Woori Bank Extends Maturity and Grants Repayment Deferral for 1 Year to Companies Affected by Time Offenders

Woori Bank announced on the 7th that it will implement maturity extension and repayment deferral measures for businesses affected by delayed settlement of transaction payments through Tmon and Wemakeprice.

The support targets are businesses with confirmed payment transactions through Tmon and Wemakeprice between May and July of this year. Businesses that have closed, are undercapitalized, or have non-performing loans are excluded from support.

Woori Bank has raised both the upper and lower limits of its 5-year fixed-rate mortgage loan interest rates by 0.11%, while Shinhan Bank plans to increase its mortgage loan interest rates by 0.05% starting from the 15th. The photo shows a Woori Bank branch in Seoul. Photo by Jinhyung Kang aymsdream@

The loans eligible for support are corporate loans held by eligible borrowers that were taken out before the implementation date. Household loans, interest-only loans, and others are excluded. Specifically, the maturity extension is for one year, and principal repayment deferral allows postponement of installment principal payments within a 12-month period.

Woori Bank stated, "Each business can print the sales statement for May to July 2024 from the ‘Administrator Page’ on the Tmon and Wemakeprice websites, submit the sales statement for the relevant period to the Woori Bank credit transaction branch counter, and apply by completing the ‘Confirmation of Delayed Settlement Damage’ form to receive support."