Thailand’s Government Savings Bank Suspends Debt Installment Payments for 6 Months

[snoop1130]

 

BANGKOK (NNT) - Thailand’s Government Savings Bank (GSB) has introduced a measure to suspend principal and interest payments for individual clients for six months.

 

GSB president Vitai Ratanakorn said the measure covers the debt installment payment round that begins this month. The move is in line with the government’s policy that state-owned financial institutions suspend debt for customers suffering from the impacts of the prolonged COVID-19 pandemic.

 

He said the bank estimated that the measure covers 750,000 customers, totaling 50 billion baht in outstanding debt. Once the measure ends, they will have to resume debt repayments in line with their current loan conditions. They will also have to pay the suspended amount of principal and interest in the last installment payment round of their debt.

 

Mr Vitai added that the debt suspension will not be deemed as a payment default and will not affect their credit records. They can apply for the debt suspension through the bank’s MyMo mobile application or at the bank’s branches.

 

-- © Copyright NNT 2021-07-21

 

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[BKKTRAVELER]

That's a very good thing, because lack of income is one thing (terrible) but bad debts piling up is what put people 6ft under.. Endless debt accumulation is the true pandemic of our century I believe.

 

Hopefully, more banks and financial institutions will follow.

Edited July 21, 2021 by BKKTRAVELER

[LazySlipper]

Grind Thailand as much as I might... 555 this is the first country I ever saw who told the Bankers what to do...

For once ... Right on Thailand!   lol

[Albert Zweistein]

9 hours ago, LazySlipper said:

Grind Thailand as much as I might... 555 this is the first country I ever saw who told the Bankers what to do...

For once ... Right on Thailand!   lol

Where you read the government told the bankers to do so ?