Business · Economy · 1 hr ago
South Korea expands Silver Loan budget to 62.5 billion won
South Korea has raised this year’s Silver Loan budget to 62.5 billion won, an increase of 8.5 billion won.
The scheme provides emergency loans to National Pension recipients aged 60 and over who live in South Korea.
Borrowers can use the money for costs such as rent deposits, medical bills, a spouse’s funeral or disaster repairs.
The loan limit is based on up to twice a person’s annual pension, capped at 10 million won, and the interest rate for the fourth quarter is 3.21% a year.
Borrowers repay in equal instalments over up to five years, with a possible two-year period before repayments begin.
The budget increase is intended to keep support available through the end of the year without the funds running out.
South Korea increased the 2026 budget for the Silver Loan programme by 8.5 billion won, bringing it to 62.5 billion won.
The National Pension Fund Management Committee approved the increase in a revision to the 2026 fund management plan.
The programme provides low-interest emergency loans to National Pension recipients aged 60 or older who live in South Korea.
Loans are restricted to needs such as housing deposits, medical costs, a spouse’s funeral expenses and disaster recovery.
The Health and Welfare Ministry said the larger budget would allow support to continue through the end of the year without funds running out.
- Who
- The National Pension Fund Management Committee approved the budget increase. The programme serves National Pension recipients aged 60 or older who live in South Korea.
- What
- The Silver Loan budget rose by 8.5 billion won to 62.5 billion won.
- When
- The increase is for 2026; the committee approved it recently, according to the article published on November 1, 2026.
- Where
- South Korea.
- Why
- To keep emergency loan support available through the end of the year without the programme running out of funds.
This story does not have two clearly opposing sides.
The Silver Loan programme was introduced.
The National Pension Fund Management Committee approved a revision that raised the 2026 Silver Loan budget.
The increased budget is intended to keep the programme operating without a funding interruption.
- Previous budget
- 54 billion won
- Increase
- 8.5 billion won
- 2026 budget
- 62.5 billion won
- Eligible borrowers
- South Korea residents aged 60 or older receiving National Pension
- Fourth-quarter interest rate
- 3.21% annually
- Loan ceiling
- Up to 10 million won per borrower