BNK Busan·Gyeongnam Bank to Refund 83.2 Billion KRW in Loan Interest to Small Business Owners and Self-Employed

Refund of 75.3 Billion KRW for First-Time Individual Business Loan Customers

Busan Bank and Gyeongnam Bank: 108,000 Customers, Up to 3 Million KRW Per Customer

BNK Financial Group is launching an interest refund plan to return approximately 80 billion KRW of ‘loan interest’ paid by small business owners and self-employed individuals.

BNK Busan Bank and Gyeongnam Bank announced on the 1st that, according to the ‘Banking Sector Livelihood Finance Support’ program jointly announced by the banking sector, they will implement an interest refund worth 83.2 billion KRW to about 108,000 small business owners and self-employed individuals (64,000 at Busan Bank and 44,000 at Gyeongnam Bank) starting from February.

First, in early February, the first interest refund totaling 75.3 billion KRW (48.7 billion KRW from Busan Bank and 26.6 billion KRW from Gyeongnam Bank) will be conducted for customers using individual business loans.

The interest refund under the banking sector livelihood finance support plan applies to customers holding individual business loans as of December 20 last year, with a loan limit of 200 million KRW. They will receive up to 3 million KRW, which is up to 90% of the loan interest paid exceeding 4% annually for one year.

The total contribution of Busan Bank and Gyeongnam Bank to the ‘Banking Sector Livelihood Finance Support’ program is 83.2 billion KRW (52.5 billion KRW from Busan Bank and 30.7 billion KRW from Gyeongnam Bank). This includes the first refund implemented in early February and a second refund calculated additionally for customers with loan periods of less than one year, paid quarterly until the loan reaches one year.

Individual business owners eligible for the refund from Busan Bank and Gyeongnam Bank will be notified of the refund amount and deposit account via text message (KakaoTalk, etc.) without a separate application process. The refund amount will be deposited in bulk into the deposit and withdrawal accounts under the names of eligible customers who have set up automatic loan interest transfers.

Detailed information about the individual business loan interest refund can be confirmed at all branches and customer centers of Busan Bank and Gyeongnam Bank.

A BNK Financial Group official said, “We hope that by promptly implementing the banking sector livelihood finance support program, it will provide practical help to local small and medium-sized enterprises and small business owners facing difficulties,” adding, “BNK will continue to devote efforts to revitalizing the local economy as a regional financial group.”

BNK Busan Bank Headquarters.