Major commercial banks moved on the 17th to provide emergency financial support for residents hit by heavy rain in the southern region.
The four major banks (KB Kookmin, Shinhan, Hana, Woori) will lend emergency livelihood stabilization funds to individual loan customers. By bank, the limits are set at ▲ Hana Bank 50 million won ▲ Shinhan Bank 30 million won ▲ KB Kookmin and Woori Bank 20 million won, respectively.
These banks will lend up to 500 million won in working capital to small and midsize businesses, small merchants, and sole proprietors at a special preferential rate of 1.3 to 1.5 percentage points (p). They will also support facility funds for restoring damaged facilities. For affected customers with loans coming due, they will allow extensions by applying preferential rates without additional principal repayment or defer payment of partitioning repayments.
KB Kookmin Bank and Shinhan Bank will also provide relief tents for evacuees living in temporary shelters. They plan to supply additional relief goods. KB Kookmin Bank and Woori Bank decided to send meal trucks for evacuees, firefighters, and relief workers at restoration sites.
Hana Bank plans to deliver 500 "happiness boxes" containing daily necessities such as blankets and toiletries and medicines. Woori Bank will provide disaster relief kits prepared with the Korean Red Cross to evacuees. Depending on the scale of the damage, it plans to review whether to support donations.
Woori Card decided to defer card payment bills for affected customers for up to six months. It will waive arrears interest incurred after the flood damage and delete arrears records. Woori Financial Capital will also defer repayment of loan principal by affected customers for up to six months and waive arrears interest. Woori Savings Bank will defer repayment of principal and interest for three months and extend maturities by up to six months.