Bangkok – The government is encouraging credit card and personal loan customers, who are facing financial challenges due to the pandemic, to accept relief measures offered by their banks or credit companies.
The Bank of Thailand has coordinated with the Legal Execution Department, the Ministry of Justice and 22 financial providers to offer more relaxed payback terms for credit card and personal loan customers, based on 3 different customer groups.
Non-performing loan (NPL) clients, who have court judgements against them with the legal execution process underway, will be offered principle only payment schemes for 3-month, 3-year and 5-year periods. Customers who are able to complete payments according to this offer will have their outstanding interest waived.
NPL clients whose court proceeding have yet not started, or have not reached judgement, will be accepted as part of the court’s debt settlement negotiation. They will also be offered a long-term payback plan for up to 10 years.
Loan customers who are facing a temporary lack of payback ability, who have more than 3 billing cycles overdue, will have their due amount converted to a long-term payback plan, with a lower interest rate, by the Bank of Thailand.
Deputy Government Spokesperson Traisuree Taisaranakul said credit card and personal loan customers who wish to take these relief offers must register online on the websites on the Court of Justice, the Legal Execution Department, the Bank of Thailand or the Financial Consumer Protection Center from 14 February to 14 April. Applicants will then be contacted by an official within one week of registration.