NongHyup Financial Group Provides Financial Support for Farmers and Customers Affected by Heavy Rainfall

NongHyup Bank Provides 500 Billion KRW Support and Interest Rate Cuts
NongHyup Life Offers Premium Payment Deferrals and Loan Extensions
NongHyup Insurance Implements Rapid Damage Assessment and Partial Early Insurance Payouts

NH Nonghyup Financial Group announced on the 19th that it will provide financial support worth 500 billion KRW, donate emergency relief supplies, and participate in fundraising efforts across the entire Nonghyup network to assist farmers and customers affected by the heavy rains.

First, NH Nonghyup Bank will offer financial support totaling 500 billion KRW to customers who have received a "Damage Confirmation Certificate" due to the heavy rains. Small and medium-sized enterprises will be supported with up to 500 million KRW in corporate funds, and individual customers will receive up to 100 million KRW in household funds, along with interest rate reductions of up to 2 percentage points (2.6 percentage points for farmers). Additionally, new and existing loan customers will be granted a grace period of up to 12 months for interest and installment repayments.

For farmers, agricultural policy funds with a fixed interest rate of 1.0% will be provided up to 2 billion KRW, and up to 3 billion KRW for agricultural corporations. Farmers who have suffered facility damage will receive funds at a fixed interest rate of 1.5% within the amount notified by the city or county disaster countermeasure headquarters. Furthermore, credit card payment claims for affected customers will be deferred for up to six months, and fees for automated teller machines and counters in the affected areas will be waived.

NH Nonghyup Life Insurance and NH Nonghyup Property & Casualty Insurance will offer premium payment deferrals and waive reinstatement late fees for up to six months. In particular, NH Nonghyup Property & Casualty Insurance will promptly assess damages to crops and facilities and expedite insurance payments to affected farmers by operating an emergency response team led by the CEO. Approximately 1,300 investigators will be deployed first to the accident sites to conduct damage assessments, and the advance payment insurance system will be introduced to provide up to 50% of the expected insurance payout in advance, facilitating swift recovery from damages.

In addition, 1,700 emergency relief kits and 1,000 emergency food sets will be delivered, and volunteer work to assist with recovery efforts will also be promoted.

Lee Seok-jun, Chairman of Nonghyup Financial Group, stated, “We hope this support will provide some relief to those who have suffered human and material losses due to the heavy rains. Nonghyup Financial will do its utmost until the damage is fully restored and daily life is recovered.”

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