All commercial banks in Thailand have pledged to offer special financial aid to customers and businesses affected directly or indirectly by the economic implications of COVID-19, ensuring sufficient cash for customers to make withdrawals at any time.
The Thai Bankers’ Association Chairman Predee Daochai has ensured all banks have prepared a supply of cash for withdrawals by customers at all 6,800 branches and 54,000 ATMs across the country.
Banks are however encouraging customers to make transactions electronically to minimize their exposure to the coronavirus, and have prepared their network to cope with increasing transactions online.
To mitigate economic implications from the COVID-19 pandemic which has been disrupting the economy since February, commercial banks have offered refinancing services to some 30,000 clients, worth 234 billion baht in total.
Some of these clients have been offered a pause in principal payments, an interest rate cut, or a payback extension to help ease their economic burden.
A 150 billion baht soft loan has been made available, offering an up to 20 million baht loan to each customer with 2 percent annual interest rate and a two year payback period.
This loan will be offered to businesses who wish to improve their liquidity starting in April. Requests can now be made at participating banks.
The Government Housing Bank Chief Financial Officer Paninee Manosan, said today the bank now allows customers with mortgages worth 20 billion baht in total to make only their monthly interest payment for up to six months, to ensure they can keep their homes and have sufficient cash for living expenses. This offer is valid for regular customers, and non-performing loan (NPL) customers. Registration is required from now until 30 December 2020.
Thai Credit Guarantee Corporation (TCG) Will Launch Bad Debt Guarantee Program for SMEs
The program will also cover SME loans that have turned into non-performing loans (NPLs), defined as loans overdue by more than 90 days, although these NPLs must not exceed two years of overdue payment.
BANGKOK (NNT) – State-owned Thai Credit Guarantee Corporation (TCG) is preparing to launch a 20-billion-baht bad debt guarantee program to assist struggling small and medium-sized enterprises (SMEs) saddled with bad debts.
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Asia Pacific Banks shrug off commercial property risks for now
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