Bangkok Bank has launched three supportive measures in line with the Bank of Thailand (BOT)’s policy to help retail and SME customers by lowering the minimum payment threshold, reducing interest and implementing a 3-month debt suspension scheme, to help borrowers before their debt gets categorized as a non-performing loan (NPL) which will affect their future loan applications.
This announcement is with reference to the BOT notice to introduce credit assistance measures for borrowers before their debt becomes an NPL by requesting cooperation from commercial banks on March 1, 2020.
Bangkok Bank Senior Executive Vice President Suvarn Thansathit said that the Bank understands the difficult circumstances which people and entrepreneurs are facing in light of the COVID-19 outbreak, which is why it has launched supportive measures to alleviate the anxiety and financial burden of retail and SME customers, relaxing loan payment conditions including the suspension of principal and interest payments. The supportive measures will come into effect from April 1, 2020 onwards.
Details of the supportive measures are as follows:
1) Credit card customers
2. Installment loans
- The minimum payment rate for credit card customers will be reduced to 5% (from 10%) effective from the billing cycle of April 1, 2020 onwards, for the next two years. This measure applies to all types of Bangkok Bank credit cards without customers having to make an individual request.
- The Bank has instituted measures for customers who are directly affected by the COVID-19 outbreak. This applies to those who work in the hotel, tourism, aviation and related industries which have temporarily stopped operations following the government’s announcement, or those with income less than 30,000 baht per month. They can register for a special interest rate adjustment to 12% by making an individual request through Bangkok Bank channels.
3. Mortgage loans
- Customers can register for a suspension of principal and interest for a period of three months by making an individual request through Bangkok Bank channels.
4. SME business loans
- Customers whose approved mortgage is not over 3 million baht can register for a three-month deferral on principal repayment (paying interest only) by making an individual request through Bangkok Bank channels. The Bank will consider adjusting the interest on a case by case basis.
- Customers whose approved credit is not over 20 million baht can register for a three-month deferral on principal payment (paying interest only) by making an individual request through Bangkok Bank channels. The Bank will consider adjusting the interest on a case by case basis.
“Bangkok Bank is urgently implementing measures to help customers and ease their financial burden. We are providing support to both general customers and specific groups who are directly affected by the COVID-19 outbreak. We aim to help borrowers before their debt becomes an NPL which will affect their credit history and compromise their future loan applications,” said Mr. Suvarn.
Customers of more than one loan can apply for all loan types according to the above conditions. Customers can make their requests and apply on https://www.bangkokbank.com/COVID19-Update
, scan the attached QR code or visit a Bangkok Bank branch or business center. Registration is available from April 1 - June 30, 2020. Customers who are slightly affected by the COVID-19 outbreak or continue to have financial capacity can continue to use loan services and make repayments as usual.
Customers can receive more information from Bangkok Bank channels www.bangkokbank.com, Bangkok Bank LINE Official or contact Bualuang Phone 1333 or (66) 0 2645 5555.