Bangkok: Krungthai Bank is extending a helping hand to flood victims in Northern Thailand by implementing financial relief measures for individuals and small to medium-sized enterprises (SMEs). The bank aims to mitigate the financial strain caused by the recent floods through measures such as interest rate reductions, debt payment installment plans, and funds for property repairs.
According to Thai News Agency, Mr. Ekkachai Techawiriyakul, the Chief Risk Officer at Krungthai Bank, disclosed that the severe weather conditions brought on by storm Wipha have led to significant rainfall, flash floods, and rising river levels across numerous northern provinces. These adverse conditions have resulted in extensive damage to properties, disrupted livelihoods, and affected the overall well-being of the bank's customers and the wider community.
In response, Krungthai Bank has launched financial initiatives to ease the burdens of those impacted. These include reducing loan installments by 75% for home and SSME business loans for one year, coupled with a 0% interest rate for the initial three months, followed by a fixed 2.5% interest rate for the next 33 months. For personal loans, the bank is offering a fixed interest rate of 4.5% per year for three years.
For SMEs, the bank's assistance encompasses interest rate cuts, reduction in installment and principal payments, and tailored debt repayment schedules. Business clients are encouraged to reach out to their Business Relationship Managers to discuss suitable support options.
Additionally, the bank has devised measures for business rehabilitation and home repair loans, offering fixed interest rates of 0% for the first three months, followed by 2.5% for 33 months on home and SSME business loans. For SME term loans, the interest rate is set at 3.5% for the first two years, subsequently adjusting to MLR-1% annually.
Krungthai Bank emphasizes that the conditions and criteria for these relief measures will be assessed on a case-by-case basis to ensure that each customer receives appropriate support tailored to their specific situation.