Financial help rolled out for flood-affected customers of Thailand’s state-run banks

State-run banks have rolled out financial measures to help private individuals and businesses affected the current flooding, according to Pornchai Theeravet, director of the Finance Ministry’s Fiscal Policy Office.

The banks involved in helping flood victims are the Government Savings Bank (GSB), the Bank of Agriculture and Agricultural Cooperatives (BAAC), the Government Housing Bank (GHB), the SME Bank, the Islamic Bank of Thailand, the Exim Bank and the Thai Credit Guarantee Corporation (TCG).

Pornchai said that the measures will target ordinary people, farmers and small and medium-sized enterprise (SME) operators and will help ease their financial burdens, boost their liquidity and enable them to fix their damaged property.

Flood victims, who are customers of the GSB, will be given a three-month debt moratorium for loans they took from the bank. Applications are open now until the end of the year.

Other assistance includes emergency loans of not more than 50,000 baht each, interest free for the first year and a three-month grace period. The loans are repayable in 3-5 years. Housing credit of up to one million baht, with zero interest for the first year and repayable up to a maximum of 40 years will also be available.

SMEs will be granted a new loan, amounting to 10% of their old loans but not exceeding five million baht each. The interest rate is 3.5% with free interest for the first year and repayment over five years.

Customers of the BAAC will be given a 12-month debt suspension without penalty. Emergency credit of up to 50,000 baht with zero interest for the first six months is also available. The repayment period is not more than three years.

GHB customers can ask for zero interest payments for four months. Housing loans of up to one million baht each are available for old and new customers to fix their damaged houses or buildings. The interest rate is 3% for the first year and an MRR of 3.5% or 3% for the second and third years. NPL customers can ask for a cut in interest rate to 1% for one year.

Customers of the SME Bank with term loans will be given a three-month debt moratorium, while customers who have promissory notes will be granted an interest suspension for three months. Customers who are eligible for credit not exceeding one million baht can seek a new loan for 500,000 baht.

Customers of the Exim Bank can contact the bank via its hotline to seek assistance at 02 037 6099.

Customers of the TCG who are flood-affected SMEs who have letters of credit guarantee from October 15th to November 30th will have credit guarantee fees suspended for three months, have their instalment payments cut by 20% for three months, suspension of new interest and a three-month debt suspension.

Source: Thai Public Broadcasting Service

Post Author: tmadmin