Loans
- 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.…
- Economy News
Stuck in neutral: Loan rejections stall Thailand’s used car market
Thailand’s used car market is set to experience continued sluggish sales due to frequent loan rejections faced by prospective buyers, according to the Association of Used Cars. Earlier forecasts by the association anticipated an improvement in used car sales in the latter half of 2024, driven by expectations that financial service providers would relax their lending criteria. Nonetheless, financial institutions…
- 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…
- 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…
- 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…
- Business News
Krungthai Bank loan growth: No contraction in confidence
Krungthai Bank (KTB) remains confident in meeting its loan growth target for this year, despite a lending contraction during the initial six months. The bank focuses on achieving a 3% total loan growth throughout 2024, according to its President, Payong Srivanich. The Thai economy’s uneven recovery in the first half of the year and persistent uncertainties in the latter half…
- 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…
- 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…
- 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…
- Thailand News
Buriram villagers accuse ex-principal of land grab
Villagers in Nong Mai Ngam, Lahan Sai District, Buriram Province, submitted evidence to the Buriram Provincial Land Reform Office, accusing a former school principal of seizing their agricultural land after they failed to repay loans. The villagers borrowed money from the ex-school principal but could not repay it in time, leading to the confiscation of their Sor Por Kor land,…
- 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…
- 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…
- 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…
- Business News
Exim Bank of Thailand grows 7.05%, focusing on green lending
Exim Bank of Thailand reported substantial growth in its first-quarter operations for 2023, with significant strides in environmental, social, and governance (ESG) lending. The bank, led by Rak Vorrakitpokatorn, approved new loans amounting to 5,853 million baht, with outstanding loans and obligations increasing by 11,474 million baht, representing a 7.05% growth compared to the same period last year. Remarkably, ESG-related…
- 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…
- 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…
- 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…
- Thailand News
Thai police busts 500 million baht fraudulent loan scheme in a massive operation
A massive operation by Thai police led to the arrest of 13 individuals linked to nine fraudulent loan applications, with a total of 500 million baht found circulating in seized passbooks. The Central Investigation Bureau’s (CIB) top officer, Police Lieutenant General Jirabhop Bhuridej, disclosed the details during a press briefing yesterday. The operation spanned across ten provinces, including Bangkok, Nonthaburi,…
- 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…
- 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…
- 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…
- Thailand News
Online loan scam drags young Thai woman into 2.6 million baht debt
A 26 year old vendor found herself entangled in an online loan scam after losing her job and seeking funds for investment. Bee, from Nakhon Phanom’s Pla Pak district, expressed her ordeal through media outlets, warning society about the risks of falling prey to online loan scams. She initially borrowed 30,000 baht via an online application but was left with…
- 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…
- 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…
- 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…
- Crime News
Illegal high-interest loan scheme busted in Thung Yai, 3 arrested
Cyber police raided three homes in Thung Yai district, Nakhon Si Thammarat today, arresting three suspects involved in an illegal high-interest loan operation. According to the commander of the police, three suspects were apprehended along with mobile phones, bank account passbooks, record books, and documents detailing loan agreements with interest rates exceeding the legal limit of 15% per year. Police,…
- 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,…
- 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…
- Bangkok News
40 million baht illegal online lending operation busted
An illegal lending business that raked in over 40 million baht in just 3 months by gouging people in desperate financial need with high-interest rates has been broken up. A Chinese man was arrested in Bangkok for running the loan shark operation online. The man identified by the Metropolitan Police Bureau as Jia Liew was arrested in Huai Khwang in…
- Transport News
Thailand’s used car market expected to keep growing thanks to Covid-19 pandemic
Thailand’s used car market is expected to keep growing thanks to the Covid-19 pandemic. This year alone, it has grown by 20 to 30%, which is an increase from the pre-Covid years that saw an average growth of 10%. Pinyo Tanawatcharaporn, president of the Association of Used Cars, says normally the used car market sees about 1 to 2 million…
