Banks offer credit relief programs for disaster-affected customers

08 Jan 2019 | View : 31

BANGKOK, 8 January 2019 (NNT) - EXIM Bank has issued measures to help businesses affected by natural disasters, including pauses to debt payments, interest rate cuts, and additional loans to continue operations.

President of the Export-Import Bank of Thailand (EXIM Thailand) Pisit Serewiwattana said that assistance is divided into 3 measures.

The first measure is designed for businesses who are directly affected in disaster area, including factories, companies, and damaged products. Assistance consists of pauses to principal loan and interest payments up from 6 to 12 months for revolving and long-term credit, extensions to promissory note renewals over the term approved by the bank with a duration combined with the existing note not exceeding 360 days, a 1% interest rate reduction for 6-12 months.

The second measure is for businesses that were indirectly affected, such as suppliers or manufacturer that are suffering from a materials shortage, have major buyers that were directly affected, or are affected by interruptions to the logistics chain. Assistance consists of the same measures but with a 6-month timeframe for pauses to debt repayments and interest rate reductions and 180 days for extensions to promissory note renewals.

The third measure is in the form of a 5-year loan for machinery and factory repair costs, with an interest rate of 5% in the first year. Applications are accepted starting September this year.

Meanwhile, Kasikorn Bank has also issued a pause to principal loan repayments up to 6 months for business customers and a 5-year loan for machinery and factory repair costs with payments waived in the first 6 months.

Mortgage, credit card, and cash card customers will receive a pause to principal repayments up to 6 months and a new credit line for housing repair costs with payments waived in the first 6 months. Automobile customers will receive a 50% reduction in payments for up to 6 months while fees, including late fees, will be waived. Customers can apply for the assistance at the K-Contact Center 02-888-8888 until February 28th.

Information and Source

Reporter : Jettana Pantana

Rewriter : Asma Thinkohkaew

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