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Thai government savings bank holding back on low-interest loans

Samui Times Editor



Thai government savings bank holding back on low-interest loans | Samui Times
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The Government Savings Bank’s ultra-low interest loan scheme, scheduled to open for application on April 1, has now been delayed by at least two weeks.

On Monday, the bank’s president, Chatchai Payuhanaveechai, said that they decided to postpone the application date to April 15 to avoid confusion with the government’s cash handout program which opened for registration on March 28.

The loan is aimed to aid self-employed people whose income has been affected by Covid-19, such as merchants, taxi drivers and tour guides. Anyone aged 20 and up could be eligible for a loan with an interest rate at just 0.1% a month and a grace period of 6 months.

Each Thai Citizen can borrow as much as 10,000 baht and the debt repayment period is 2 years. The monthly income of applicants should not be more than 30,000 baht and they must have a place of residence where the bank can contact them.

As for regular employees who are affected by the Covid-19 crisis, the GSB is making available a total of 20 billion baht to provide loans of up to 50,000 baht per person with interest rate at 0.35% a month and a three year debt repayment period. Borrowers could use either an asset as collateral or an individual guarantor. Borrowers aged 20 or up are eligible and they must have proof of residential address.

Loan applications for both programs can be sent via the bank’s website: only from April 15 onwards until December 30.

SOURCE: The Nation

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