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
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…
- 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
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.…
- 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…
- 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
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
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 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…
- 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…
- 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…
- Thailand News
Government offers loans to Thai workers returning from Israel
The Thai government pledged to extend low-interest loans of up to 150,000 baht to each Thai worker who has been forced to return from Israel due to the ongoing war in Gaza, Palestine. The loans aim to help Thai workers settle any outstanding debts with job brokers or to fund alternative career paths. Paopoom Rojanasakul, the finance minister’s secretary, revealed…
- 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…
- Business News
Thailand’s Student Loan Fund expands reach to address ageing society needs
The Student Loan Fund (SLF) in Thailand, managed by Chainarong Katchapanan, announced plans to extend its loan services to all working-age adults, aged between 18 and 65. The move, aimed at upskilling and reskilling, is in response to Thailand’s shift towards an ageing society. This initiative will be implemented by the end of this year, marking the first time since…
- 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…
