The National Credit Union Federation of Korea (Saemaeul Geumgo) announced on the 22nd that it will provide emergency financial support as heavy rain damage areas expand nationwide.
Saemaeul Geumgo plans to offer financial support such as emergency loans, maturity extensions, and repayment deferrals to customers who have suffered actual disaster damage due to the heavy rains.
Emergency loans to assist with damage recovery will be provided as unsecured loans up to a maximum of 10 million KRW per person. When issuing emergency loans, preferential interest rates of up to 2% may be applied depending on the situation of each credit union. For existing loan customers, financial support includes maturity extensions of up to one year and repayment deferrals on principal and interest for up to six months.
Financial support is available to all Saemaeul Geumgo customers affected by the heavy rains, and support can be provided upon submission of proof related to the heavy rain damage, such as a damage confirmation certificate. Applications will be accepted for about one month from today until the 23rd of next month. Customers can apply by visiting Saemaeul Geumgo in person and submitting an application form.
Kim In, Chairman of the National Credit Union Federation of Korea, stated, "We plan to support Saemaeul Geumgo customers in the heavy rain-affected areas so that they can receive practical financial assistance," adding, "We will fulfill our role as a financial institution for ordinary people through active support to share the pain of local residents."
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