iMBank (CEO Hwang Byungwoo) announced on the 16th that it will implement a credit card payment deferment program for up to six months for customers facing liquidity crises due to recent heavy rainfall.
To receive the credit card payment deferment, customers must submit a 'Damage Confirmation Certificate' issued by the local administrative office between the 15th and August 13th to BC, and after a review by iMBank, they will be notified of their eligibility within up to five business days.
The eligible transactions and amounts are those made (or scheduled to be made) in Korea between July and August, including lump-sum payments, installment payments, and short-term card loans (cash advances).
Previously, iMBank launched a repayment deferment program and provided financial support totaling 200 billion KRW to alleviate the management difficulties of businesses affected by the heavy rainfall and fulfill its social responsibility. For small and medium-sized enterprises and small business owners with verified damages, iMBank is offering a special interest rate reduction of up to 1.50%p on new loans to help reduce financial costs.
An iMBank representative stated, "We are implementing this credit card payment deferment to fulfill our social responsibility and promote inclusive finance by providing proactive financial support to customers facing liquidity crises due to natural disasters. We hope that affected customers will be able to return to their daily lives as soon as possible."
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