보건복지부 영문홈페이지

National Pension Siverloan will be provided for the national pension beneficiaries aged 60 and older from May 2012

- 5 million won at maximum and full amortization within five years -

Ministry of Health and Welfare said that a loan business for emergency fund for post –retirement (hereinafter referred to as “National Pension Silverloan) under help of Ministry of Knowledge Economy Postal Business HQs, etc will be executed through the National Pension Servicer.

This program is to help stabilize post-retirement life of pension beneficiaries by lending money to them within a certain limit at low rates when the national pension beneficiaries aged 60 and older need emergency fund for medical expenses and funeral expenses for their spouses, etc.

※ Status of the national pension beneficiaries and benefits (as of Mar. 2012) : 3,053 thousand persons (286, 000 won on a monthly average)

Starting from this May, total 90 billion won will be used for this loan program for three years with 30 billion won for each year until Dec. 2014.

For details of the National Pension Silver Loan,

For the maximum loan available, one can receive the actually required amount within the amount as twice as yearly pension benefits (the limit: 5 million won).

For interest rates, variable interest rates linked to the revenue rate of the national treasury bond with a five year maturity (3.56% in the 2/4Q of 2012) will be applied and the full amortization over the maximum five years will be applied for repayment.

※ If the pension beneficiary who receives 200 thousand won a month requests for a loan of 5 million of medical expenses, he can receive as much as 4.8 million won and the repayment he will have to make for the first month is 104 thousand won (five year repayment). 

The repayment date will be the same as the benefit payment date to prevent high interest rate burden and automatic transfer will be used for repayment (this will be included into mandatory clauses when the loan agreement is made).  

※ When one fails to repay twice in a row, the amount will be taken out from the pension benefit one receives.

The purposes acceptable will be limited to medical expenses, spouse funeral cost, housing rental expenses and disaster recovery expenses and other emergency cases.

Load request will be received by branch offices of the National Pension Service nationwide (141

offices) and the National Pension Service also provides comprehensive counseling service such

as post-retirement life design service along with the receipt of applications for loan service.

Requests and applications will be also accepted at nearby post offices (2,800 offices) and

National Health Insurance Corporation offices  (178 offices) to allow beneficiaries an easy access

to the loan service.

For more information, one may call NPS call center (1355) or visit the website of NPS

(www.nps.or.kr).

An official from Ministry of Health and Welfare said that it is expected that the National Pension

Silver Loan will help stabilize the post-retirement lives of pension beneficiaries as it can be

used at low interest rates when they have hardship due to unexpected disease or disaster.