loan
- 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 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…
- 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…
- 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
Thailand’s Student Loan Fund tackles 100 billion baht in bad debts
The Student Loan Fund (SLF) in Thailand has accumulated bad debts amounting to 100 billion baht (US$2,816,902,000). This is a significant increase from 2017 when the total non-performing loans stood at 60 billion baht. The SLF’s manager, Chainarong Katchapanan, attributes this surge to borrowers prioritising other repayments, such as credit card debt and mortgages, over their student loans. The SLF…
- 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
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
Loan dispute escalates into violent altercation in central Thailand
A debtor, who had previously complained to the Crime Suppression Division about being attacked with a knife and having his teeth knocked out, has been informed that his case is not progressing. The police superintendent of Bang Bua Thong Police Station clarified that the incident was not related to illegal lending but was a case of assault stemming from 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…
- 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
Prime time relief: Govt’s debt deal targets students, teachers, and small-biz owners
A fresh debt relief package aimed at several demographics, including past students embroiled in student loan repayments, teachers, and owners of small-to-medium businesses, is set to be unveiled by the government, according to Prime Minister Srettha Thavisin‘s announcement yesterday. The Bangkok-born Thai PM added that this package, which will also extend to individuals making repayments to non-banking lenders, is expected…
- 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…
- Business News
Thai banks see 0.71% loan growth as SMEs and households struggle
Thailand’s top six banks reported a meagre loan growth of 0.71% in the first three quarters of 2023, as compared to the same period in 2022. This slowdown is primarily due to reduced loan uptake by small and medium-sized businesses (SMEs) and an increase in household debt. The six banks—Bangkok Bank (BBL), Kasikornbank (KBank), Krungthai Bank (KTB), Siam Commercial Bank…
- Business News
Thailand banks break the ice: Freezing loan rates to thaw financial stress
Thailand’s state-run banks have taken a bold step to counteract high interest rates by freezing their loan rates. This move has been initiated to assist low-income earners and small to medium-sized enterprises (SMEs), as disclosed by Vitai Ratanakorn, who holds dual roles as president and chief executive of the Government Savings Bank (GSB). The GSB, which currently services six million loan…
- Business News
Banking on change: Thai banks raise policy rates to woo depositors with digital deals
Following the Bank of Thailand‘s decision to hike its policy rate by 0.25 percentage points, banks are now increasing both their loan and deposit rates. In a bid to attract depositors, special rates are being offered on digital savings products. Siam Commercial Bank (SCB), the country’s fourth-largest lender by total assets, has acted promptly to the central bank’s policy rate…
- Guides
Exploring different types of loans available for foreigners in Thailand
In need of a loan? As an expat living in Thailand, you’re probably wondering what your options are. Getting a loan in the country as a foreigner is not easy, but it’s not impossible. Guided by an interest in propelling economic development and promoting tourism, the local government has taken significant strides in making access to financial support much easier…
- Thailand News
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…
- Guides
Can expats get a loan in Thailand?
As an expat living in Thailand, you may have often wondered, “Can I get a loan as a foreigner in Thailand?” Maybe you’re eyeing that lovely condominium in the heart of Bangkok, dreaming of a shiny new car, planning your dream tropical wedding by the beach, or thinking of sprucing up your home. And naturally, you’re looking at loans to…
