KB Financial Group Provides 500 Million KRW Support for Heavy Rain Damage Recovery

[Asia Economy Reporter Park Sun-mi] KB Financial Group announced on the 6th that it will provide 500 million KRW to support the recovery of areas affected by heavy rain during the monsoon season and to alleviate the financial burden on affected customers.

KB Financial Group, along with KB Kookmin Bank, KB Securities, KB Insurance, KB Kookmin Card, and KB Capital, donated a total of 500 million KRW to the "National Disaster Relief Association." The donation will be used for disaster relief supplies and recovery efforts in flood-affected areas.

Each affiliate will also undertake financial support activities for customers.

KB Kookmin Bank will offer special loans to aid recovery efforts. For personal loans, up to 20 million KRW can be used as emergency living stabilization funds. For corporate loans to small and medium-sized enterprises and self-employed individuals, operating funds will be supported up to 500 million KRW, and facility funds will be provided within the required amount for restoring damaged facilities. Additionally, a special preferential interest rate of up to 1.0%p will be applied.

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

KB Insurance will implement a system allowing long-term insurance customers to defer premium payments without overdue interest until the end of January 2021. KB Kookmin Card will grant affected customers a payment deferral of up to six months for credit card bills, and allow installment payments for lump-sum payments and short-term card loans (cash services) for up to 18 months.

The financial support system is available to customers who have confirmed actual disaster damage due to the heavy rain. Submission of a "Damage Confirmation Certificate" issued by the relevant local government office is required.

A KB Financial official stated, "We will do our best to support those affected by this heavy rain," and added, "We hope for the swift normalization of the affected areas and that those impacted can quickly return to their daily lives."

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