KB Kookmin Bank Provides Emergency Funds for Flood Damage Recovery During the Monsoon Season

[Asia Economy Reporter Park Sun-mi] KB Kookmin Bank will provide financial support to customers affected by heavy rain during the monsoon season to assist with the restoration of damaged facilities and alleviate financial burdens.

The support amount for personal loans is up to 20 million KRW as emergency living stabilization funds. For corporate loans to small and medium-sized corporations and self-employed individuals, working capital support is available up to 500 million KRW, and facility funds will be provided within the required amount for restoring damaged facilities. Corporate loans will also receive a special preferential interest rate of up to 1.0%p.

If affected customers have loans maturing, they can extend the loan term without additional principal repayment, with preferential interest rates applied up to 1.5%p for household loans and up to 1.0%p for corporate loans. Interest on overdue payments will be waived if principal and interest are paid normally within three months from the date of damage occurrence.

The financial support targets customers who have confirmed actual disaster damage caused by heavy rain during the monsoon season. Customers need to submit a ‘Damage Confirmation Certificate’ issued by the local administrative office to the bank. The support period is within three months from the date of damage occurrence.

A KB Kookmin Bank official stated, “We will do our best to provide financial support to those affected by the heavy rain damage to offer practical help,” and added, “We hope those affected can quickly return to their daily lives.”

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