BoT eases Debt Clinic conditions

BoT eases Debt Clinic conditions

The Bank of Thailand's Debt Clinic scheme, which pools unsecured bad loans to turn them into performing loans, is offering a grace period on principal and interest and a two-percentage-point rate cut for six months to ease debtor burden amid the Covid-19 crisis.

The six-month period runs from April to September, said assistant governor Thanyanit Niyomkarn.

Because the outbreak situation over the next six months is unclear, the payment history of Debt Clinic participants who fail to make the full instalment amount during the period will remain good, she said.

The coronavirus pandemic has dealt a blow to individuals, businesses and the economy. The Debt Clinic has seen signs of longer overdue payments and deteriorating payment ability as social distancing protocols curb normal activity, Mrs Thanyanit said.

"The committee overseeing the Debt Clinic scheme has agreed that assistance measures for participants are urgently needed to tackle the Covid-19 impact, which could escalate and broaden in the period ahead," she said.

For the two-point rate cut for six months, interest will be reduced to 2-3% from 4-5% at present.

The rate cut will alleviate interest burden and also motivate participants to maintain their instalment repayment amount, as their principal will rise when the rate is lowered, Mrs Thanyanit said.

The aid measures will automatically apply to all participants. Scheme applicants who are approved from April to September will also be entitled to the assistance.

"We believe the measures or medicine that we have given will work to some extent," she said.

Do you like the content of this article?

Buri Ram village locked down

BURI RAM: The provincial communicable disease committee has ordered the 14-day lockdown of Ban Khok Sa-ad in tambon Pang Ku of Prakhon Chai district, where two people were found infected with Covid-19. One of them died.


Buyout offer

Gulf Energy Development, led by billionaire Sarath Ratanavadi, launches a 169 billion baht bid for Intouch Holdings, which controls the country's largest mobile phone operator, AIS.


Thailand adds 3 deaths, 1,390 Covid cases Monday

The government on Monday recorded three additional Covid-19 fatalities and 1,394 new infections, all but six transmitted inside Thailand. The kingdom has now logged 104 coronavirus deaths and 43,742 cases since the start of the pandemic in January 2020.