Thousands of flood victims take advantage of GSB loan offers
A large number of flood victims have applied for loans from Government Savings Bank (GSB), which is offering six-month grace periods on principal and interest payments.
Lersak Chuladesa, president and chief executive officer of GSB, said yesterday that 22,286 flood victims had applied for loans with a combined value of Bt9.59 billion, with individual loans ranging from Bt30,000-Bt500,000.
The bank has offered loans since early August to people who want to repair their homes or to recover their businesses after the most devastating floods in decades.
Borrowers need not make principal or interest payments for the first six months of the contract, he said.
The bank offers loans worth Bt30,000 with interest at the minimum retail rate (MRR), currently 8 per cent per annum, with repayment term of two years.
People can also borrow up to Bt50,000 at MRR plus 1 per cent to recover their businesses.
Borrowers who want to finance home repairs can apply for loans up to Bt300,000 with a repayment period of five years.
Small and medium-sized enterprises can apply for loans of up to Bt500,000 with a five-year term. SMEs that are existing clients of GSB can negotiate to delay debt repayment by a year, Lersak said.
