Loans
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Business News
Majority ineligible for Thailand’s debt relief programme
A significant number of borrowers have registered for the You Fight, We Help debt relief programme one month after its launch. However, a substantial portion of these applicants do not meet the eligibility criteria, as noted by banking officials. Kris Chantanotoke, Chief Executive of Siam Commercial Bank (SCB), highlighted that some registrants do not qualify for the programme. Consequently, the…
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Thailand News
Bangkok pawnshops cut interest rates by 20% for new year
Bangkok pawnshops have announced a special initiative to reduce interest rates by 20% for all loans, offering this as a new year gift to alleviate financial burdens for residents. The programme aims to spread happiness and ease expenses for citizens during the festive season. Chanathip L. Virapark, Director of the Pawnshops Office, revealed the initiative following a policy set by…
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Business News
Banking on stability: Thailand hits a high note despite loan flatlining
The Bank of Thailand is striking a confident note, assuring everyone that the nation’s banking system is rock solid despite some worrying dips in loan growth. Their latest statement paints a picture of moderately strained resilience, with banking capital, liquidity, and loan-loss provisions standing firm. Loan growth took a hit in the third quarter of 2024, shrinking by 2% compared…
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Thailand News
Property market measures to be discussed in Cabinet meeting
Ministers are set to review several measures to boost the property market at tomorrow’s Cabinet meeting, Finance Minister Pichai Chunhavajira announced. In a statement released today, November 4, Pichai revealed that the Finance Ministry will ask the Cabinet to approve 55 billion baht for low-interest home loans. These loans would be available for up to 3 million baht per buyer.…
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Thailand News
GHB to launch loan app offering 8,000 to 1 million baht loans
The Government Housing Bank (GHB) is set to launch an application-based loan service aimed at small businesses, offering loans ranging from 8,000 to 1 million baht, with interest rates as determined by the Bank of Thailand (BoT). The Director of GHB, Withai Rattanakorn, announced that by next year, the bank targets to accelerate plans to enhance social support and long-term…
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Business News
KBank ‘assets’ itself with new ventures amid rising NPLs
Kasikornbank (KBank) is shaking things up and eyeing new profits by tackling its bad assets head-on via joint venture asset management companies (JV-AMCs), as non-performing loans (NPLs) climb higher across the banking scene. Rungruang Sukkirdkijpiboon, KBank’s co-President, spilt the beans that the bank is launching a fresh JV-AMC in partnership with Bangkok Commercial Asset Management (BAM), adding to its current…
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Thailand News
Thai household debt hits 13.6 trillion baht as bad loans rise
Thai household debt has surged to alarming levels, reaching 13.6 trillion baht, with non-performing loans (NPLs) climbing to 1.2 trillion baht. The National Credit Bureau reports a consistent rise in bad debts across housing, automotive, and credit card sectors. Data from the end of July indicates that household debt in Thailand reached a staggering 13.6 trillion baht. This figure is…
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Thailand News
Grab Thailand launches new cash loans for partner merchants
Grab Thailand announced a revamped portfolio of cash loans aimed at its partner merchants, offering three distinct loan products to cater to businesses of all sizes. The new offerings include loan amounts up to 10 million baht with interest rates capped at 1% per month for larger businesses. The initiative aims to boost working capital, enhance liquidity, and support entrepreneurs…
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Business News
Thailand’s SME D Bank offers interest-free loans to entrepreneurs
Thailand’s Small and Medium Enterprise Development Bank (SME D Bank) has partnered with the National Innovation Agency (NIA) to offer interest-free loans for up to three years to entrepreneurs developing innovative products and services. Phichit Mitrawong, Managing Director of SME D Bank, announced this initiative following the signing of a cooperation agreement with the NIA yesterday. The agreement aims to…
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Business News
More new businesses than closures in Thailand, employment stable
New business registrations in Thailand continue to outpace factory and business closures, with employment figures remaining stable, according to the Bank of Thailand. Assistant Governor for the Monetary Policy Group and Secretary of the Monetary Policy Committee, Piti Disyatat stated that the central bank is not alarmed by the current rate of factory and business closures, as they are fewer…
