Kookmin Bank has recently launched a debt relief initiative aimed at financially vulnerable individuals, allowing for delinquent debts to be reduced by as much as 90% under certain conditions. The plan targets specific demographics, including seniors over 65 years old, youths under 34, individuals with severe disabilities, and basic livelihood recipients who have loans exceeding five years of delinquency and principal amounts under 50 million won. With an expected total debt reduction amounting to around 278.5 billion won, more than 12,000 beneficiaries are anticipated to gain from this program.

Eligible individuals must apply by June of this year to take advantage of this relief program. Specifically, the bank will assess applicants for potential debt reductions up to 90% of the principal amount. Furthermore, there is a provision for those who have already settled their principal amounts; 2,074 such individuals will have their remaining debts completely forgone if they have only interest left to pay. The bank has set up mechanisms for applicants to verify their eligibility and is committed to informing them through their customer service channels.

A representative from Kookmin Bank emphasized that this debt relief initiative is not just about managing debts but also about providing a foundation for vulnerable borrowers to reengage in economic activities. Additionally, the bank aims to continue expanding its financial support programs to address gaps in financial services and fulfill its social responsibility by significantly helping vulnerable debtors in their financial recovery efforts.