Bangkok: The Government Savings Bank has announced a new loan initiative aimed at assisting individuals whose homes have been damaged by recent floods. The program, which starts on November 1, 2024, offers loans with a 0% interest rate for the first three months, followed by six installments without repayment. Existing clients have the option to increase their loan amounts, while new clients can access loans without collateral.

According to Thai News Agency, Mr. Vitai Ratanakorn, President of the Government Savings Bank, stated that this initiative is in response to a government directive for state agencies to urgently develop measures to support flood-affected residents. The loan measure is specifically designed to facilitate the renovation and repair of homes that have suffered damage. The government has allocated a total project budget of 3,500 million baht for this initiative, providing crucial support to those impacted by the disaster.

The loan details vary for existing and new customers. Existing cust
omers can secure loans up to 500,000 baht per person, provided the total loan amount, when combined with existing debt, does not exceed the property’s appraised value. The interest structure is favorable, with a 0% rate for the first three months, 2.000% from months four to twelve, 3.000% in the second year, 3.750% in the third year, and MRR -0.750% from the fourth year onwards. Additionally, the bank offers to cover mortgage registration fees up to 5,000 baht per person.

New customers can avail loans up to 200,000 baht per person without the need for collateral. The interest rate for these loans is set at 0% for the first three months, gradually increasing to 4.000% for months four to twelve, 5.000% in the second year, 6.250% in the third year, and MRR +2.155% from the fourth year onwards.

This initiative aligns with the government’s broader policy to provide continuous relief measures for flood victims, ensuring that they can access necessary funds at fair interest rates during periods of financial diffi
culty. For more information, interested parties can visit the bank’s website or contact the GSB Contact Center. Applications will be accepted at any Government Savings Bank branch until December 30, 2025.