Bangkok Bank is expanding its supportive measures for business loan, credit card, home loan and personal loan customers to help businesses affected by current adverse economic conditions including the US-China trade war, droughts in Thailand and the Coronavirus Disease 2019 (COVID-19) outbreak. The measures include increasing credit line, easing repayment conditions, reducing the repayment rate and interest rate and waiving the defaulted loan fee. The Bank is also extending the period of its supportive measures to December 31, 2021. These additional measures are on top of support the Bank had previously announced. The previous measures include easing debt repayment conditions, supporting short-term liquidity and offering additional loans. The Bank also closely monitors the situation and provides advice to help alleviate customers’ financial burden so that they can smoothly continue their businesses.
Bangkok Bank Executive Director and Senior Executive Vice President Suvarn Thansathit said the Bank has expanded its supportive measures to cover corporate, SME and individual customers whose operations are affected by continued economic challenges including the US-China trade war, droughts and COVID-19. The situation has impacted business operations of corporate, SME and individual customers. The measures include increasing credit line, easing repayment conditions, reducing the repayment rate and interest rate and waiving the defaulted loan fee. These additional measures are on top of support the Bank had previously announced. The previous measures include easing debt repayment conditions, supporting short-term liquidity and offering additional loans.
The Bank considers easing debt repayment conditions and restructuring debts for customers on a case-by- case basis. The Bank also offers additional loans to SME customers under Bualuang SMEs Loan to ease financial burden from the current economic situation by increasing the maximum amount of credit from 20 million baht to 30 million baht with an interest rate of MLR 1% per annum or considering financial support on a case-by-case basis.
For personal loans, the Bank has adjusted loan payment conditions so installments payments can be paused no more than three billing cycles, reduced the minimum credit card repayment rate to less than 10% of the outstanding balance, and decreased the interest rate from the normal rate of 50% until December 2021. The Bank has also waived the interest for outstanding debt related to the economic downturn. For home loans and other personal loans, the Bank has extended the repayment period as appropriate with a maximum grace period of 12 months while the minimum amount of monthly installments are reduced by up to 40%. In addition, lower interest rates are offered as appropriate for a maximum of 24 months on a case-by-case basis and defaulted interest resulting from the economic downturn will be waived.
“Bangkok Bank is closely monitoring the various factors that are directly or indirectly affecting the Thai economy, presenting many challenges to our customers. As such the Bank has decided to expand our supportive measures to cover customers affected by the adverse economic conditions including the US-China trade war, droughts and COVID-19. We are increasing our credit line, expanding repayment periods and easing debt repayment conditions which will provide customers with more flexibility while relieving their anxiety. In particular, the Bank is ready to provide advice and recommendations to each customer,” Mr. Suvarn said.
For more information, please contact the Bank’s business centers and branches or call Bualuang Phone 1333 or Tel. (66) 0 2645 5555.