KB Financial Group announced on the 23rd that it will donate 1 billion won and implement an emergency support program to assist residents and local communities affected by large wildfires in the Sangcheon area of Gyeongnam and Uiseong area of Gyeongbuk.
The 1 billion won donation made by KB Financial Group will be used entirely for ▲emergency relief and damage recovery in wildfire-affected areas ▲ensuring essential supplies and housing safety for disaster victims.
To provide rapid support during urgent disaster situations, KB Financial Group will utilize its pre-established group-level "disaster response system" to support emergency relief kits (blankets, hygiene products, medicines) and meal trucks to the affected areas. Various financial support programs will also be carried out to facilitate the rapid recovery of disaster victims, including special loans, maturity extensions, interest rate benefits, and deferment of insurance premiums and credit card payments.
KB Kookmin Bank will provide special loans within the range of damage amounts. For personal loans, a maximum of 20 million won will be supported as an emergency living stability fund. For loans to corporations (self-employed individuals, small and medium enterprises, etc.), up to 5 billion won for operating funds and facility funds will be supported within the required budget for recovering damaged facilities, with a preferential interest rate of up to 1.0 percentage point.
If the existing loan matures within three months, it is possible to extend the due date with a preferential interest rate of 1.5 percentage points for household loans and 1.0 percentage points for corporate loans without additional principal repayment. If the principal and interest payments are made normally within three months from the date of damage occurrence, late fees will be waived.
KB Insurance will defer premium payments without late fees for long-term insurance customers. If existing loans mature, it is possible to extend the due date without additional principal repayment and waive late fees if the principal and interest are paid normally within three months from the date of occurrence. KB Kookmin Card will delay credit card payments for up to six months and allows for loan repayment deferral through changing the repayment period or grace period for long-term card loans. Additionally, a 30% discount will be applied to fees for short-term and long-term card loans used after the date of damage.
The target customers for the financial support programs of KB Kookmin Bank, KB Insurance, and KB Kookmin Card are those who have suffered damage due to wildfires. They can receive financial support by submitting a "damage confirmation certificate" issued by the local administrative authorities, with the application period being within three months from the date of damage occurrence.
An official from KB Financial Group said, “I hope that the residents affected by this wildfire can return to their daily lives as soon as possible” and noted, “We hope that the damage does not worsen and that KB Financial Group will do its best to support until the recovery is completed.”