Hana Bank Introduces Hana One Q Sunshine Loan Youth to Boost Financial Inclusion for Young People

Hana Bank has launched an innovative financial product designed to empower young individuals through improved financial accessibility and support their smooth transition into society. The product, named Hana One Q Sunshine Loan Youth, is a policy-based loan tailored to the needs of financially underserved youth, in alignment with the Financial Services Commission's broader initiative to promote financial inclusion for low-income groups.

Supporting Youth with Targeted Financial Solutions

Hana One Q Sunshine Loan Youth specifically caters to individuals between the ages of 19 and 34. This includes diverse groups such as university and graduate students, young people seeking employment, entry-level workers in small to medium-sized enterprises (SMEs) with less than a year of experience, and budding entrepreneurs running businesses for under a year. By bridging the gap in financial accessibility, the product seeks to provide these groups with necessary resources to build a more stable future. Borrowers can receive loans of up to KRW 12 million, contingent on securing a guarantee certificate from the Korea Inclusive Finance Agency.

Affordable Fixed Interest Rates and Flexible Terms

A major highlight of the Hana One Q Sunshine Loan Youth product is its competitive fixed interest rate of 4.0% per annum, ensuring affordability for borrowers. In addition, the loan offers a repayment period of up to 15 years, granting young borrowers ample time to manage their finances effectively. To further empower disadvantaged youth, a grace period of up to eight years, requiring only interest payments, is available for qualifying borrowers.

For socially disadvantaged groups—such as individuals receiving basic livelihood assistance, those in the second-lowest income bracket, and single-parent families—the loan comes with an interest subsidy program. This program reduces the fixed interest rate significantly to a mere 1.9%, extending financial relief to the most vulnerable populations.

Fully Digital Loan Application Process for Convenience

Hana Bank has leveraged technology to make the loan application process seamless and user-friendly. The entire process, including certificate acquisition, application, approval, and disbursement, is digitized and accessible via the bank's Hana One Q mobile app. Applicants first obtain a guarantee certificate through the Korea Inclusive Finance Agency's "Itdaa" platform, ensuring compliance with financial regulations.

By moving the application process entirely online, Hana Bank not only enhances convenience but also removes logistical hurdles for young borrowers seeking necessary funds. This streamlined approach reflects an effort to cater to the tech-savvy nature of today’s youth while addressing the financial accessibility challenges they often face.

Strengthening Financial Inclusion and Economic Opportunities for Youth

The introduction of Hana One Q Sunshine Loan Youth is part of Hana Bank’s broader commitment to inclusive finance and the development of new opportunities for underserved populations. By targeting the younger generation, the policy-driven initiative dovetails with national efforts to expand financial inclusion, contributing to the creation of a more equitable financial ecosystem. The product is poised to unlock critical economic opportunities for youth, helping them overcome financial barriers and realize their full potential in society.

In essence, Hana Bank’s new initiative not only reflects its proactive approach to supporting young people but also aligns it with the larger vision of creating a more inclusive and accessible financial landscape for all.