Emergency Special Loans, Maturity Extensions, Preferential Interest Rates, and Insurance Premium Payment Deferrals
Financial Support Programs Also Implemented
On the 23rd, KB Financial Group announced that it will donate 1 billion KRW and implement an emergency support program to swiftly assist residents affected by large-scale wildfires in the Sancheong area of Gyeongnam and Uiseong area of Gyeongbuk, as well as the local communities.
The 1 billion KRW donation from KB Financial will be fully allocated to ▲emergency relief and damage recovery in wildfire-affected areas ▲securing essential daily necessities and housing safety for disaster victims.
To provide rapid relief support during urgent disaster situations, KB Financial will utilize its pre-established group-wide "Disaster and Emergency Response System" to supply emergency relief kits (blankets, hygiene products, medicines) and meal trucks to the affected areas.
Additionally, 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 regions.
KB Kookmin Bank will offer special loans within the scope of the damage amount. For personal loans, up to 20 million KRW will be provided as emergency living stabilization funds. For corporate loans (including self-employed and small businesses), preferential interest rates of up to 1.0 percentage point will be applied, with working capital loans up to 500 million KRW and facility funds provided within the required amount for restoring damaged facilities.
If existing loans mature within three 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 three months from the date of damage, late payment interest will be waived.
KB Insurance will allow long-term insurance customers to defer premium payments without late interest. For loans maturing within three months, maturity extensions are possible without additional principal repayment, and late payment interest will be waived if principal and interest are paid normally within three months from the date of damage.
KB Kookmin Card will defer credit card payment claims for up to six months. For long-term card loans (card loans), repayment can be deferred by changing installment repayment periods or grace periods. Additionally, fees on short-term and long-term card loans used after the damage date will be discounted by 30%.
Customers eligible for financial support programs from KB Kookmin Bank, KB Insurance, and KB Kookmin Card are those who have suffered disaster damage due to the wildfire and can submit a "Damage Confirmation Certificate" issued by the relevant local government office. The application period is within three months from the date of damage.
A KB Financial Group official stated, "We hope that residents affected by this wildfire can return to their healthy daily lives as soon as possible. We wish that the damage does not worsen, and KB Financial Group will do its utmost to support recovery until it is complete."
Meanwhile, KB Financial will continue to support firefighters who are fighting hard at various fire sites, including the wildfire areas. Notably, since 2016, KB Insurance has installed "Firefighter Mental and Physical Stability Rooms" in nationwide '119 Safety Centers,' and plans to prioritize expanding these facilities in regions with high wildfire risk.
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