Government Savings Bank Offers Emergency Loans for Home Repairs Up to 500,000 Baht with 0% Interest in the First Year
Government Savings Bank Provides Emergency Loans of Up to 50,000 Baht with 0% Interest in the First Year; 500,000 Baht for Home Repairs with 0% Interest in the First Year
Mr. Witthaya Rattanakorn, Director of the Government Savings Bank, announced that the recent flooding in several areas of northern Thailand has caused significant damage and affected customers and the general public. In response, the Government Savings Bank has implemented urgent relief measures to assist those impacted by the floods. The bank is offering the “Housing Loan for Disaster Victims” to both existing customers and the general public affected by the disaster, allowing them to borrow up to 100% of the assessed value for repairs or renovations, capped at 500,000 Baht. The repayment period can extend up to 40 years, with a fixed interest rate of 0% for the first year, 3.00% per annum for the second and third years, and MRR-0.75% per annum from the fourth year onward (current MRR rate of the bank is 6.245% per annum).
Additionally, disaster victims can apply for an emergency loan under the “Loan for Disaster Victims” program to alleviate the hardships caused by flooding or disasters. This loan offers up to 50,000 Baht per individual, with monthly repayments over 3-5 years, and a 0% interest rate for the first year, with no payments required for the first three months. From the second to the fifth year, the interest rate will be 0.85% per month (Flat Rate). The bank also waives the loan application fee. Borrowers can have up to two guarantors with stable income of at least 9,000 Baht per month, or use savings accounts, special savings bonds, real estate, or the Small Business Credit Guarantee Corporation (SBCG) for guarantees. The Government Savings Bank will cover the guarantee fee of 2% per annum from the second year until the contract is completed.
For more information, please contact the Government Savings Bank Call Center at 1115 or follow their announcements through all communication channels, including their website: www.gsb.or.th, Facebook: GSB Society, and Official Line: GSB Government Savings Bank.
