Financial institutions impose stricter rule for personal loans

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BANGKOK, 11 February 2013  According to a survey by the Bank of Thailand (BoT), financial institutions are imposing stricter rules on granting personal loans, after many clients are found unable to pay their debts. 

The BoT conducted a survey on high-level executives from loan department of 25 commercial banks and financial institutions as well as from 24 non-bank credit entities in the first quarter this year.

The survey found that most executives believed the loan requests from large enterprises, SMEs, and households would continue to increase; while financial institutions would pose stricter rules on loans allowed for small businesses and households, on the concerns of their abilities to pay debts.

While some institutions are expected to grant more home loans as the competition is high; credit cards and personal loans are anticipated to be more difficult to get.