Thailand’s Government Savings Bank (GSB) has introduced a measure to suspend principal and interest payments for individual clients for six months.
GSB president Vitai Ratanakorn said the measure covers the debt installment payment round that begins this month. The move is in line with the government’s policy that state-owned financial institutions suspend debt for customers suffering from the impacts of the prolonged COVID-19 pandemic.
He said the bank estimated that the measure covers 750,000 customers, totaling 50 billion baht in outstanding debt. Once the measure ends, they will have to resume debt repayments in line with their current loan conditions. They will also have to pay the suspended amount of principal and interest in the last installment payment round of their debt.
Mr Vitai added that the debt suspension will not be deemed as a payment default and will not affect their credit records. They can apply for the debt suspension through the bank’s MyMo mobile application or at the bank’s branches. (NNT)