Financial institutions are providing support to customers affected by the recent heavy rains in the Gyeongnam region, including deferrals on insurance premiums and credit card payments, as well as reductions in loan interest rates.
According to the financial sector on the 19th, Samsung Card will defer credit card payment due dates for affected customers from August to October for up to six months. One-time domestic purchases over 10,000 won can be converted to installment payments for up to six months, with all related interest waived. Customers using short-term and long-term card loans will receive a discount of up to 30% on interest rates until the end of October. Long-term card loans maturing during this period can also be extended.
Lotte Card is also offering a payment deferral of up to six months for affected customers. For those in arrears, debt collection will be suspended for six months from the date the damage is confirmed, and support will be provided for installment repayment and reduction of late fees. Additionally, interest on card loans and cash services will be reduced by up to 30% until the end of next month. Customers applying for installment card loans during this period will also have the option to switch to a three-month interest-only payment plan.
Shinhan Life is deferring insurance premium payments for affected customers for six months. Coverage under insurance contracts will continue normally during the deferral period, and unpaid premiums can be settled in a lump sum or through six-month installments afterward. Customers utilizing insurance policy loans will receive a maximum interest reduction of 1 million won for six months. The company plans to streamline the claims process to expedite insurance payouts.
Customers seeking financial support should submit relevant documents, such as a damage confirmation certificate issued by the local government, to the customer service centers of the respective companies.
* This article has been translated by AI.
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