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Thailand News
Police crack down on rotating illegal lending scheme in Trang
Cyber Crime Investigation Bureau (CCIB) officers yesterday dismantled a major rotating savings and credit association (ROSCA) operation in Trang, arresting a married couple who were also running a comprehensive illegal money lending, and an unlicensed underground lottery gambling business. Police Lieutenant General Worawat Watnakornbancha today ordered relevant authorities to execute a search warrant for a house in Ratsada District, Trang…
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Business News
Revved up: Thai used car market set to accelerate
The used car market in Thailand is poised for growth in the latter half of this year as financial service providers may ease lending criteria for prospective buyers. According to the President of the Association of Used Cars, Vichai Suwanasilar, this development follows discussions about stringent loan conditions. “We talked about lending with banks and finance companies, which affects the…
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Business News
Minister proposes shorter blacklist period for bad debtors
Finance Minister Pichai Chunhavajira proposed reducing the time period for which bad debtors remain on the National Credit Bureau’s blacklist, aiming to facilitate quicker access to new borrowing opportunities. While speaking at a signing ceremony for the establishment of ARI-AMC, a joint venture between the Government Savings Bank (GSB) and Bangkok Commercial Asset Management Plc (BAM), Pichai noted that the…
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Thailand News
Mother faces 2.6 million baht debt from 10,000 baht loan
A mother who borrowed 10,000 baht to pay her child’s school fees 12 years ago is now struggling under a crippling debt of 2.6 million baht in interest. The mother, who initially took out the loan when her child was in primary school, is now seeking help from a popular Facebook page, Survive – Sai Mai Must Survive, to resolve…
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Thailand News
Thai government cracks down on illegal loans
Illegal lenders have been given a final ultimatum: Register with the Thai government’s debt settlement programme by May 31 or face severe consequences. Deputy Interior Minister Chada Thaised announced this stern warning yesterday, emphasising that this crackdown on illicit lending is a top priority for Prime Minister Srettha Thavisin’s administration. Despite the Interior Ministry’s success in bringing over 100,000 illegal…
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Business News
Home loan difficulties lead to six-year low in housing transfers
Difficulties in securing home loans have led to a significant decline in housing transfers across the country in the first quarter, reaching the lowest level in six years and marking the fifth consecutive quarter of decline. The Acting Director-General of the Real Estate Information Center (REIC) Vichai Viratkapan reported that residential demand nationwide contracted in the first quarter, with housing…
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Thailand News
Thai government launches 300,000 baht loans for self-employed
In a significant move to support the workforce, the Thai government has unveiled a loan programme aimed at self-employed individuals, providing funds up to 300,000 baht for those in need of financial assistance. This initiative, which offers zero-interest loans for a two-year period, is available until April 30, as announced by Deputy Government spokesperson Karam Phonprakong. The policy, orchestrated under…
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Thailand News
Loan rejections soar for Thai homes under 3 million baht
The Thai housing market is facing a significant challenge as a growing number of loan applications for homes priced below 3 million baht are being rejected. According to the Housing Finance Association, the rejection rate has spiked to 50%, highlighting the vulnerability of this segment despite its substantial market size. The association’s secretary-general and chairman of the executive board, Alangkot…
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Business News
LH Bank reveals strategy for mid-sized status by 2030
Land and Houses Bank (LH Bank), the financial subsidiary of property giant Land and Houses Plc (LH), unveils its ambitious plan to become a mid-sized bank by 2030. The bank’s strategy is founded on robust loan growth and an increasing income stream. LH Bank’s five-year business strategy involves a comprehensive restructuring of its loan portfolio, aimed at driving loan expansion…
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Thailand News
Thai nursing students demand government expedite delayed student loans
A group of 60 nursing and public health students from Sri Sa Ket and Nakhon Si Thammarat publicly requested the government to expedite the disbursal of their student loans, which has been delayed for several months. Four representatives from the first-year class of Chalermkarnchana University’s Faculty of Nursing at Sri Sa Ket journeyed to Bangkok to deliver a letter outlining…
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Thailand News
