Hana Financial "Financial Support up to 200 Billion Won for Heavy Rain Damage"

Loan Maturity Extension and Interest Rate Reduction
Prompt Insurance Payment Processing and Payment Deferral

Due to the influence of the monsoon front, a heavy rain warning was issued for the Seoul metropolitan area on the 30th, and a vehicle near Jeungsan Bridge in Seoul is creating a spray of water. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Minwoo Lee] Hana Financial Group is launching a financial support program with a limit of 200 billion KRW for customers affected by the heavy rains. The plan includes extending loan maturities, reducing interest rates, and supporting credit card payment deferrals and installment repayments.

On the 9th, Hana Financial Group announced that it will provide this emergency financial support at the group level for individuals and small and medium-sized enterprises (SMEs) affected by the heavy rains in the metropolitan area and other regions.

First, Hana Bank will offer emergency living stabilization loans of up to 50 million KRW to individuals affected by the heavy rains. Additionally, it will provide new funds totaling up to 200 billion KRW, including emergency management stabilization loans of up to 500 million KRW per company for SMEs.

Furthermore, upon the maturity of existing credit, Hana Bank will support extending the maturity for up to one year without principal repayment, and defer installment repayments for up to six months. Loan interest rates will also be reduced by up to 1 percentage point (p).

Hana Card will provide customers affected by the heavy rains with ▲a maximum six-month deferral of credit card payment charges and up to six months of installment repayment ▲a 30% discount on fees for short- and long-term card loans used within six months after the heavy rain damage date.

Hana Life Insurance will allow a maximum six-month deferral of insurance premium and insurance contract loan interest payments. For insurance claims related to heavy rain damage, the company plans to pay insurance benefits as quickly as possible.

Hana General Insurance will provide up to 50% of the estimated insurance payout in advance even before the accident investigation is completed when claims related to heavy rain damage are filed, and will allow long-term insurance policyholders affected by the heavy rains to defer premium payments for up to six months.

Ham Young-joo, Chairman of Hana Financial Group, stated, "We will do our best as a group to help everyone overcome this difficult and challenging situation wisely by working together."