Mitstock – BAAC announces reduction in loan interest rates The MRR was reduced by 0.25 percent for a period of 6 months, reducing the ability of vulnerable farmer customers and SMEs experiencing production problems to repay loans. including NPL borrowers undergoing credit restructuring. To reduce the burden of costs and support the recovery of customers as the economy has not fully recovered since May 1, BAAC has in the past announced measures to help farmers through the loan moratorium program for small farmers. Soon the loan moratorium scheme is ready to expand assistance measures through phase 2.
Mr. Sulapan Amornwiwat, Deputy Minister of Finance as Chairman of the Board of Directors of the Bank for Agriculture and Agricultural Cooperatives (BAAC) Prime Minister Mr. From the principle of Setha Tavis, he is committed to helping people, SMEs, entrepreneurs, and those facing economic problems. As a special financial institution of the state, BAAC has an opportunity to recover and adjust under the money. It has come to respond to policy and participate in resolving home loan issues. By lowering interest rates or other measures that can ease the burden on retail customers, create opportunities and stimulate more investment in the manufacturing sector.
BAAC is aware of the need to operate in accordance with policies and guidelines consistent with the Federation of State Financial Institutions. Hence, the MRR loan interest rate has been reduced by 0.25 percent for a period of 6 months for farmers, vulnerable customers and SMEs facing production problems. Including NPL borrowers undergoing credit restructuring whose ability to repay the loan decreases. More than 1.2 million customers will benefit from this to reduce the cost burden. and supporting clients' recovery at a time when the economic recovery is still incomplete and inclusive. Effective from 1 May – 31 October 2024.
Mr. Sulban In the past, BAAC has consistently released measures to help small farmers Measures to stop disbursement of loans to small farmers as per government policy 1.85 million people want to join the operation with a principal amount of more than 257,000 million through the BAAC mobile app for farmers with a total debt of all contracts due on September 30, 2023, not exceeding 300,000 baht. Of the customers who have expressed interest in joining the initiative, more than 1.39 million have signed a memorandum of understanding at the end of the loan agreement, or more than 90 percent are willing to join the initiative. Of this number, 130,000 customers expressed their willingness to participate in a course to restore professional competence under the concept of “Leading the market, additional innovations, increasing income” and by September 2024, 300,000 people will be able to suspend debt payments. It is also gearing up to expand measures to help small farmers through the loan moratorium scheme, phase 2.
In addition, BAAC has always looked after the credit problems of farmers in a comprehensive manner. With financial support through low interest rate loans. To increase cash flow for expenditure and ease the burden of the household instead of borrowing outside the system, Credit to you MRR is the interest rate And payday loans for the good A loan limit of 20,000 million baht for Village Health Volunteers and members of Village Health Volunteers, 0.67 percent interest per month or monthly installments of only 500 baht, etc. Participation in credit management of farmer customers. Both internal and external credit pass throughThe program has foreign debt and tells BAAC. It was able to solve the problem of debt outside the system and bring it back into the BAAC system for 676,677 cases, amounting to 51,934 million baht. and lending activities to assist and support informal lending. Loans of 545 million baht have been provided, along with advice on debt management and debt restructuring. Including policy interest rate adjustments and freezing interest rates on loans during periods when other financial institutions raise interest rates. This reduces the loan repayment burden on farmers. It must be able to generate income for the majority of the country to be stable which will affect the development of the overall economic system of the country for sustainable development.
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