FRIDAY, March 29, 2024
nationthailand

GSB issues loan packages, relief for flood victims in South

GSB issues loan packages, relief for flood victims in South

The Government Savings Bank (GSB) has launched loan packages to relieve the burdens of flood victims in the South.

GSB president Vitai Ratanakorn said flooding in many southern provinces had taken a toll on livelihoods.

In response, the bank has also provided victims with 3,500 bags of relief supplies and drinking water.

Among the worst-affected provinces are Nakhon Si Thammarat and Surat Thani, where GSB has more than 957,000 deposit and loan customers.

To relieve customers' burdens, the bank has launched a debt suspension programme for all loan types. The suspensions come in three grades.

Those suffering the highest impacts will be allowed to suspend principle and interest repayments for three months.

Those flooded for over seven days and needing to repair or renovate their residences are allowed to suspend principle payment and pay 50 per cent of interest for up to two years.

For the lowest impact level, those flooded for over seven days can suspend principle payment for up to two years and pay only the interest.

The bank is also offering special disaster-relief loans of up to Bt50,000 per person, with no interest for the first year, then a monthly flat rate of 0.85 per cent over 3-5 years with a grace period in the first three months.

Meanwhile the GSB will extend mortgage loans for flood-related house repairs at a rate of 100 per cent of the appraised damage, up to Bt500,000. Annual interest in the first year is 0 per cent before rising to 3 per cent in the following two years. The rate from the fourth year onward is MRR-0.75 per cent per year.

GSB is also offering loans to its corporate customers at a maximum 10 per cent credit limit of their existing loan but not exceeding Bt5 million. The repayment term is five years with a one-year grace period for principle payment. The annual interest rate in the first year is 3.5 per cent and the rate from the second year onward is MLR (GSB’s current annual MRR rate is 6.245 per cent and the MLR is 6.15 per cent).

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