Banks Execute 1.3455 Trillion Won in Interest Cashback for Self-Employed

The Korea Federation of Banks announced on the 28th that the banking sector has executed a first-round refund of 1.3455 trillion KRW for interest paid by borrowers holding personal business loans during 2023.

This first-round refund amount is approximately 99.02% of the initially expected 1.3587 trillion KRW. The difference is due to factors such as the absence of automatic principal and interest payment accounts, inability to deposit interest refunds due to account closures, and monthly average balance fluctuations in overdraft accounts. In cases where interest refunds could not be deposited, additional payments will be made after banks complete borrower account verification procedures.

Of the total planned refund amount of 1.5009 trillion KRW, the remaining 155.4 billion KRW will be executed quarterly in three-month intervals starting from April, with payments made in the month following the end of each quarter.

Meanwhile, regarding the total 2.1 trillion KRW livelihood financial support plan, the execution plan for the 600 billion KRW autonomous program is expected to be announced by the end of March.

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