KB Geumyung Launches Emergency Support for Heavy Rain Including Special Loans

KB Financial Group announced on the 18th that it will launch emergency support activities for disaster victims in areas affected by heavy rainfall.

First, KB Financial plans to quickly provide emergency relief kits (blankets, hygiene products, medicines, etc.), tents, meal trucks, and laundry trucks to the affected areas.

In addition, various financial support programs such as special loans, maturity extensions, preferential interest rates, and deferrals of insurance premiums and credit card payments will be implemented to facilitate the swift recovery of disaster victims in the affected areas.

KB Kookmin Bank will provide special loans within the range of the damage amount. For personal loans, up to 20 million KRW will be supported as emergency living stabilization funds. For corporate loans (self-employed, small and medium-sized enterprises, etc.), a preferential interest rate of up to 1.0 percentage point will be applied, with working capital loans up to 500 million KRW and facility loans supported within the required amount for restoring damaged facilities. If existing loans mature within 3 months, maturity extensions are possible without additional principal repayment, applying preferential interest rates of up to 1.5 percentage points for household loans and up to 1.0 percentage point for corporate loans. If principal and interest are paid normally within 3 months from the date of damage, late interest will be waived.

KB Insurance will allow long-term insurance customers to defer premium payments without late interest. If existing loans mature, maturity extensions are possible without additional principal repayment, and late interest will be waived if principal and interest are paid normally within 3 months from the date of damage.

KB Kookmin Card will defer credit card payment bills for up to 6 months. For long-term card loans (card loans), repayment can be deferred by changing the installment repayment period or grace period. In addition, fees for short-term/long-term card loans used after the date of damage will be discounted by 30%.

Customers eligible for the financial support programs from KB Kookmin Bank, KB Insurance, and KB Kookmin Card are those who have suffered disaster damage due to the heavy rainfall. They can receive financial support by submitting a ‘Damage Confirmation Certificate’ issued by the relevant local government office, and the application period is within 3 months from the date of damage.

A KB Financial Group official said, "We hope the damage does not worsen, and KB Financial Group will do its best to support until the recovery is complete."