Bangkok, BAAC moves forward with loan measures, worth 7,500 million baht, to solve the problem of debtors outside the system in accordance with government policy.
BAAC is ready to move forward in solving the problem of informal debt, preparing a credit line of 7,500 million baht for farmers or people in households. who are registered in the government’s informal debt mediation project, each not exceeding 20,000 baht, interest rate 1 percent per month, no principal repayment for the first 6 months or according to conditions set by the bank. Repayment in no more than 3 years. Start paying the loan today until 30 September 2024 or the full amount.
(Today 23 December 2023) Mr. Settha Thavisin, Prime Minister and Minister of Finance Visit the area to follow up on the implementation of measures to solve informal debt problems. By attending the meeting and giving policies to drive such measures to government agencies. Ready to listen to mediation negotiations to solve debt problems between creditors and debtors with relevant agencies. with Mr. Phumtham Wechayachai, Deputy Prime Minister and Minister of Commerce, Mr. Anutin Charnvirakul, Deputy Prime Minister and Minister of Interior, and Mr. Chulaphan Amornvivat, Deputy Minister of Finance. and Mr. Chatchai Sirilai, Manager of the Bank for Agriculture and Agricultural Cooperatives (BAAC), along with executives and employees in the area. Welcoming at Nan Provincial Hall, Chaiyasathan Subdistrict, Mueang District, Nan Province.
Mr. Chatchai Sirilai, BAAC Manager, said that from the Cabinet resolution on December 19, 2023, it was agreed that BAAC would implement credit measures to assist and accommodate debtors outside the system. According to the guidelines for resolving debt problems throughout the system As proposed by the Ministry of Finance To help and support debtors outside the government system. By the qualifications of participants in credit measures to help and support debtors outside the system. Must be a farmer or person in a farmer’s household registered in the government’s informal debt mediation project, not exceeding 20,000 baht per item, interest rate 1 percent per month (Flat Rate), no repayment of principal for up to the first 6 installments (paying normal interest). or according to the conditions specified by the bank The maximum repayment period is not more than 3 years. Loan payments begin from today until 30 September 2024 or the full amount of 7,500 million baht.
The BAAC has continued to operate according to measures to solve the problem of informal debt through loans to pay off debt outside the system, each not exceeding 200,000 baht. In the case of land conservation, each not exceeding 500,000 baht. Interest rates according to customer class. The repayment period does not exceed 12 years and the Fund Loan Fund provides loans to farmers and the poor, which BAAC cooperates with the Ministry of Agriculture and Cooperatives. Loan amount not exceeding 2.5 million baht per person, interest rate 5 percent per year.
In the case of paying debts on time Interest is reduced to 4 – 2 percent per year. Repayment period is not more than 20 years, along with enhancing knowledge and career potential. So that farmers can have more income and stand firmly. and preserve the land so that it does not belong to others. The BAAC has moved forward to solve the problem of debt outside the system for farmers, customers, and people in their households to return to the system. BAAC has received more than 712,518 cases worth more than 60,355 million baht.
Source: Thai News Agency