Bangkok Bank Offers Special Loans to Flood Victims

Bangkok Bank has launched a new initiative to provide financial support to individuals and businesses affected by the floods in Thailand. The bank is offering special personal loans to customers who receive their salaries via a Bangkok Bank account, with interest rates ranging from 10% to 16% per annum. The loans have a credit ceiling of 2-10 times a customer's monthly salary and can be repaid over a period of up to five years, without the need for a guarantor or collateral. Business customers who pay salaries to their employees through Bualuang Payroll services are also eligible for the loan facility.

Key Takeaways:

• Bangkok Bank is offering special personal loans to customers who receive their salaries via a Bangkok Bank account, with a credit ceiling of 2-10 times a customer's monthly salary.
• The loans have an interest rate ranging from MRR + 2% (10% per annum) to MRR + 8% (16% per annum) per annum, depending on the option chosen by employers and customers.
• Customers can choose from three options: Option 1, where the employer guarantees the loans with an interest rate of MRR+2% (10% per annum); Option 2, where the employer deducts monthly payments from the salary and makes the payment on behalf of the employees with an interest rate of MRR+6% (14% per annum); and Option 3, where the employer leaves approval to the bank with an interest rate of MRR+8% (16% per annum).
• Business customers who pay salaries to their employees through Bualuang Payroll services are eligible for the loan facility.
• The measure is an assistance loan facility for business customers who use Bualuang Payroll to pay salaries to their employees, as well as a special initiative to provide relief to salary earners suffering from the floods.
• Earlier measures undertaken by Bangkok Bank include relaxing Bualuang Home Loan repayment conditions, offering a waiver of default payment fees, and providing an additional loan of 10% of the existing credit ceiling for home repairs.
• Credit card customers in flooded areas have also received assistance, with interest rates cut by 50%, minimum monthly payments reduced to 0-10% of the outstanding balance, and late payment penalties waived.

Statistics:

• The credit ceiling for the loans is 2-10 times a customer's monthly salary.
• The interest rates range from MRR + 2% (10% per annum) to MRR + 8% (16% per annum) per annum.
• The loans can be repaid over a period of up to five years.
• Business customers who pay salaries to their employees through Bualuang Payroll services have been invited to contact a nearby Bangkok Bank branch or Business Center or their assigned Bangkok Bank officer for further information and to make an application.
• The measure is an additional loan facility for customers who use Bualuang Payroll services, with a total of 10% of the existing credit ceiling available for home repairs.

Sources:

• Bangkok Bank Senior Executive Vice President Suvarn Thansathit
• Bangkok Bank
• Bualuang Payroll services
• Syndicate.info
• Albawaba.com