Song Young-gil: "Interest-Free Loans of 30 Million Won for 1.5 Million Seoul Youth"

Interest-Free Loans for Ages 27-29 in First Year, Expanded to All Youth During Term
Principal Repayment Over 10 Years from Age 30 with Minimum 5-Year Grace Period
Seoul City Covers Full Loan Interest

[Asia Economy Reporter Oh Ju-yeon] Song Young-gil, the Democratic Party of Korea's candidate for Seoul mayor, announced on the 22nd that he will implement an interest-free loan of 30 million won for young residents of Seoul.

[Image source=Yonhap News]

On that day, Candidate Song stated through the 'Youth Starting Asset Pledge,' "To alleviate the pain of young people whose social mobility is almost blocked due to the deepening inheritance of wealth, we will sequentially provide interest-free loans of 30 million won to approximately 1.5 million young people aged 19 to 29 residing in Seoul, ensuring a fair starting line."

Candidate Song explained that in the first year of his term, interest-free loans will be provided to young people aged 27 to 29, and by the end of his term, the program will be expanded to all young residents of Seoul who wish to participate.

He added, "From the age of 30, only the principal will be repaid over 10 years to allow young people to build assets," and "the minimum grace period will be set at 5 years to minimize the burden on young people aged 26 and above."

He continued, "Resolving the unfair start faced by future generations of youth has already become a demand and necessity of the times," emphasizing, "As Seoul mayor, through Song Young-gil's 'Youth Starting Asset,' I will guarantee a life of fair competition."