Individual debtors who are experiencing difficulties due to reduced income due to COVID-19 can apply for a deferment of household loan principal repayment until the end of December this year.

The Financial Services Commission and the Financial Supervisory Service announced that they would extend the application deadline for financial company pre-workout exceptions by six months.

The deadline for applying for special cases, which was originally applied from April 29 to December 31 last year, has been extended to June 30 this year, but this time it has been extended again by 6 months.

The target of support is individual debtors who are at risk of delinquency or delinquency in household loans due to a decrease in income after COVID-19.

In order to receive benefits, you must prove that your income has decreased due to unemployment, unpaid leave, loss of work, etc. since February last year, when COVID-19 began.

Among the household loans, credit loans, loans to low-income earners under the Guarantee Policy (Worker Sunshine Loan, Sunshine Loan 17, Sunshine Loan Youth, Change Dream Loan, Safety Net Loan), and Siidol Loan are included.

Mortgage loans such as mortgage loans and guaranteed loans are excluded.

Debtors who meet the requirements can defer repayment of the loan principal for at least 6 to 12 months.

Debtors who wish to defer the repayment of principal can apply to the respective financial company.

Debtors who have already deferred repayment for one year through the pre-workout exception can apply again from the 1st of the next month.