City Hall cuts pawnshop interest rate

City Hall cuts pawnshop interest rate

Inside a BMA pawnshop on Pradiphat Road. (File photo)
Inside a BMA pawnshop on Pradiphat Road. (File photo)

The Bangkok Metropolitan Administration has lowered the interest rate on items pawned at City Hall-run pawnshops, to help households facing money problems for the new school term because of the epidemic.

Deputy governor Sophon Wisuthiwong said a new, low interest of 0.50% per month will be offered to parents needing cash for school fees, uniforms and study materials for the next term, which starts in May.

The low rate will be applicable for three months from April 1, and is intended to ease the financial burden on parents. The special rate is available on loans of up to 100,000 baht per customer, Pol Lt Gen Sophon said.

The city operates 21 pawnshops. According to the BMA's pawnshop website, interest rates are 0.25-1.25% a month, depending on the amount of money.

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