NH Savings Bank announced the launch of the 'NH Mid-Interest Stability Loan' on August 24, aimed at providing financial support for low and mid-credit borrowers.
The loan is available to Korean citizens aged 19 and older with a credit score in the bottom 50% at the time of application. Eligible applicants must have been employed for at least six months and have an annual income of at least 12 million won. Borrowers with existing credit loan balances that exceed their annual income can also apply.
The maximum loan amount is 10 million won, with a repayment period of up to five years. Interest rates range from 5.5% to 15.27%, as of last month. Borrowers can choose between equal principal repayment and equal total repayment methods.
Applications can be submitted through NH Savings Bank's mobile website and the 'NH FIC Bank' mobile application, eliminating the need to visit a branch.
Following the earlier introduction of the 'NH Emergency Loan,' this new product expands NH Savings Bank's offerings for low and mid-credit borrowers.
Kim Jang-seop, CEO of NH Savings Bank, stated, "We launched this product to help low and mid-credit customers secure stability funds at reasonable interest rates. We will continue to work on improving financial accessibility."
* This article has been translated by AI.
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