Thai government bank offers assistance to loan customers affected by COVID-19

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2002

State-owned Government Savings Bank (GSB) is offering assistance to its loan customers, who have been affected by the coronavirus disease 2019 (COVID-19) pandemic, by suspending principal and interest payments for six months.

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The GSB President, Chatchai Payuhanaveechai, said today the suspension of loan payments is now extended from three months to six months, without imposing a limit to the remaining principal balance. Concerning loans for small and medium-sized enterprises (SMEs), the credit limit has been raised from 20 million baht to no more than 100 million baht. The new measures are effective immediately, and customer registration is not required.

All home loan customers with a remaining principal balance of up to 3 million baht are eligible for these benefits. But if they don’t wish to have GSB suspend their loan repayments or would like to pay on certain months, they can contact the bank. GSB offers its customers flexible payment options and their status remains normal. The bank also provides assistance to debtors, who have been prosecuted, on a case-by-case basis.

Concerning loan interest during the six-month period, GSB customers can choose to pay after the period of grace or at the end of their contracts. Following the six-month period, they can pay the remaining principal first in accordance with the bank’s terms and conditions. If they are not able to make payments, they can enter a two-year loan suspension measure, as the bank previously announced. (NNT)