Hana Bank to Reduce Loan Interest Rates for Victims of Heavy Rainfall Damage

Heavy rain fell mainly in the central region on the 3rd, causing the water level of the Jungnangcheon River to rise as seen from Wolgye 1-gyo Bridge in Nowon-gu, Seoul. Photo by Mun Honam munonam@

[Asia Economy Reporter Kim Min-young] Hana Bank announced on the 3rd that it will provide financial support to companies and individuals affected by heavy rain, floods, and typhoons during the monsoon season.

First, for corporate customers such as small and medium-sized enterprises (SMEs), mid-sized companies, and individual business owners, Hana Bank will provide new emergency management stabilization funds up to 500 million KRW per company without any total limit restrictions.

Additionally, upon maturity of existing loans, Hana Bank will support extending the loan maturity for up to one year without principal repayment, and for installment repayments, it will allow a grace period of up to six months.

For affected corporate customers, interest rate reductions of up to 1.3 percentage points will be provided, and for individual customers, interest rate reductions of up to 1.0 percentage point will be applied for new or extended household loans.

A Hana Bank official stated, “We will make every effort to minimize damage by promptly providing financial support to companies and individuals affected by the recent heavy rain, and to prevent risks from spreading throughout the economy.”

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