Thai bank freezes principal and interest payments for affected customers for 6 months
The Thai Government Savings Bank (GSB) introduced a measure to suspend payments of principal and interest to individual customers for six months.
GSB chairman Vitai Ratanakorn said the measure covers the debt installment cycle that begins this month. This move is in line with government policy that public financial institutions suspend the debt of customers suffering from the impacts of the protracted COVID-19 pandemic.
He said the bank estimated the measure covered 750,000 customers, for a total of 50 billion baht of outstanding debt. Once the measure is complete, they will have to resume repaying their debt in accordance with their current loan terms. They will also have to pay the suspended amount of principal and interest on the last installment of their debt payment.
Mr. Vitai added that the suspension of the debt will not be considered a default and will not affect their credit records. They can request the suspension of the debt through the bank’s MyMo mobile application or at the bank’s branches. (NNT)