Bank for Agriculture to Offer Debt Moratorium for up to One Year
BANGKOK (NNT) – The Bank for Agriculture and Agricultural Cooperatives (BAAC) will offer a debt moratorium, from six months to a year, to indebted clients who are farmers, cooperatives, village funds or agricultural communities as of 1 April 2021.
BAAC manager Thanarat Ngamwalirat said the bank aims to alleviate the financial burden of its clients amid this severe third COVID-19 wave, and estimates that there are about 2.82 million clients who will benefit from this measure.
He said clients can choose a moratorium period from six months to one year, on a voluntary basis. During this period they will only have to pay interest and not the principal.
Mr Thanarat added that the BAAC will also offer emergency loans of THB10,000 per person, to prevent its clients from turning to loan sharks. The emergency loan will have a 0.35% monthly interest rate, a six month grace period and require no collateral required. Clients will need to pay back the loan in three years. Both programs will run until 31 December.