11 July 2024

Thailand’s state-owned Government Savings Bank (GSB) will help ease financial the burden for more than 750,000 mostly small debtors, through debt a moratorium scheme, said GSB Director Withai Rattanakorn today (Tuesday).

In line with the government’s policy to ease the hardships of small debtors, affected by the impacts of the COVID-19 pandemic, he said that the total debts to be placed under moratoria are estimated at over 50 billion baht, with many debtors expected to be granted a six-month debt moratorium.

To be eligible for the GSB’s scheme, the amount of borrowing must not exceed 200,000 baht per borrower and the debtors will not have to provide collateral to seek the moratorium, but they must prove that they are in financial trouble or have no revenue. Government officials or state enterprise employees are not eligible.

At the end of the moratorium period, the debtors are required to repay their debts in instalments, which are inclusive of interest, in accordance with the terms of their loan contracts.

The moratorium scheme is divided into two phrases, with the first to start on July 25th and the second in August. Debtors will receive SMS or other notifications on their mobile phones, via the MyMo app, so they can contact the bank to apply for the debt moratorium.

Debtors who do not yet have the app can download it or contact the bank at any of its branches.