The Bank for Agriculture and Agricultural Cooperatives (BAAC) has announced debt payment deferrals for its customers in the North affected by severe flooding, with the measure lasting up to one year.
According to BAAC president Chatchai Sirilai, the payment deferrals are intended to alleviate customers' concerns about their debt burden.
Branches in the affected areas were assigned to distribute relief packages and provide loans to enhance liquidity for emergency expenses, he said. The deferrals will not incur any penalties for late payments.
Mr Chatchai said flooding in the northern region, especially in Chiang Rai and Chiang Mai provinces, has caused extensive damage to agricultural production, housing and people's property.
For areas declared disaster zones by provincial governors, there are recovery and liquidity enhancement measures for farmers through the emergency expense loan programme for 2024/2025. This scheme includes essential living costs, with a 0% interest rate for the first six months, then the minimum retail rate (currently 6.975%) from the seventh month.
The maximum loan amount is 50,000 baht per borrower.
Other measures include a loan programme for rehabilitation and quality of life improvement to cover investment costs to repair houses and assets, fix damaged tools and agricultural equipment, and expenses for the next agricultural cycle. The maximum loan amount for this scheme is 500,000 baht per borrower, he said.
Mr Chatchai said the bank is fully prepared to provide assistance and support. Once the floods recede, surveys will be conducted to assess the damage customers face to help in devising precise assistance measures.
Affected farmers can express their interest at any BAAC branch nationwide or contact the call centre at 02 555 0555, 24 hours a day.
According to the Interior Ministry's report, the recent flooding in the northern region, particularly in Mae Sai district of Chiang Rai province, is the worst in 80 years.
