Search Results for: loan
- Business News
Thai SME bank sees non-performing loans surge to 13%
Rising non-performing loans (NPLs) in the first seven months of this year have predominantly emerged from wholesale and retail sectors, as reported by the Small and Medium Enterprise Development Bank of Thailand (SME D Bank). The Managing Director of SME D Bank, Phichit Mitrawong, attributed the increase to sluggish economic conditions, which have led to a contraction in consumer purchasing…
- Thailand News
Cyber police arrest woman for illegal loans in Trang
Cyber Crime Investigation Bureau (CCIB) officers apprehended a woman for operating an illegal lending business with a loan interest rate of 20% per month, handling around 3 million baht in transactions. Police executed a search warrant in Trang province and arrested 43 year old Khwanchira, seizing evidence including 28,000 baht in cash and two ATM cards. The investigation began when officers…
- Crime News
Cyber police arrest loan shark, seize over 3 million baht
Cyber Crime Investigation Bureau officers (CCIB) are intensifying efforts to crack down on illegal money-lending operations. Police recently arrested a 43 year old woman for running an online lending page. She confessed to charging exorbitant interest rates of 20% per month, with evidence found at her residence revealing over 3 million baht in circulation. Police Major General Phumipat Phattharasriwongchai, chief…
- Thailand News
Police find 10 million baht dealings from Chon Buri loan shark gang
Police in Chon Buri raided a loan shark gang’s hideout, uncovering almost 10 million baht in financial transactions over the past three years. Residents and merchants had reported the gang’s menacing behaviour, including threats with firearms. Law enforcement, led by Tianchai Lertmanitavit, and Thawi Kudtalaeng, conducted a raid yesterday in a house on Soi Phorapranimit 14/5, Nong Prue, Banglamung district.…
- Business News
Weak economy and loan restrictions further plummets pickup sales
Domestic car sales are facing significant challenges as pure pickup sales dropped by 40.8% in the first five months of 2024, primarily due to a weak economy and difficulties in accessing loans, according to the Federation of Thai Industries (FTI). From January to May, sales of pickup trucks fell by 40.8% year-on-year to 75,510 units. While sales of pickup passenger…
- Thailand News
Buriram woman faces home seizure after co-signing a car loan
A woman in Buriram has pleaded for help after receiving a home seizure court order due to unpaid car loan instalments by a close friend she’d been a guarantor for. A general labourer, 32 year old Pacharinporn co-signed for her friend Pu (a pseudonym) to buy a new pickup truck in 2019. Pu’s now-deceased ex-husband was the primary guarantor, with…
- Thailand News
Nonthaburi police chief warns of identity fraud loan scam
Police Chief Jaturon Anurakbandit reported a case against a scammer who used his name and rank to deceive a woman into transferring money, threatening her with a lawsuit if she failed to comply. The scammer demanded 50,000 baht from the victim, who had initially sought an online loan. Police Chief Jaturon of Nonthaburi City Police Station complained after discovering that…
- Thailand News
Cyber police arrest online loan shark charging 3% daily interest
Cyber police raided and arrested an online loan shark charging exorbitant interest rates of 3% per day, threatening, shaming, and destroying the property of those who failed to pay. They seized numerous items of evidence. The operation took place yesterday under the command of Cyber Police Chief, Worawat Watnakornbancha who instructed relevant authorities to execute a search warrant issued by…
- Business News
Peso power play: CIMB targets record 75 billion in loans for 2024
CIMB Bank Philippines, a subsidiary of Malaysia’s CIMB Group Holdings Bhd, announced an ambitious lending target of over 75 billion pesos (US$1.28 billion) to Filipino customers this year. This represents a 23% increase compared to 2023, according to the bank’s chief executive officer. Chief Executive Officer Vijay Manoharan disclosed the bank’s plans during a press conference, stating that CIMB Bank…
- Thailand News
Loan agency Thai couple surrender over nude photo scandal
A married couple running a private loan agency surrendered to Sri Maha Phot Police in Prachin Buri early this morning. The duo faced allegations of posting nude photos of debt defaulters online. The 31 year old woman and her husband were interrogated by Sri Maha Phot Station Chief Police Colonel Mongkol Thopao for an hour. Following the questioning, the woman…
