Hana Financial Group Launches Emergency Support for Seocheon Specialized Market Fire

Proceeding with Emergency Management Stabilization Loans up to 500 Million Won

Hana Financial Group announced on the 23rd that it will provide support for the recovery of damage suffered by market merchants due to the fire at the Chungnam Seocheon Special Market.

Hana Bank, a major affiliate, will offer new financial support such as emergency management stabilization loans up to 500 million KRW to affected merchants, extend loan maturities up to one year without principal repayment deferral upon existing credit maturity, provide repayment deferral for installment payments up to six months, and reduce loan interest rates by up to 1.3 percentage points. To support business operations in the temporary market, card terminals will also be provided free of charge.

For local disaster victims, 300 "Happiness Boxes" containing winter items such as scarves, gloves, and heat packs will be delivered. Food support will also be provided, including fish cake tea and mobile meal trucks.

Ham Young-joo, Chairman of Hana Financial Group Photo by Yonhap News

Hana Card has introduced support measures such as a maximum three-month billing deferral and up to three-month installment repayment for credit card payments. Fees for short- and long-term card loans used up to six months after the fire damage date will also be discounted by 30%. Hana Life will defer insurance premium and insurance contract loan interest payments for up to six months. For insurance claims related to fire damage, up to 50% of the estimated insurance payout will be paid in advance.

Hana General Insurance will provide financial support such as advance payment of up to 50% of the estimated insurance payout even before the accident investigation is completed when filing fire damage insurance claims, and defer premium payments for long-term insurance policyholders affected by the fire for up to six months.

Ham Young-joo, Chairman of Hana Financial Group, stated, “We will spare no effort to provide diverse and practical support so that market merchants affected by the unexpected fire can return to a stable daily life as soon as possible.”