National Credit Union Federation of Korea Donates 1 Billion KRW for Heavy Rainfall Damage Recovery

Emergency Financial Support Also Provided

The National Credit Union Federation of Korea (Saemaul Geumgo) announced that it will join the Ministry of the Interior and Safety's all-out efforts to support recovery from heavy rainfall damage by donating 1 billion KRW to residents affected by the recent torrential rains nationwide and by providing emergency financial support.

Saemaul Geumgo plans to identify households, small business owners, small and medium-sized enterprises, and policyholders who have suffered property damage due to heavy rainfall and other flood disasters, and will provide financial support through emergency loans, loan maturity extensions, deferment of principal and interest payments, and deferment of insurance premium payments.

Emergency loans to support recovery from damage will be provided up to a maximum of 30 million KRW per person for a period of up to three years. For existing loan customers, loan maturity can be extended for up to one year, and deferment of principal and interest payments can be granted for up to six months.

In addition, Saemaul Geumgo will allow policyholders who are eligible for support to defer insurance premium payments until December 31, starting from the application date. During the deferment period, contracts will remain valid and the same coverage will be maintained, even if premiums are not paid.

This financial support is available to all Saemaul Geumgo customers who have suffered property damage due to flooding, and support will be provided upon submission of relevant documentation, such as a "Disaster Damage Confirmation Certificate" issued by the local government. Applications will be accepted until August 29, and customers must visit a Saemaul Geumgo branch in person to submit the application form.

Kim In, Chairman of the National Credit Union Federation of Korea, stated, "I would like to express my deepest condolences to the residents who are facing great difficulties due to the unexpected heavy rainfall. Saemaul Geumgo will stand with local residents in their hardship and do our utmost to help them return to their daily lives as quickly as possible through prompt support."

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