NH NongHyup Financial Group said on Feb. 18 it has launched a 'three-product set' of inclusive finance.

Earlier, NH NongHyup Financial said through its NH shared growth project it would supply a total of 108 trillion won in productive and inclusive finance by 2030. Inclusive finance accounts for 15.4 trillion won of that total.

The three-product set is structured so the capital, bank and savings bank units roll out new products sequentially. NH NongHyup Capital first introduced a loan product for young customers, called the '2030 Youth Anadeurim (dream)' loan, on Feb. 5.

It is designed for young people and first-time jobholders aged 20 to 34, with relaxed income requirements to meet a range of funding needs that arise in the early stages of economic activity.

It further lowers the income requirements by one step from existing standards to address credit blind spots. It refunds part of interest costs as NH Points to customers who repay faithfully through maturity.

NH NongHyup Bank has been applying an 'inclusive finance preferential rate' of up to 0.3 percentage points since January for mortgage loans, jeonse loans and loans to individual business owners. For the Saehopeumholssi loan, a policy-backed loan product for low-income borrowers, it is applying an 'NH inclusive finance preferential rate' of up to 0.5 percentage points.

It also plans to launch a new product within February to support funds of up to 10 million won for vulnerable borrowers who have difficulty proving income, including young people, people with disabilities, single-parent families and farmers.

NH NongHyup Bank is also developing a model to launch a 'credit ladder' product for borrowers who repay faithfully at its capital and savings bank units. It aims to build an inclusive finance system that leads from 'closing credit blind spots → credit build-up through a credit ladder → improved access to finance'.

NH Savings Bank also plans to launch a women-only small loan product within the first quarter using an alternative credit scoring model. It also plans to prepare additional support measures, such as rate cuts, for faithful repayers of its existing credit loan products.

Lee Chan-woo (이찬우), chairman of NH NongHyup Financial Group, said, "NongHyup Financial is a leading financial group that has taken the lead in practising inclusive finance, including loans to farmers and regional-based cooperation projects." He added, "We will continue to develop an inclusive financial model that leverages our strengths."