- Thailand News
Loan sharks arrested for assaulting teacher in Ratchaburi
Authorities have apprehended two notorious loan sharks for assaulting and publicly humiliating an assistant teacher in Ratchaburi province. The couple filmed the assault and nearly shaved the victim’s head before their clippers malfunctioned. The incident began when a Thai woman named Fa gathered a group to attack the assistant teacher due to missed debt payments. The interest rate imposed was…
- Thailand News
Interest-ing development: Ministry slashes housing loan rates
The Ministry of Social Development and Human Security announced a significant reduction in housing loan interest rates by 0.5% for one year, aiming to support citizens during challenging economic times. Minister of Social Development and Human Security, Varawut Silpa-archa revealed this decision at a press conference at Government House at 10am today, May 28. The Community Organisations Development Institute (CODI)…
- Business News
Loan and behold: NPLs spike as economy recovery stumbles
The Bank of Thailand reported a rise in non-performing loans (NPLs) within the banking industry for the first quarter, attributing the increase to all types of loan products amidst an uneven economic recovery. NPLs in the banking sector reached 502 billion baht, equivalent to 2.74% of total outstanding loans in the first quarter, an increase from 2.66% in the previous quarter.…
- Guides
Securing Thai property loans: hurdles for foreign investors
Navigating the maze of procuring a loan in Thailand can be a challenge, especially for foreign investors. With a tightening regulatory environment since 2015, it’s become even more crucial to understand the landscape. If you’ve ever wondered about the ins and outs of securing a loan in this Southeast Asian hub, you’re in the right place. In the past, many…
- Guides
Understanding home loans vs other loans in Thailand
The intricacies of loan navigation frequently present a formidable challenge due to the abundant assortment of options at hand. Among these, the differentiation between a home loan and other categories of loans such as personal or auto loans is often misunderstood. This confusion can subsequently result in complications. Therefore, it becomes essential to clarify some prevalent misconceptions. A home loan,…
- Thailand News
Thai government cracks down on illegal loans
Illegal lenders have been given a final ultimatum: Register with the Thai government’s debt settlement programme by May 31 or face severe consequences. Deputy Interior Minister Chada Thaised announced this stern warning yesterday, emphasising that this crackdown on illicit lending is a top priority for Prime Minister Srettha Thavisin’s administration. Despite the Interior Ministry’s success in bringing over 100,000 illegal…
- Business News
SMEs loans complications eased by Finance Ministry’s new AMC
The Thai Finance Ministry has scheduled the establishment of a new asset management company (AMC) for next month. This move aims to provide relief to beleaguered retail borrowers, especially small and medium-sized enterprises (SMEs), by assisting them in clearing non-performing loan (NPL) statuses and embarking on a fresh financial journey. The collaborative effort between Government Savings Bank (GSB) and Bangkok…
- Business News
KBank restricts digital personal loans to refine business model
Kasikornbank (KBank), known for its leading mobile banking services, has strategically slowed down its digital personal loan operations. The move aims to refine its business model and enhance the quality of its loan products, according to its Chief Executive Kattiya Indaravijaya. Kattiya revealed that there is no specific timeline for the completion of the business model improvement. However, she assured that…
- Business News
Thai banks reduce loan rates to alleviate customer debt
The four biggest banks in the country have all declared a drop in their loan interest rates. This decision by Bangkok Bank (BBL), Krungthai Bank (KTB), Kasikornbank (KBank), and Siam Commercial Bank (SCB) is a response to the prime minister’s call to lessen loan rates to help ease the debt pressure on susceptible customers. An anonymous banking sector analyst opines…
- Business News
Krungsri aims for 7% loan growth in multinationals.
