Bangkok pawn shops will reduce interest rates before schools reopen

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BMA deputy permanent secretary Wanlaya Watthanarat said BMA estimates that parents and students who have suffered from the Covid-19 fallout will need financial support in the coming months.

Official pawn shops in Bangkok will reduce their interest rates for three months from April 1 to June 30 in anticipation of high cash demand as schools are expected to reopen on May 15.

Bangkok Metropolitan Administration (BMA) deputy permanent secretary Wanlaya Watthanarat said BMA estimates that parents and students who have suffered from the Covid-19 fallout will need financial support in the coming months.



She said the 21 official pawn shops in Bangkok will therefor reduce their interest rates for Bt5,000-Bt100,000 worth of items pawned, from a progressive rate starting from Bt1 to a flat rate of 50 satang per month.

To be eligible for the flat rate interest, applicants who are students are required to present their student ID card, while applicants who are parents must present a student ID of their children as well as evidence proving they are the parent. (NNT)