Saemaeul Geumgo Supports Customers Affected by Novel Coronavirus

[Asia Economy Reporter Kim Min-young] Saemaeul Geumgo announced on the 5th that it will provide financial support for customers facing difficulties due to the spread of the novel coronavirus infection (Wuhan pneumonia).

The support targets individuals who are hospitalized or quarantined, as well as small business owners and self-employed individuals in medical institutions, tourism, travel, lodging, and dining industries who have suffered damage due to decreased overseas travel demand, group reservation cancellations, and other reasons. Emergency fund loans, maturity extensions, and repayment deferrals will be provided. In addition, payment deferrals for mutual aid premiums will be offered to individuals and self-employed customers who have tested positive for the novel coronavirus and have accounts with Saemaeul Geumgo.

Emergency fund loans will support new loans within the credit loan limit based on the damage scale for small business owners and self-employed individuals in urgent need of funds. The total limit is 50 billion KRW.

Also, existing loan customers who have suffered damage may receive benefits such as principal and interest repayment deferrals and maturity extensions depending on the review results.

If the existing loan is a lump-sum repayment at maturity, the maturity can be extended up to one year from the application date, and if it is a principal and interest repayment type, it can be converted to lump-sum repayment at maturity or repayment deferral can be supported for up to six months from the application date. Customers who apply for new loans due to damage can receive preferential interest rates of around 0.3 percentage points.

Those wishing to apply for loans can fill out and submit the application form at Saemaeul Geumgo branches by May 4.

Park Cha-hoon, Chairman of the Saemaeul Geumgo Central Association, stated, “We aim to minimize the damage to Saemaeul Geumgo customers affected by the novel coronavirus and share the burden of pain. We have prepared this financial support plan to fulfill our role as a local community financial institution and to support the recovery of material and psychological damage to local residents.”

This content was produced with the assistance of AI translation services.