SCB has responded to the Bank of Thailand's policy by announcing an immediate reduction of 0.40% in loan interest rates across all types to assist business customers and retail loan clients, in addition to the debt moratorium measures aimed at mitigating the economic impact of COVID-19, effective April 10, 2020.

Mr. Arthit Nanthawithaya, Chief Executive Officer and Chairman of the Executive Board of Siam Commercial Bank, stated that the ongoing severe spread of the COVID-19 virus, with no clear end in sight, has significantly slowed down the overall economy due to stagnation in the business sector.

In response to the Bank of Thailand's announcement of measures to reduce the contribution rates to the rehabilitation fund of commercial banks, the bank has decided to announce a reduction in loan interest rates across all types to urgently alleviate the burden of interest costs for its customers.

The bank has announced an additional reduction of 0.40% in loan interest rates, with the interest rate for prime corporate customers on MLR loans reduced from 5.775% to 5.375%, and the interest rate for prime corporate customers on overdraft loans (MOR) reduced from 6.495% to 6.095%.

Additionally, the interest rate for prime retail customers (MRR) has been reduced from 6.745% to 6.345%. The bank hopes that this reduction in interest burden will help business customers and retail loan clients lower their financial costs and ultimately navigate through this crisis.

Besides the aforementioned measures, the bank remains committed to continuously enhancing various measures to assist customers still affected by the situation, aiming for both customers and the bank to overcome this crisis together.
The new loan interest rates will take effect from April 10, 2020, onwards.