Eight Thai state banks offer earthquake relief measures
Eight state-owned banks have announced a range of relief initiatives to support individuals and businesses affected by the recent earthquake. These measures include suspending debt repayments and offering low-interest loans.
Deputy Government Spokesperson Anukul Prueksanusak stated that the aim is to offer immediate relief and assist in sustaining livelihoods and business operations.
The involved financial institutions are:
- The Government Housing Bank
- SME Development Bank
- Thai Credit Guarantee Corporation
- Export-Import Bank of Thailand
- Bank for Agriculture and Agricultural Cooperatives
- Government Savings Bank
- Islamic Bank of Thailand
- Krungthai Bank.
The Government Housing Bank is providing debt repayment suspensions, low-interest loans for home repairs, and expedited compensation claims for both existing and new clients.
SME Development Bank is offering a suspension of principal and interest payments for up to 12 months and emergency loans up to 100,000 baht for individuals and 200,000 baht for businesses without requiring collateral, ensuring prompt aid.
Thai Credit Guarantee Corporation has implemented a six-month fee suspension for SME clients and a three-month repayment deferment for businesses undergoing debt restructuring.
Export-Import Bank of Thailand is extending repayment periods, increasing credit limits, and reducing interest rates for both short-term and long-term loan customers.
The Bank for Agriculture and Agricultural Cooperatives has set aside 20 billion baht for emergency loans up to 50,000 baht per individual and rehabilitation loans up to 500,000 baht per client, offering special interest rates.
Government Savings Bank is offering a debt repayment suspension for up to three months and a soft loan for home repair and business rehabilitation for both new and existing customers.
The Islamic Bank of Thailand has introduced a suspension of principal and interest repayments for up to six months and a loan programme for home repairs and business rehabilitation up to five million baht with favourable interest rates.
Krungthai Bank’s relief measures include a 75% reduction in loan repayment for one year and loans with special rates for business recovery and home repairs.
Anukul emphasised the government’s commitment to provide assistance and relief to those whose homes and businesses have been impacted by the earthquake. He noted that state banks are accelerating their programmes to ensure comprehensive coverage for all affected groups, reported Bangkok Post.
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