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10,000-baht loan programme for Covid-hit households

State-run Government Saving Bank (GSB) is launching its latest relief-loan measure to alleviate the burden on Thai households amid the stagnant economy wrecked by the Covid-19 epidemic, it said on Tuesday. 

The measure aims to “help those in need of liquidity for their family, as well as to reduce debt load,” said GSB president Vitai Ratanakorn.

This relief scheme is part of the Thai government’s policy to support affected households across the country, he said.

Under the scheme, Thais over the age of 20 are eligible for up to 10,000 baht credit with a fixed interest rate of 0.35 per cent a month and no requirement for credit guarantor and collateral.

GSB also provides borrowers with a principal and interest payment waiver for the first six months, with a repayment duration of no more than two years.

The loan registration will open from March 23 via the banking application MyMo. 

GSB has been supporting Thai households and small and medium-sized enterprises (SMEs), who have suffered the most from the unprecedented economic downturn as a result of the pandemic. 

Besides the battered tourism industry, The Thai economy is now subject to uncertainties stemming from the Russia-Ukraine crisis and rising inflation, both of which will likely hamper the country’s economic recovery this year. 

Most research units have revised down their gross domestic product (GDP) growth projection for 2022 to around 3 per cent, from the previous estimates of 3.5-4 per cent. In 2021, the Thai GDP grew 1.6 per cent, following a 6.1 per cent contraction in 2020.

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