Banks to Cashback 21.4 Billion KRW Interest for Self-Employed and Small Business Owners in 3Q

Cumulative 1.4768 Trillion KRW

Cho Yong-byeong, former chairman of Shinhan Financial Group, has been selected as the final candidate for the next chairman of the Korea Federation of Banks. The photo was taken on the 16th at the Korea Federation of Banks building in Jung-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

The Korea Federation of Banks announced on the 29th that it has disbursed a total of 1.4768 trillion KRW in refunds for interest paid by individual business owners by the end of this month. This accounts for 98.2% of the total expected interest refund amount (1.5035 trillion KRW).

First, the refund amount for interest on individual business loans paid by self-employed and small business owners during the third quarter was 21.41 billion KRW. Additionally, the cumulative refund disbursement from the past three rounds amounted to 1.4554 trillion KRW. This is an increase of 1 billion KRW compared to the disclosure amount announced at the end of July (1.4544 trillion KRW), which the Federation explained is due to additional payment efforts by the banking sector.

Meanwhile, refunds for interest paid in the fourth quarter will be implemented in January next year, and the results will be disclosed at the end of January 2025.