KB Kookmin Bank Supports Emergency Living Stabilization Loans for Korean Workers Affiliated with US Forces Korea

Support for Low-Interest Credit Loans for Workers Facing Difficulties Due to Unpaid Leave

[Asia Economy Reporter Kangwook Cho] KB Kookmin Bank announced on the 7th that starting from the 11th, it will provide low-interest emergency living stabilization loans for Korean workers employed by the US Forces Korea who are currently on unpaid leave due to delays in the Special Measures Agreement (SMA) negotiations on defense cost-sharing between Korea and the US.

The support targets Korean workers employed by the US Forces Korea who have been employed for more than six months and are currently on unpaid leave, with a loan limit of up to 20 million KRW. The loan interest rate offers an additional preferential rate of up to 1.0%p annually compared to existing products, resulting in a minimum annual rate of 2.70% (as of May 7, 2020, based on credit grade 1, after applying preferential rates). The loan period is one year for lump-sum repayment (extendable up to 10 years) and between one to three years for installment repayment.

To apply, applicants must bring documents verifying unpaid leave, a certificate of employment, and income documents (from the year before unpaid leave or the most recent one year before unpaid leave) and visit any KB Kookmin Bank branch nationwide. This support program is temporary, and the end date will be announced later on the KB Kookmin Bank website.

A KB Kookmin Bank official stated, "We expect that providing emergency living stabilization funds to Korean workers employed by the US Forces Korea will help alleviate the burden caused by unpaid leave," and added, "We will continue to explore various customer support measures."

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