NH Nonghyup Bank Introduces "Successor Farmer Development Fund Non-Visit Loan Service"

NH Nonghyup Bank announced on April 27 that it has introduced the "Successor Farmer Development Fund Non-Visit Loan Service" at its branches.

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The Successor Farmer Development Fund is an agricultural policy fund aimed at fostering future agricultural talent and supporting the stable settlement of agricultural managers. The product offers a maximum loan period of 25 years and an interest rate of 1.5%.

This new service has been designed so that the entire loan process, from application to execution, can be handled remotely without visiting a branch, using the NH Nonghyup Bank mobile app, Allone Bank. As a result, farmers can conveniently access agricultural policy loans during busy farming seasons without needing to visit a branch in person.

In particular, by introducing a non-face-to-face document submission and electronic agreement system, loan reviews can now be conducted without visiting a branch. It is expected that up to 20,000 farmers per year will be able to benefit from more convenient financial services through this system.

Additionally, NH Nonghyup Bank has further enhanced the effectiveness of its non-visit service by being the first in the financial sector to implement a non-face-to-face online registration system for farmland collateral, and by applying an exemption from purchasing national housing bonds when obtaining agricultural operating funds loans.

Tae Young Kang, President of NH Nonghyup Bank, said, "The Successor Farmer Development Fund is a core agricultural policy fund that supports the stable settlement and growth of young farmers," adding, "We will continue to expand non-visit loans to various agricultural policy funds to enhance financial convenience for farmers and strengthen our role as a specialized agricultural finance bank."

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