[DigitalToday reporter Ji-young Lee (이지영)] Hana Bank has introduced a non-face-to-face small credit loan product for customers receiving public pensions. The product lets pension recipients complete everything from application to disbursement on a mobile app without visiting a branch, aimed at improving financial access.

Hana Bank said on Monday it has launched a mobile-only small credit loan product for public pension recipients, called the Hana OneQ Pension Living Expenses Loan.

The loan targets customers who receive any of the four major public pensions, including the National Pension, the Government Employees Pension, the Private School Teachers Pension and the Military Pension. It expands an in-person product into mobile, non-face-to-face channels.

Customers can use Hana Bank's mobile app, Hana OneQ, to check credit limits, apply, sign agreements and receive disbursement. Hana Bank simplified procedures and screen design to reduce document submission and make it easier for older customers to use.

The loan carries a fixed annual interest rate of 1.0 percent. It offers a single limit of 500,000 won to customers receiving public pensions through Hana Bank. It uses an overdraft-style account that allows customers to draw funds as needed. It can be used for temporary small funding needs such as utility bills, hospital bills and family events.

Hana Bank said it designed the product to enable stable repayment by linking it to pension receipt accounts. It also expects it will reduce vulnerable groups from flowing into the high-interest loan market.

A Hana Bank official said, "As ageing accelerates, demand for small living-expense funds among pension-recipient customers is increasing." The official added, "With the launch of a non-face-to-face product, we will be able to improve financial convenience and provide low-interest loan benefits to customers receiving public pensions."