"Up to 20 Million KRW Special Loan" KB Financial Supports Heavy Rain Damage Relief

[Asia Economy Reporter Buaeri] KB Financial Group announced on the 9th that it will provide emergency support to help those affected by the heavy rain.

KB Financial will provide 900 disaster relief kits for victims in the heavy rain-affected areas, and major affiliates will offer emergency financial support for affected customers.

KB Kookmin Bank will provide special loans within the range of the damage amount. For personal loans, up to 20 million KRW will be supported as emergency living stabilization funds.

For corporate loans (self-employed, small and medium-sized enterprises, etc.), a special preferential interest rate of up to 1 percentage point will be applied, with working capital loans up to 500 million KRW and facility funds supported within the required amount for restoring damaged facilities.

If existing loans mature within 3 months, extensions can be granted without additional principal repayment, applying preferential interest rates of up to 1.5 percentage points for household loans and up to 1 percentage point for corporate loans. If principal and interest are paid normally within 3 months from the date of damage, overdue interest will be waived.

KB Insurance will prioritize payment of long-term insurance claims up to 50% of the estimated insurance amount before the completion of damage investigation for customers affected by the heavy rain. In addition, long-term insurance customers can defer premium payments without overdue interest. If existing loans mature, extensions are possible without additional principal repayment, and overdue interest will be waived if principal and interest are paid normally within 3 months from the date of damage.

KB Kookmin Card will defer credit card payment bills for up to 6 months, and allow installment payments for lump-sum and short-term card loans (cash services) for up to 18 months. For long-term card loans (card loans), repayment can be deferred by changing the installment repayment period or grace period. Additionally, fees for installments and short- and long-term card loans used after the damage date will be discounted by 30%. Late fees on payments after the damage date will be waived until October.

The financial support programs of KB Kookmin Bank, KB Insurance, and KB Kookmin Card are available to customers who have suffered actual disaster damage due to the heavy rain. Customers can receive financial support by submitting a ‘Damage Confirmation Certificate’ issued by the relevant local government authorities. The application period for support must be within 3 months from the date of damage.

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