loan
- Business News
Bank loan growth to shrink despite Q4 rise in retail lending
Bank loan growth is anticipated to shrink this year despite a slight rise in the fourth quarter, as banks maintain their cautious lending practices into 2025 to 2026 due to sluggish GDP growth, analysts report. Analyst Weerapat Wonk-Urai from CGS International Securities (Thailand) highlighted a rising ratio of underperforming loans in retail lending, prompting banks to enforce stricter credit standards…
- Thailand News
Thai Cabinet approves 15 billion baht loan for small businesses
The Thai Cabinet approved a substantial loan initiative aimed at boosting employment and entrepreneurship with a budget of 15 billion baht, targeting street vendors and small businesses to alleviate high-interest debt. The scheme is expected to benefit around 300,000 individuals across the country. Finance Deputy Minister Paophum Rojanasakul announced that the Cabinet agreed to allow the Government Savings Bank (GSB)…
- Thailand News
Fishy business! Sauce boss sues ex over 80-million-baht ‘phony’ loan
The CEO of a fermented fish sauce factory in the Isaan province of Sakon Nakhon is taking legal action against her ex-husband for allegedly forging her signature and document on a loan amounting to 80 million baht. The CEO of Imsook Foods, 31 year old Cherlin “Ninew” Apinarakasemsit, held a press conference at 11am today, October 25, to disclose details…
- Business News
CIMB Thai Bank targets 200 billion baht in sustainability loans
CIMB Thai Bank (CIMBT) aims to capitalise on the burgeoning demand for sustainability-linked loans, projected to be worth 200 billion baht (US$6 billion) among major local corporate clients within the next two years, particularly targeting the oil, gas, and energy sectors. Jason Lee, CIMBT’s head of sustainability, projects that around 300 large Thai corporations will seek transition financing over this…
- Thailand News
Thailand’s household debt growth slows amid stricter loan criteria
Household debt growth in Thailand decelerated in the first quarter of this year, partly due to stricter loan criteria imposed by financial institutions, the National Economic and Social Development Council (NESDC) announced. The NESDC Secretary-General, Danucha Pichayanan, reported that household debt reached 16.3 trillion baht in the first quarter of 2024, marking a 2.5% increase, which is a slowdown from…
- Business News
Thai banks team up to boost halal exports with low-interest loans
The Export-Import Bank of Thailand (Exim Bank) has partnered with the Islamic Bank of Thailand (IBank) to provide loans at interest rates lower than the prime rate, aiming to establish Thailand as ASEAN’s halal hub by 2028. Representatives from Exim Bank, IBank, the Sheikhul Islam Office (Chularatchamontri), and various sectors involved in supporting halal products, yesterday, August 6, signed an…
- Business News
LH Bank targets doubling Taiwanese loan portfolio within five years
A subsidiary of the Land and House Financial Group (LHFG), LH Bank revealed its ambitious plan to double its Taiwanese loan portfolio over the next three to five years. This strategy is backed by the increasing influx of foreign businesses into the Thai market. LHFG President Shih Jing Fuh highlighted that despite moderate overall loan growth in the first half…
- Business News
High demand for GSB soft loan scheme reaching 80 billion baht
A government-administered soft loan scheme through the Government Savings Bank (GSB) has seen significant initial interest, with demand reaching 70-80 billion baht out of a total of 100 billion baht, according to Finance Minister Pichai Chunhavajira. During the signing ceremony for the memorandum of understanding for the GSB Boost Up scheme aimed at supporting small and medium-sized enterprises (SMEs), Pichai…
- Thailand News
Lamphun dorm owner seeks media help to recover rent
A distressed dormitory owner in Lamphun reached out to the media for help to recover rent, a loan, and a missing wall fan after police delays. Porntip Kamfubut, the owner of a dormitory in Mueang Nga subdistrict, Mueang district, Lamphun province, reported that a tenant, Chatchai, had taken a wall fan from the dormitory and failed to pay 1,500 baht…
- 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
Deputy PM defends mammoth borrowing to jump start growth
In a heated parliamentary session yesterday, Deputy Prime Minister and Finance Minister Pichai Chunhavajira staunchly defended the government’s proposal to borrow a staggering 865 billion baht to mitigate the fiscal 2025 budget deficit. Pichai argued that this bold move is essential to rejuvenate Thailand’s languishing economy and achieve targeted GDP growth. He assured lawmakers that the loan would adhere strictly…
- Business News
Finance Ministry to fast-track NPL debtor blocklist removal
The Finance Ministry is set to engage in discussions with the Bank of Thailand and the National Credit Bureau (NCB) to address the issue of non-performing loans (NPLs) caused by the Covid-19 pandemic, specifically targeting Code 21 debtors. The aim is to expedite the removal of these debtors from the bureau’s blocklist, enabling quicker access to credit. Deputy Finance Minister…
- Business News
Finance minister orchestrates with BoT for fiscal symphony
Finance Minister Pichai Chunhavajira is adopting a more cooperative stance towards the Bank of Thailand (BoT) compared to the Thai prime minister, aiming to align fiscal and monetary policies more effectively. Prime Minister Srettha Thavisin has been advocating for interest rate cuts to stimulate the economy. Pichai, however, has shifted the focus towards enhancing public access to finance, expressing his concerns…
- 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
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.…
- Thailand News
Young woman nabbed for running fake loan scam in Thailand
A young woman was arrested in Nakhon Ratchasima for her involvement in a sophisticated loan scam operation that duped victims into transferring money for non-existent loans. The sophistication of online financial scams and the importance of being vigilant when sharing personal information and transferring money over the Internet is been crucial these days. The police urge the public to be…
