11 July 2024

The Government Savings Bank has announced the introduction of a program of credits, to address the problem of debts owed by Thai people who have borrowed from informal lenders.

Under the program, informal debtors can borrow up to 50,000 baht from the GSB, repayable within five years, or 60 instalments, at a fixed interest rate of 0.75 percent to settle their informal debts.

The borrowers must, however, meet certain requirements, such as having a job, being between 20 and 65 years of age, including the five-year maximum repayment period.

The borrowers must also have someone to guarantee their borrowings from the bank or assets to place as collateral.

Those interested in the GSB program can contact any of its branches from today or they can call the GSB call centre on 1115 for more information.

The GSB’s move is in response to the government’s comprehensive plan to address the country’s chronic informal debt problem, as announced by Prime Minister Srettha Thavisin yesterday. Under the plan, the police, local officials under the Interior Ministry and the Finance Ministry will play a key role in mediating informal debt problems between the creditors and debtors.