Bangkok’s pawnshops cut interest rates to help Coronavirus-affected borrowers

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Bangkok governor Aswin Kwanmuang said pawnshop rates were cut to lessen financial burdens of the people during the outbreaks.
Bangkok governor Aswin Kwanmuang said pawnshop rates were cut to lessen financial burdens of the people during the outbreaks.

BANGKOK, April 3 – The pawnshops of the Bangkok Metropolitan Administration (BMA) cut its interest rates and extended repayment periods to help borrowers affected by the coronavirus disease 2019 (COVID-19).



Bangkok governor Aswin Kwanmuang said the rates were cut from 0.25% to 0.10% a month for a loan of 1-5,000 baht and from 1% to 0.50% a month for a loan of 5,000-15,000 baht.

Besides, repayment periods were extended from four months and 30 days to eight months.

The measures were set to be valid for all borrowers who made transactions with BMA’s pawnshops from April 1 to May 31.

The Bangkok governor also said that BMA’s pawnshops also lent up to 100,000 baht to each of students and students’ parents to prepare for their new semester. Such loans are subject to a monthly interest rate of 0.50%. (TNA)