Loans due to financial institutions returning to maturity on the Lunar New Year holiday will be extended to February 15th without overdue interest.
The government is providing special funds worth 12.8 trillion won to support companies in business difficulties due to the novel coronavirus infection (Corona 19).
On the 1st, the Financial Services Commission introduced a plan to support people’s livelihood in the financial sector during the Lunar New Year holidays, and introduced questions and answers.
Kieun, Sangeun, Shinbo, Article 12.8 Special Fund Loan and Guarantee Support– How to use the special fund for Lunar New Year holidays.
▲ The government decided to provide loans and guarantees of 12.8 trillion won worth of special funds to companies through policy financial institutions by February 26th. Industrial BAnk[024110]Will support up to 300 million won per company for working capital purposes. There is also an interest rate cut within 0.3% points for new settlement funds that are not extended maturities. The Korea Development Bank also provides an interest rate cut benefit of up to 0.9% points for operating funds. The Credit Guarantee Fund provides a guarantee worth 3.5 trillion won in response to the expected increase in funding before and after the Lunar New Year. Until the 26th of this month, special guarantees will be provided up to 300 million won for corona19 victims.
– Regarding the credit guarantee fund guarantee, what should a company do if it needs a new guarantee or is about to expire on February 11-14?
▲ Credit Guarantee Fund notifies customers who are scheduled for guarantee transactions on February 11-14 through branch offices in advance. Companies urgently in need of issuance of guarantees should provide early support in advance of the schedule. Companies whose warranty period arrives during the Lunar New Year holidays will be extended through prior consultation.
– When should the loan be paid off if the loan maturity is due during the Lunar New Year holidays?
▲ The maturity of financial company loans (banks, insurance, savings banks, cards, etc.) and stock credit transactions is automatically extended to February 15th. There is no overdue interest even if repaid on February 15th. Customers who wish to repay their loans early can also repay them early on February 10th without interim repayment fees in consultation with a financial company.
– How do I get support for the purchase of holiday holy goods?
▲ We support 10 billion won in purchases for holiday products through Smile Finance. Funding is provided to merchants through merchant associations recommended by local governments. The amount of support is less than 200 million won per merchant association and 10 million won per store (5 million won for unregistered stores). The interest rate is within 4.5% (average 3.0%), and you can pay off by June 30th.
– When can I find the deposit due to the Lunar New Year holiday?
▲ Deposits from financial institutions can be found on February 15, including interest during the Lunar New Year holidays. Depending on the product, it can be found on the business day just before the holiday (February 10) if requested by the account holder.
– Payment date for card payment.
▲ Payment by card payment will be postponed to the next business day if the payment date is a public holiday. It can be automatically withdrawn from the customer’s account on February 15th without any overdue occurrence or paid by the customer.
Early payment of payment for small and medium card merchants▶ Click here to enlarge
– When can small and medium-sized card merchants receive payment for card payment?
▲ Small and medium-sized card merchants can shorten the payment by up to 5 days. The target is 370,000 small and medium-sized merchants with annual sales of less than 500 million to 3 billion won. For merchants whose card payment date is February 5-7, the payment date will be shortened by one day from February 10 to February 9. If it is February 8th, it will be reduced by 5 days to February 10th. During the Lunar New Year holidays, the card deposit date will be shortened by one day to February 16th.
– When bills, checks, and electronic payment methods expire during the Lunar New Year holidays?
▲ Since it usually takes one business day to convert into cash, it can be converted into cash after February 15th. During the Lunar New Year holidays, a promised (paper) draft and issuance and endorsement of checking checks can be made face-to-face between the parties, but transactions such as electronic drafts issued electronically, electronic payment means transactions between companies, and cashier’s checks issued through bank counters are prohibited. Can’t.
– What to do if you need a real estate transaction, large-scale payment of funds between corporations, or foreign currency remittance.
▲ Customers who need large amounts of money, such as real estate transactions or large-scale payments between corporations, need to secure funds in advance or raise the transfer limit for Internet banking through consultation with the transaction financial company. Foreign currency remittance transactions also need to be adjusted in advance because currency exchange and remittance transactions through branches are difficult during the Lunar New Year holidays.
– When retirement pension payments are scheduled during the Lunar New Year holidays.
▲ Customers who wish to receive retirement pension before February 11th have different payment schedules for each type of product under management, so they should contact the financial company in advance or check the payment schedule in advance through the retirement pension terms and conditions.
– Are you eligible for a monthly home pension payment?
▲ Customers whose housing pension payment date is during the Lunar New Year holidays can receive monthly payments on February 10th.
Stock Investment (CG)▶ Click here to enlarge
– When can I receive the payment for stocks (including ETF) and bonds sold before February 11th?
▲ If February 11-14 is the payment date, the payment will be deferred to February 15. Stock funds are paid two business days after the trading date. Therefore, the date the investor who sold the stock on February 9 receives payment is deferred from February 11 to February 15. If you sell bonds, gold, and credits for which the payment deadline is on the day of the sale on February 10, you can receive the trading price on February 10.
– How to exchange your priesthood while visiting your hometown.
▲ During the Lunar New Year holidays, Nonghyup and Gwangju Bank provide new card exchange services by operating mobile stores at highway rest areas. Banks will operate mobile and elastic stores during the holiday season so that customers can make urgent financial transactions.
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