KB Kookmin Bank to offer up to 20 million won in living-expense loans

KB Insurance, card unit join with payment deferrals

KB Financial Group's new headquarters [KB Financial Group]
KB Financial Group's new headquarters [KB Financial Group]

KB Financial Group will donate 500 million won ($359,000) to support recovery efforts and displaced residents in South Gyeongsang Province following heavy rainfall that caused widespread damage, with its subsidiaries also rolling out financial relief measures.

KB Financial said Friday the donation would go toward emergency relief, damage restoration, and support for flood victims' daily necessities and housing needs.

KB Kookmin Bank will provide affected customers with emergency living-expense loans of up to 20 million won. Self-employed individuals and small and medium-sized enterprises can receive working capital loans of up to 500 million won, while facility loans will be available within the scope needed for damage recovery. Preferential interest rates of up to 1.0 percentage point will also apply.

Customers whose existing loans mature within three months may extend the term without making additional principal repayments. Household loans will receive preferential rate reductions of up to 1.5 percentage points, and corporate loans up to 1.0 percentage point.

KB Insurance will defer premium payments for long-term insurance customers, while KB Kookmin Card will allow cardholders to postpone credit card payments for up to six months.

To receive financial support, applicants must submit a damage verification certificate issued by the relevant local government authority. Applications must be filed within three months of the date the damage occurred.

Meanwhile, financial institutions have been lining up to support South Gyeongsang Province flood victims. On Friday, Shinhan Financial Group and Hana Financial Group each donated 500 million won to relief efforts.


rim@heraldcorp.com