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Krungsri and Grab launch personal loans for partner restaurants

Jun 11. 2020
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By The Nation

Krungsri (Bank of Ayudhya) and Grab Thailand have collaborated to launch personal loans for GrabFood merchant-partners, offering a maximum of Bt500,000 on 12-month installment plans, with no collateral or guarantor needed and with interest rates from 14.99 per cent per annum.

The loans are aimed at easing financial strains faced by GrabFood merchant-partners during the Covid-19 crisis, by providing additional working capital and liquidity.

“Krungsri and Grab have worked together to develop a new credit scoring system, where the customer data is incorporated into the credit line approval. This is a superior financial experience offered via a digital platform, directly to targeted consumers. The bank is expecting to attract a large number of GrabFood merchant-partners,” said Phonganant Thanattrai, Krungsri head of Retail Banking and Distribution Group.  

Said Worachat Luxkanalode, country head of Grab Financial Group (Thailand): “Grab Financial Group is committed to delivering full-service FinTech solutions for the underbanked population, aiming to elevate the life quality of Thai people by expanding financial access for the entire nation. Amidst the current economic hardship, Grab believes loan products with repayment plans that correspond well with the capability of business operators will play a major role in keeping the business afloat, leading to the collaboration with Krungsri. Launching a short-term loan product for our merchant-partners with daily repayment installment plans … will allow our merchant-partners to manage their financial resources with greater convenience and efficiency. The loan will be initially available to medium-sized chain restaurants with healthy sales and expanded to other segments in the future.”

GrabFood merchant-partners can apply for the personal loan until June 30 at www.krungsri.com or https://bit.ly/2zBlZJ4. No loan management fee is charged. Apply from now to 30 June 2020.

For more details, contact the Krungsri call centre on 1572 or www.krungsri.com.

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