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InfoQuest

SME Bank suspends principal repayment, lowers loan rate amid epidemic

April 03, 2020


Abstract : as COVID-19 is spreading in Thailand, SME D, a state-owned policy bank, shows great concerns about the difficulties clients face directly or indirectly in their business, and in order to respond to the call of BOT, the bank will take measures to help debtors affected by Thai economic difficulty.

InfoQuest (April 02, 2020) - Ms. Nartnaree Rattapat, director and general manager of Small and Medium Enterprise Development Bank of Thailand (SME D), revealed that as COVID-19 is spreading in Thailand, SME D, a state-owned policy bank, shows great concerns about the difficulties clients face directly or indirectly in their business, and in order to respond to the call of BOT, the bank will take measures to help debtors affected by Thai economic difficulty.

SME D has rolled out the following measure: for "loan customers of all categories" who have been in normal repayment status since the beginning of April 2020 and with overdue payments no more than three months since March 1, 2020, they do not need to repay principal for three months and only need to repay interests. Eligible customers will automatically enjoy the right and do not need to apply for it or get registered. Customers who have to repay debts according to previous repayment conditions can still repay debts normally.

"Customers can rest assured that for their suspended principal repayment, the bank will add corresponding debt amount to their last instalment. The above-mentioned measure will not be deemed as debt restructuring or breach of repayment treaty, and will not affect credit. For customers who have received assistance from SME D's previous measure in mitigating COVID-19 impacts and been approved to suspend principal repayment for over three months, they should still follow previously approved repayment interests.

Besides, based on the report of Tourism Authority of Thailand (TAT), SME D will lower loan rate by 1 percent for one year for tourism customers in 22 provinces (Bangkok, Nakhon Pathom, Nonthaburi, Samut Sakhon, Samut Prakan, Chachoengsao, Pathum Thani, Chonburi, Phuket, Chiang Mai, Rayong, Nakhon Ratchasima, Kanchanaburi, Phetchabun, Krabi Province, Ayutthaya, Songkhla, Surat Thani, Prachuap Khiri Khan, Khon Kaen, Phang Nga, Saraburi), involving hotel, guesthouse, spa, restaurant, travel agency, tour guide and tourist transport operator.

"SME D sincerely hopes that the measure will help clients reduce financial burden and business costs. SME D will offer support to operators and tide over the hard time together with them, and ensure their survival and sustained operation," said Ms. Nartnaree.

Source: InfoQuest, by Nisarat Wichiensri / Rachada, translated by Xinhua Silk Road

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Keyword: COVID-19 Thai bank

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