Forecast: One-Year Repayment Deferral for Installment Loan Debtors
[Asia Economy Reporter Kim Hyo-jin] The Korea Deposit Insurance Corporation announced on the 19th that it will grant up to 12 months of repayment deferral for debtors who are fulfilling installment repayment agreements. This measure was taken out of concern that the spread of the novel coronavirus infection (COVID-19) would increase the repayment burden on debtors.
No interest will accrue during the deferral period. Financial institutions in bankruptcy and others will provide guidance to debtors who are repaying in installments through text messages and other means, and debtors will be able to quickly proceed in a non-face-to-face manner by submitting installment repayment deferral applications online.
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The KDIC stated, "We will continue to make greater efforts to minimize the damage to economically vulnerable groups caused by national crises and to align with the social value of public institutions and the realization of inclusive finance."
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