'Mid-term Repayment Fee Waived' for Vulnerable Borrowers of 5 Major Banks

Exemption Targets, Exemption Scope, and Implementation Timing Decided Autonomously

[Asia Economy Reporter Sim Nayoung] The five major banks (KB Kookmin, Shinhan, Hana, Woori, NH Nonghyup) have decided to temporarily waive early repayment fees to support vulnerable borrowers.

On the 28th, the Korea Federation of Banks stated, "The banking sector, amid rising interest rates and inflation increasing the burden on the low-income economy, is waiving early repayment fees on existing loans for borrowers applying for the Safe Conversion Loan and low-interest refinancing programs as part of support measures for vulnerable borrowers." They added, "Furthermore, the five major banks have decided to review a plan to temporarily waive early repayment fees for vulnerable borrowers to alleviate the recently surged interest burden."

Details such as whether to waive early repayment fees, eligible targets, the extent of the waiver, and implementation timing will be autonomously reviewed and decided by each bank according to their individual management circumstances.