Sunday, August 09, 2020

GSB introduces new soft loan schemes under stimulus package

Sep 01. 2019
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By THE NATION

Two soft-loan schemes are being promoted by the Government Savings Bank (GSB) as part of the government's stimulus package for people wanting to start small and medium enterprises (SMEs).

A total of Bt100 billion is available for loans at various interest rates but not exceeding 7 per cent for a four-year repayment. A companion loan known as “Thailand-building Pracharat” will be granted at a fixed rate of 2.9 per cent for first three years.

GSB has also readied a Bt29.5-billion fund to refinance loans for those indebted to the Village Fund. Debtors are granted a one-year interest-free period paying only the principle, plus a one-year period with unspecified grace conditions to ease their capital and interest debts.

GSB director Chatchai Payuhanaveechai said that people who have defaulted on the 32,387 loan schemes under the Village Fund are qualified to apply for this scheme from October 1 to December 31.

Under the Thailand-building Pracharat scheme, for which loans of Bt25 billion are available,, salaried people with regular incomes as young as 20 can repay over 40 years, or until they turn 70. The Minimum Retail Rate (MRR) will be imposed after the 2.9 per-cent fixed rate concludes at the end of three years.

Loans of Bt50 billion under the SME scheme will be spread over three minor schemes, said Chatchai, adding that he hoped the special GSB loans announced yesterday would help drive Thailand's economy at all levels to stimulate overall growth on a national scale.

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