Despite a contraction in loans last year, Krungsri, Bank of Ayudhya, is ambitiously targeting a 7% loan growth for its Japanese and multinational corporation (JPC/MNC) banking clients this year. This was announced by Bunsei Okubo, head of JPC/MNC banking at Krungsri, who attributed last year’s 10% loan contraction to the sluggish growth of the Thai economy and the automobile industry.…
- Business News
Thai banks’ loan jitters: ITD woes prompt provision provisions
Two major Thai banks, Siam Commercial Bank (SCB) and Krungthai Bank (KTB), have set aside provisions for possible loan losses related to Italian-Thai Development Plc (ITD), one of the nation’s foremost contractors. Provisions have been determined using a forward-looking expected credit loss (ECL) framework, according to Arthid Nanthawithaya, chief executive of SCB X, SCB’s holding company. Despite economic uncertainties and…
- Thailand News
Thai government launches 300,000 baht loans for self-employed
In a significant move to support the workforce, the Thai government has unveiled a loan programme aimed at self-employed individuals, providing funds up to 300,000 baht for those in need of financial assistance. This initiative, which offers zero-interest loans for a two-year period, is available until April 30, as announced by Deputy Government spokesperson Karam Phonprakong. The policy, orchestrated under…
- Business News
Krungsri Bank targets 2-3% growth in SME loans in 2024
Krungsri, Thailand’s fifth-largest lender, is optimistic about achieving a 2-3% growth in small and medium-sized enterprise (SME) loans in 2024, following a surge in the first quarter of the year. The bank’s SME loans increased by over 2% by the end of March, in line with the gradual economic recovery of the country. This follows a robust 11% growth in…
- Business News
Shocking surge: Thailand market sparks rise in EV loans
The Thai market is seeing a rise in loans for electric vehicles (EVs), as they are projected to lead the expansion in auto lending this year. Krungsri Auto, a prominent auto loan provider and a Bank of Ayudhya (Krungsri) unit, has projected new EV sales to climb to 100,000 units this year, a significant increase from 76,000 units the previous…
- Thailand News
Loan shark in Hat Yai nabbed for imposing 120% interest rates
Police in Hat Yai arrested a 62-year-old loan shark for allegedly offering covert loans with exorbitant interest rates of 120% per year, using land title deeds as collateral, and threatening borrowers. The operation was conducted on March 7 under the direction of Major General Warawut Watnakornbancha, Chief of the Special Branch Office 5, along with Lieutenant Colonel Phumiphat Phatarasriwongchai, Chief of…
- Business News
Krungsri Auto predicts minimal growth in new auto loans despite EV boom
Krungsri Auto, Thailand’s leading auto loan provider, predicts a mere 0.4% increase in its new auto loans for 2024, despite the anticipated boom in electric vehicle (EV) sales at the upcoming 45th Bangkok International Motor Show. This forecast was shared by Congsin Congcar, the head of Krungsri Auto Group, after the company issued over 223 billion baht in new auto…
- Thailand News
Loan rejections soar for Thai homes under 3 million baht
The Thai housing market is facing a significant challenge as a growing number of loan applications for homes priced below 3 million baht are being rejected. According to the Housing Finance Association, the rejection rate has spiked to 50%, highlighting the vulnerability of this segment despite its substantial market size. The association’s secretary-general and chairman of the executive board, Alangkot…
- Thailand News
Family seeks refuge from loan shark at Nonthaburi bus stop
A family in Nonthaburi province found refuge at a bus stop after fleeing their home due to threats from a loan shark who demanded daily interest payments. The incident took place yesterday at 8pm, on February 25, when the family, lacking the funds to meet the exorbitant interest demands, feared for their safety. Nontranut Promjan, the chairman of the Nonthaburi…
- Business News
Student Loan Fund recalculates debt repayment to reduce 100 billion baht bad debts
With a staggering 100 billion baht (US$2.8 billion) in bad debts, the Student Loan Fund (SLF) is set to see a decline in its debt pile following the implementation of a new debt repayment calculation method, according to SLF manager, Chainarong Kajchapanan. This change is a result of the recent amendment of the Student Loan Fund Act (No.2) 2023, which…
- Business News
Thailand govt pushes for 500-billion-baht loan to boost economy
Deputy Finance Minister Julapun Amornvivat underlined the government’s prerogative to deem the current economy as crisis-ridden, a pivotal aspect for sanctioning the 500-billion-baht loan bill to propel its digital wallet disbursement scheme. According to him, the definition of an economic crisis is subjective, hinging on individual perception. Nonetheless, the government’s assessment paints the picture of an economy in dire need…
