 trillion won in productive and inclusive finance by 2030. Of this total, inclusive finance accounts for 15.4 trillion won. Within the first quarter of this year, its capital, banking, and savings bank units are scheduled to sequentially roll out the new inclusive finance products that make up the three-part inclusive finance package.

Nonghyup Capital took the lead by launching a new loan product for young customers, "2030 Youth Embrace Dream," on the 5th. Targeting young people aged 20 to 34 and those just starting their careers, the product eases income requirements to meet a wide range of funding needs that arise in the early stages of economic activity, with the aim of improving financial access for young adults. Customers who faithfully repay their loans until maturity are also offered a benefit whereby part of the interest cost is refunded in the form of NH Points, which can be used to repay loan interest or converted into cash back or Naver Pay.

Jang Jonghwan, CEO of Nonghyup Capital, said, "Young people are the group that feels the need for finance most acutely as they take their first steps into society, while at the same time facing relatively greater constraints in terms of financial access. This product is part of our practice of inclusive finance, intended not only to provide short-term funding support but also to help young people establish a stable starting point for their economic lives."

Nonghyup Bank also plans to launch a product this month that will provide up to 10 million won in funding to vulnerable borrowers such as young people, people with disabilities, single-parent households, and farmers, who often have difficulty providing proof of income. In addition, it is developing a model for a "credit ladder" product aimed at customers with good repayment records at capital and savings banks. Since January this year, it has been offering inclusive finance preferential interest rates of up to 0.3 percentage points on mortgage loans, jeonse loans, and loans to individual business owners, as well as a preferential rate of up to 0.5 percentage points on Saehuimangholssi policy loans for low-income borrowers. NH Savings Bank also plans to launch, within the first quarter, a small loan product exclusively for women that uses an alternative credit scoring model.

Lee Chanwoo, Chairman of NH Nonghyup Financial Group, emphasized, "Nonghyup Financial is a leading institution at the forefront of inclusive finance, including loans to farmers and region-based partnership projects, and we will continue to develop inclusive financial models that leverage our strengths."

NH Nonghyup Financial Group (Chairman Lee Chanwoo) announced on the 18th that it plans to launch a three-part inclusive finance package to eliminate credit blind spots for financially vulnerable groups such as low-income people and young people, improve access to financial services, and reduce the burden of financial costs.

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