Government Savings Bank is offering a 3-month suspension of principal and interest payments for loan customers, effective from April 1 to June 30, 2020, to help mitigate the impact of the Covid-19 virus outbreak. Customers do not need to register; the bank will implement this automatically.

Government Savings Bank will automatically suspend principal and interest payments for 3 months, starting from April 1 to June 30, 2020, to assist customers facing challenges due to the Covid-19 virus. This applies to regular loan customers and those with arrears not exceeding 3 months as of March 31, 2020, without the need for any notification or registration. Customers who do not wish to participate can continue to make regular payments. Additionally, for credit card and cash card holders, the minimum payment rate has been reduced to 5%.

Dr. Chatchai Payuhanaveechai, Director of Government Savings Bank, stated that the ongoing Covid-19 outbreak has significantly affected the lives of the general public. The government has been implementing continuous assistance measures across various sectors. Meanwhile, the Bank of Thailand (BOT) has instructed financial institutions and non-financial businesses to support debtors. The Government Savings Bank has consistently introduced assistance measures, and recently, it has launched additional support for loan customers through a credit assistance program.

For debtors affected by the Covid-19 virus, the bank will automatically suspend principal and interest payments for 3 months for all loan customers who have maintained regular payment status up to those with arrears not exceeding 3 months as of March 31, 2020. This applies to personal loans and housing loans with outstanding principal not exceeding 3 million baht, and SMEs with outstanding principal not exceeding 20 million baht, effective from April 1 to June 30, 2020.

For credit card and cash card holders, the Government Savings Bank will reduce the minimum payment rate from 10% of the billed amount to 5% for the years 2020 to 2021. In 2022, the payment rate will be set at 8% of the billed amount, and in 2023, the minimum payment rate will return to 10% of the billed amount.

After the suspension period for principal and interest payments ends, customers must pay any outstanding installments before entering the assistance measures (if applicable) and then continue payments according to the original terms. However, if they are unable to make payments, they can opt for debt restructuring or choose to participate in previously announced debt suspension measures by the bank, which are designed to assist debtors affected by the economic impact of the situation.