Government Housing Bank breaks ground with 0% down payment home loans
The Government Housing Bank (GHB) is set to introduce three new home loan products with a combined budget of 45 billion baht. With an initial interest rate of 0% for the first three months and a minimum monthly repayment of just 3,300 baht per million borrowed, the bank aims to make homeownership more accessible for Thai citizens. GHB, a state-run…
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Economy News
Thai student loan restructuring to begin in November, easing debt burden
The Student Loan Fund (SLF) recently announced that it will start the restructuring of student defaulters’ debts starting in November. This information was disclosed today by Chainarong Katchapanan, the manager of SLF, during a meeting with Justice Minister Tawee Sodsong. According to him, the necessary regulations required for the restructuring process will be finalised within the next month. Tawee, the…
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Business News
Bangkok’s condo market: Buyers rush for ‘ready-to-move’ amid sales slump
The second quarter of this year witnessed a significant slump in sales for newly launched condominiums in Bangkok. Buyers, gripped by mortgage rejection fears, exhibited a strong preference for ready-to-transfer units. Tritecha Tangmatitham, Managing Director at Supalai, highlighted that a staggering 70% of condo sales in the current year have been for completed units, underscoring a marked shift in consumer…
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Thailand News
Royally ripped off: Victims seek justice against police officer’s wife impersonating banker
Thommanant Taengtim, known as Ja Kings Saphan Mai, today led a group of more than 10 victims to the Central Investigation Bureau to file a complaint against the wife of a high-ranking police officer from Phahonyothin Police Station, who pretended to be a bank officer. The wife, named Noi, allegedly promised to help them get loans and even allocate lottery…
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Crime News
Family tragedy: Father’s triple murder-suicide linked to loan scam
A family tragedy occurred when a father, armed with a utility knife, killed his wife and two children in their three-storey townhouse in Bang Phli district of Bangkok Metropolitan Area province Samut Prakan. The horrific murder and attempted suicide were most likely prompted by a fraudulent loan scheme that landed the family in 7-figure debt. Police Captain Sathamon Prasertsuwan, an…
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Business News
Thai banks see modest rise in mortgage loans
In the first six months of this year, a modest increase in mortgage loans was recorded by banks as purchasing power of homebuyers took a hit due to rising interest rates. Collectively, eight out of the ten SET-listed banks reported consolidated outstanding mortgages tallying 2.39 trillion baht as of June, marking a 1.04% rise from 2.37 trillion baht in December…
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Business News
Household debt tackled by Bank of Thailand with new guidelines
The Bank of Thailand (BoT) is set to introduce new lending guidelines to counter the rising household debt crisis, particularly among Gen X and Gen Y age groups, according to Assistant Governor Siritida Panomwon Na Ayudhya. The central bank is also working on a draft royal decree to supervise leasing and hire-purchase businesses to resolve informal debt issues. From 2010…
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Economy News
Household debt in Thailand soars to 86.9% of GDP, dampening consumer spending
Thailand’s mounting household debt is raising concerns, as it continues to hinder consumer spending, affecting various industries and impeding economic growth. The latest data from the National Economic and Social Development Council shows debt in the nation reached 15.1 trillion baht in the fourth quarter of 2022, a 3.5% increase year on year, and accounting for 86.9% of GDP. Debt…
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Business News
Bank of Thailand anticipates slower loan growth: Interest rates not main factor
The Bank of Thailand anticipates a slower pace of loan growth in the banking industry due to reduced demand, while asserting that rising interest rates are not the main factor impacting loan expansion. The central bank’s soft loan programme, which aimed to aid small and medium-sized enterprises, largely contributed to the increased borrowing during the post-pandemic recovery period. Sakkapop Panyanukul,…
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Business News
CIMB Thai Bank targets 500 million baht in digital personal loans focusing on upper-income segment
CIMB Thai Bank (CIMBT) has announced intentions to expand its digital personal loan offerings in the current year, aiming for a total of 500 million baht whilst primarily focusing on the upper-income segment. Recently, CIMBT introduced two digital personal loan products – the “Personal Cash” instalment loan and the “Extra Cash” credit line. These products have a combined value of…
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