South Korea will once again extend the due date for bank loans taken out by individuals for another six months.
The Financial Services Commission said Tuesday that banks will extend the due date until next June for payments of loan principal.
The FSC said this is to ease the burden on borrowers hit by the pandemic, including those who lost their jobs.
To apply, a borrower's monthly income has to be less than the monthly payment, and the lack of income has to be due to COVID-19.
The government extended the deadline once already this past April until the end of this year.