- Business News
Thai SMEs urged to leverage Secured Transaction Act for loans
The Thai Commerce Ministry is encouraging small and medium-sized enterprises (SMEs) to capitalise on the Secured Transaction Act. This act allows businesses to use assets with economic value, such as machinery, high-value trees, and intellectual property, as collateral for securing loans. Deputy Commerce Minister Napintorn Srisunpang made these remarks during the opening of the Business Collateral Fair. The event was…
- Business News
Household debt surge impacts property and auto sectors
The accumulated domestic debt and non-performing loans (NPLs), coupled with stagnant buying power, have continued to suppress domestic consumption since the previous year, with the property and automotive sectors suffering the most significant blow. This is reflected in the high rate of home loan refusals and car repossessions. The numerous interest rate increases last year exacerbated the financing issues, with…
- 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…
- Thailand News
Loan shark takedown: Cyber cops sink teeth into predatory lending racket with jaw-dropping rates
Cyber Crime Investigation Bureau (CCIB) police successfully dismantled a predatory lending scheme run by an unscrupulous loan shark who charged exorbitant interest rates of 50% and coerced borrowers into extreme measures to repay their debts. The operation, which took place today, was led by the head of the CCIB, along with his team, who executed a search warrant in Trang…
- Thailand News
Prominent Thai loan shark arrested for illegal pawnbroking business
A 66 year old Sunthorn from the province of Nakhon Si Thammarat, known as a prominent loan shark, was arrested for running an illegal pawnbroking business, lending money with an annual interest rate of 36%. The authorities seized 31 vehicles, warning debtors that they could become criminal suspects. Yesterday, at Na Bon Police Station in the Nakhon Si Thammarat province,…
- Thailand News
South Thailand: Woman arrested for loan scam in Chumphon province
A woman from Chumphon province, southern Thailand, was arrested for a loan scam yesterday. The scam victim borrowed money from a personal Facebook account for 6,000 baht on November 4, 2022. It was determined that the loan scam victim must pay a floating interest of 600 baht per day before 4pm each day for a total of 10 days. Late…
- Thailand News
Thai widow pleads for help as loan sharks tighten grip after husband’s suicide
The recent suicide of a 60 year old woman’s husband due to mounting debt led her to plead for assistance to deal with aggressive loan sharks. The woman, known as Yay Yuphin, from Uthai Thani province, sought help from Ekaphop Luangprasert and his team from the Saimai Must Survive news page, following her husband’s death. The man had committed suicide…
- Thailand News
Loan sharks circle in: 65 year old business owner seeks refuge in Chon Buri
A 65 year old business owner in Chon Buri approached the Saaih Mai Tong Rod coordination centre at 10.40am today, seeking assistance after being ruthlessly pursued by loan sharks. The business owner, Chai, borrowed just 30,000 baht but has ended up paying over 3 million baht in interest. His lenders, a total of 29, have forced him to become a…
- Thailand News
Indian national arrested in Ang Thong over illegal loans in Thai baht
An Indian national has been arrested for operating an illegal daily loan scheme in Ang Thong. The arrest followed complaints by residents to the local Justice Centre about the extortionate interest rates and violent threats from the loan shark. The investigation, conducted today, November 30, found that an Indian man, identified only as Harinda, had loaned amounts ranging from 2,000…
- Thailand News
Thai govt’s 500 billion baht digital wallet scheme awaits legal review
The Thai government’s bill proposing a loan of 500 billion baht to fund the 10,000-baht digital wallet scheme is yet to be reviewed by the Council of State for its legality, according to the council’s secretary-general, Pakorn Nilprapunt. This came as a rebuttal to Deputy Prime Minister Phumtham Wechayachai’s previous statement that the loan bill was under the council’s vetting…
- Phuket News
Phuket man caught using fake red license plates to avoid loan payments
Phuket Highway Police apprehended a man using counterfeit red license plates on his vehicle, following his admission that he was unable to keep up with his car loan payments. The black Toyota Vios, sporting the dubious license plates, was first spotted by officers at a Highway Police rest stop. The car was parked near a restroom, its licence plates bearing…
- Business News
Grab Thailand to offer million baht loans to tap into digital lending
Grab Thailand is set to offer loans of up to 1 million baht to its merchants to tap into the growing digital lending space, with ambitions to achieve profitability for a second consecutive year in 2023. The move comes as digital lending in Thailand is expected to reach US$12 billion in 2023, a 65% increase from 2022, according to the eConomy…
- Thailand News
Thai Government Savings Bank promises low interest rates for home loans
The Government Savings Bank (GSB), an institution committed to enabling Thai citizens to own their homes, is prepping a credit line of 45,000 million baht to offer three home loan products with fixed interest rates for the first three years, marking the end of this year. The initiative is expected to inject liquidity into the economy. According to Karm Phonprakong,…
- Thailand News
Three strategies to pay off your home loan faster in Thai baht
The topic of mortgage payments has been making waves on social media recently, following a Facebook user sharing their experience of repaying a home loan with a bank. The user was required to pay 10,900 baht, but after deducting the principal amount, only 5.50 baht was left, the remainder being interest. Today, we want to share three easy, effective strategies…
