Bangkok Bank responded to the latest Bank of Thailand (BOT) policy to renew Covid-19 supportive measures to help retail customers affected by the second wave of the Covid-19 outbreak by extending its assistance period for another six months to June 30, 2021 for all types of lending products through a variety of measures including reducing interest rates, extending credit lines, debt suspension and debt restructuring to help each group of customers. This highlighted the Bank’s commitment as a trusted partner who stays close and helps customers so they can cope with the challenging situation and recover to a stronger position.
Bangkok Bank Director and Senior Executive Vice President Suvarn Thansathit said Bangkok Bank is responding to BOT’s policy to renew measures to help retail customers affected by the second wave of the Covid-19 outbreak which has spread to wider areas around the country and has impacted the economy and well-being of people. To comprehensively help our retail customers, we have extended the assistance period from December 31, 2020 for another six months to June 30, 2021.
The supportive measures to help retail customers includes credit card customers, personal loan customers under supervision as well as mortgage and home equity loan customers, aiming to alleviate their financial concerns. Detailed information about the supportive measures are as follows:
1) Credit Card Customers
- Extending term loan to 48 months or in accordance with the customer’s debt service capability. Interest rate is not more than 12% per annum.
In addition, the Bank has decreased minimum installment rates for all customers automatically from April 2020 to 2022, and lowered the interest rate ceiling since August 2020. The Bank also provides temporary extension of credit limits for customers who need it.
2) Personal Loan Customers under Supervision
- Lower minimum payment rate in accordance with debt service capability.
- Extending term loan to 48 months or in accordance with the customer’s debt service capability. Interest rate is not more than 22% per annum.
3) Mortgage and Home Equity Loan
- Lower installments by at least 30% with lower than 22% interest rate per annum.
- Deferring payment of principal and interest for three months; or
- Deferring payment of principal (paying interest only) for three months and consider reducing interest for customers on a case-by-case basis; or
- Reducing repayment amount by extending payment term
Customers can request for debt consolidation measures to consolidate their mortgage loan, credit card loan and personal loan that they have with Bangkok Bank into one loan to reduce financial burden.
The Bank has urgently provided support to customers, considering customers’ debt service capability. For customers who are unable to pay, the Bank will consider and ease repayment conditions further on a case-by-case basis to immediately alleviate their financial issues.
In addition to supportive measures for retail customers, the Bank continually helps business customers with measures such as proactive debt restructuring and providing financial and liquidity support including the BOT’s soft loan with 2% interest per annum for two years, for which the government pays the interest rate for customers for the first six months.
“Bangkok Bank as a trusted partner understands the current challenging situation and stays close to customers to survive and thrive in crisis together. The Bank has provided help and support to customers in all aspects. The Bank also supported customers to adapt by finding new markets and additional distribution channels, as well as organizing seminars and training to provide knowledge to customers to help them restore, adjust or expand their business, in response to new challenges in line with the Future World trend. These will help bring customers back to strength again, supported by Bangkok Bank as a trusted Partner to stay close to them at all times,” said Mr. Suvarn.
Interested customers can check for more information at www.bangkokbank.com/COVID19-Update
or the Bank’s branches or business centers. Customers who are not as severely affected by the pandemic or are able to make regular repayments can use regular services and make loan repayments as per usual.
Customers can look for more information from Bangkok Bank channels including Bangkok Bank website, Bangkok Bank LINE Official or call Bualuang Phone 1333 or 0 2645 5555.