Woori Financial announces flood support measures... Offering loan products with preferential interest rates of 1.5% to small businesses - South Korean media

On the 18th, Woori Financial Group announced that it will provide financial support, including special business stabilization funds, to help victims of the torrential rains return to their normal lives as quickly as possible.
Woori Bank is offering 500 million won (approximately JPY 56.7 million) at a special preferential interest rate of up to 1.5% to small and medium-sized businesses that are struggling due to damage from the heavy rains.
The loans will cover working capital up to the limit, and equipment financing up to the amount recognized as the actual damage. Existing loans can also be extended for up to one year, and installment repayment dates can be postponed.
In addition, affected individuals can receive emergency living loans of up to 20 million won (approximately 2.27 million yen) per person, and interest rates can be reduced by up to 1%.
Woori Bank will provide financial support such as paying contract interest when canceling contracts early and waiving remittance fees at counters. Woori Bank will reduce the financial costs of disaster victims by reducing interest rates and fees, and provide financial support for daily life.
Woori Card will also provide support to affected customers, such as a grace period for repayment of card payments.
For any late payment of payment amount that occurs after the occurrence, the late interest will be waived and the record of the late payment will be deleted. In addition, a 30% base interest rate will be applied to financial products such as card loans, credit loans, and cash services.
Woori Financial Capital will offer affected customers a grace period of up to six months for loan repayments and waive late interest on any overdue payments that occur after the incident occurred.
Woori Financial Savings Bank will grant affected customers a three-month grace period for loan repayments and extend maturities by up to six months.
In addition, after the torrential rains began, we immediately dispatched relief vehicles and food trucks to the affected areas, and worked with volunteers to help the victims.
The group is providing meals to victims and distributing disaster relief kits prepared in cooperation with the Korean Red Cross to those in need. Woori Financial Group Chairman Lim Jeong-ryong said, "We are very grateful to the unexpected torrential rains.
"For those who are in even greater difficulty, Woori Financial will spare no effort," he said, adding, "The entire group will come together to work together to find further support measures and help with recovery from the damage."
He revealed that.