Busan Bank, Emergency Livelihood Fund Loans for Small Business Owners Affected by COVID-19

Busan Nam-gu Busan Bank Headquarters

[Asia Economy Reporter Kim Min-young] BNK Busan Bank announced on the 9th that it will provide emergency living expense loans for small business owners and unpaid leave workers affected by the novel coronavirus infection (COVID-19).

Busan Bank decided to implement the 'Emergency Living Expense Loan,' which relaxes the screening requirements of the representative low-income financial product, Saehee-mang Holssi Loan, until the end of May.

The target customers are small business owners struggling with their livelihoods due to COVID-19 and employees on unpaid leave due to self-quarantine or confirmed diagnosis. Through individual screening, loans of up to 30 million KRW per person (including the outstanding balance of existing Saehee-mang Holssi Loans) will be supported.

Previously, the Saehee-mang Holssi Loan restricted loan eligibility based on the amount of credit loans held at financial companies, but these qualification requirements have been relaxed, including removing such restrictions.

In particular, during loan screening, even without income verification documents, income is calculated using the credit rating agency's estimated income calculation system, simplifying the document submission requirements.

Busan Bank operates a non-face-to-face loan extension process for COVID-19 confirmed patients and self-quarantined individuals who find it difficult to visit branches.

Customers wishing to extend the loan term non-face-to-face can apply for an extension by phone and then conclude the extension agreement through Busan Bank's website or mobile banking.

Additionally, Busan Bank decided to delete delinquency records and fully exempt delinquency interest for customers who inevitably incurred loan delinquencies due to COVID-19 confirmation or self-quarantine.

Eligible customers can receive support by visiting the loan management branch with relevant supporting documents after self-quarantine is lifted or recovery is confirmed, and even if delinquency interest has already been paid, the paid delinquency interest can be refunded.

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