Tuesday, October 20, 2020

BAAC sets aside Bt70 bn to promote smart farming, sufficiency economy

Aug 15. 2020
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The Bank for Agriculture and Agricultural Cooperatives (BAAC) has launched two new loan programmes with a total budget of around Bt70 billion to promote good farming practices.

The “New Gen Hug Ban Kerd” (new generation’s love for homeland) scheme has a budget of Bt60 billion to help those who wish to invest in new technology in smart farming, while the “Sufficiency Economy Loan”, with a budget of Bt10 billion, aims to provide a rotating fund for farmers who follow the principles of sufficiency economy or those who are going into farming as a source of additional income.

“The New Gen Hug Ban Kerd loan will charge interest at 4 per cent per year in the first three years with three months grace period. After three years the interest will be at minimum retail rate [MRR] or 6.5 per cent annually,” said the bank’s assistant manager Somkiat Kimaoha.

“Meanwhile, the Sufficiency Economy Loan will be limited to a maximum Bt50,000 per person with MRR interest rate or 6.5 per cent annually after three months grace period.

To promote social distancing practices during the Covid-19 outbreak, interested persons can apply for either loan via the bank’s official Line account “BAAC Family” by scanning the QR code or searching for ID @baacfamily, Somkiat said.

“The application is open now until June 30, 2021. A person can apply for only one type of loan,” he added.

For more information, contact BAAC Call Centre at 02 555 0555.

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