2024-04-28 14:11:27
Mitistock – BAAC announces a reduction in loan interest rates The MRR has been reduced by 0.25 percent for a period of 6 months for vulnerable farmer and SME customers who are experiencing production problems leading to a reduction in their ability to repay their debts. Including NPL debtors undergoing debt restructuring. To reduce the spending burden and support customer recovery while the economy has not fully recovered and is not complete, effective May 1. It is revealed that in the past, BAAC issued measures to help farmers through the proposed debt payment moratorium for small farmers. 1.396 million people have already received more than 201 billion baht in funds, accounting for more than 90 percent of those who expressed their desire to join the project. Ready to soon expand assistance measures through phase 2 of the debt suspension project.
Mr. Chulaphan Amornvivat, Deputy Minister of Finance As Chairman of the Board of Directors of the Bank of Agriculture and Agricultural Cooperatives (BAAC) This says regarding the policy of the Prime Minister, Mr. Settha Thavisin, who is committed to helping people, SME entrepreneurs, including those who are experiencing economic problems. There is a possibility of recovery and adjustment to the appropriate cost of money, as a specialized financial institution of the state. Came to respond to policy and participate in resolving household debt problems. By reducing interest rates for retail customers or other measures that can reduce the burden Help create opportunities and stimulate more investment in the manufacturing sector.
BAAC is aware of the need to operate in accordance with policies and guidelines consistent with those of the Association of State Financial Institutions. Thus, the MRR loan interest rate has been reduced by 0.25 percent for a period of 6 months for farmers, vulnerable customers and SMEs facing production problems. resulting in a decrease in the ability to repay debts including NPL debtors undergoing debt restructuring. More than 1.2 million customers will benefit from it in order to reduce the cost burden. and supporting customer recovery at a time when economic recovery is not yet complete and inclusive. Effective from May 1 to October 31, 2024.
Mr. Chulphan He said that in the past, BAAC has continuously issued measures to help small farmers through Measures to suspend debt payments of small farmers in line with government policy For farmers whose total outstanding debt from all contracts as of September 30, 2023 does not exceed 300,000 baht, 1.85 million people have signaled their desire to join the measure via the BAAC Mobile app, with amounts principal of more than 257,000 million baht. baht. Among the customers who signaled their desire to join the measure, more than 1.39 million signed a memorandum of understanding at the end of the loan contract, representing more than 90 percent of those who signaled their intention to do so. adhere to the measure. And among them, 130,000 clients expressed a desire to take a course on restoring professional potential according to the concept “market leader, further innovation, increased income”. The bank will organize vocational rehabilitation for customers who participate in the program. A debt payment moratorium for 300,000 people by September 2024. In addition, we are also preparing to soon expand measures to help small farmers through the Debt Moratorium Project, Phase 2.
In addition, BAAC has always comprehensively dealt with farmers’ debt problems. With financial support through low interest loans. Increase liquidity for expenses and ease the burden on the family instead of borrowing money from outside the system, such as Ready for you MRR Interest Rate and payday loans for the right people Credit limit of 20,000 million baht for members of Village Health Volunteers and Village Health Volunteers, interest rate of 0.67 percent per month or installment payments of only 500 baht per month, etc. Participation in debt management for farmer clients. Internal and external debt is passed onThe project has an external debt and tells the BAAC so. It successfully resolved the debt problem outside the system and reintegrated it into the BAAC system for 676,677 cases, amounting to more than 51,934 million baht. and credit measures to assist and support informal debt. 545 million baht of loans were disbursed, as well as advice on debt management and restructuring. Including the freezing of interest rates on loans during key interest rate adjustment periods and the increase of interest rates by other financial institutions. This reduces the debt repayment burden on farmers. BAAC is therefore seen as an important mechanism to help take care of client farmers. which represents the majority of the country Be strong Have the ability to generate income This will affect the development of the country’s overall economic system towards sustainable growth.
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