Government Savings Bank unveils 100,000 baht loan scheme for struggling self-employed workers in Thailand
The Government Savings Bank (GSB) is launching a loan scheme targeting small-scale self-employed individuals, such as taxi drivers, motorcycle taxi drivers, riders, and online sellers. The bank is offering loans of up to 100,000 baht, repayable over eight years, to support these workers who have been adversely affected by the rising cost of living, resulting in reduced income and financial hardship.
GSB’s director, Witthaya Rattanakorn, revealed that this initiative is in response to the government’s directive to aid taxi drivers and those in public transport or self-employment who are struggling due to the current economic climate. The loan scheme is designed to provide working capital or boost liquidity, ensuring these individuals can access financial services within the system and reduce their dependence on high-interest, unfair loans outside the system.
The loan approval criteria have been eased to assist applicants. There is no requirement for collateral or a guarantor, thanks to the involvement of the Small and Medium Enterprise Credit Guarantee Corporation (SME D Credit). The GSB will cover the guaranteed premium on behalf of its customers. Registration is available at www.gsb.or.th or any GSB branch starting today.
For the small-scale self-employed loan, applicants must be Thai nationals, at least 20 years old, and the total of their age plus the loan repayment period must not exceed 70 years. The maximum loan amount is 100,000 baht, with an interest rate of 1.00% per month (Flat Rate). The maximum loan repayment period is eight years or 96 instalments.
In addition to the loan scheme, GSB is committed to taking full responsibility in cases where fraudulent activity is suspected. A recent incident involved a maid who reportedly embezzled 30 million baht. The bank is also providing non-interest-bearing loans and reducing interest on overdue payments, allowing repayments to start from just 100 baht per month, reported KhaoSod.
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