Saemaeul Geumgo Provides Financial Support for Typhoon Hin Nam No Damage... Emergency Loans of 50 Billion Won

[Asia Economy Reporter Bu Aeri] Saemaeul Geumgo announced on the 7th that it will provide financial support for customers affected by Typhoon 'Hinnamnor'.

Saemaeul Geumgo will identify customers who have suffered actual disaster damage due to heavy rain and provide financial support through emergency fund loans, repayment deferrals, and preferential interest rates.

The emergency fund loan supports new loans without credit evaluation within the damage scale for Saemaeul Geumgo members who need urgent funds. The support interest rate applies preferential rates suitable for each Geumgo's circumstances, with a total support limit of 50 billion KRW.

If existing loan customers suffer damage, they can receive benefits such as principal and interest repayment deferral depending on the screening results. Repayment deferral is supported for up to six months on the principal and interest of existing loans.

For principal and interest repayment methods, it is possible to switch to lump-sum maturity repayment and receive maturity extension support (12 months). Also, customers who have suffered damage and apply for new loans can receive preferential interest rates of around 0.3%.

Saemaeul Geumgo customers wishing to receive financial support can visit Saemaeul Geumgo and submit an application by October 14. Each Saemaeul Geumgo will determine eligibility and provide support through screening.

Among mutual aid contract holders, customers who submit application documents can receive mutual aid premium payment deferral. They can apply by visiting the nearest Saemaeul Geumgo with their ID during the application period. The application period is from today until October 14. The deferral period applies for six months from September 1, 2022, to February 28, 2023.

Applicants for payment deferral can maintain normal coverage regardless of mutual aid premium payment, and the mutual aid contract is maintained as long as unpaid premiums are paid before the end of the deferral period.

Park Cha-hoon, Chairman of the Saemaeul Geumgo Central Association, said, “Saemaeul Geumgo will share the pain with customers affected by this typhoon and fulfill its role as a regional financial institution.”

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