BAAC announces reduction in loan interest rates for vulnerable farmers and SMEs

Mitistock – BAAC announces a reduction in loan interest rates MRR reduced by 0.25 percent for a period of 6 months to customers of vulnerable farmers and SMEs whose production problems cause a decrease in their ability to pay back debts. Includes NPLs debtors undergoing debt restructuring. In order to reduce the burden of costs and support the recovery of customers while the economy has not fully recovered and is not complete, effective from May 1 It is announced that in the past the BAAC has issued measures to help farmers through a debt payment moratorium project for small farmers 1.396 million people have already received more than 201,000 million baht in cash , or more than 90 percent of those who have reported that they want to join the project. Ready to expand support measures through the Phase 2 Debt Suspension Project in the near future.

Mr Chulaphan Amornvivat, Deputy Minister of Finance as Chairman of the Board of Directors of the Bank for Agriculture and Agricultural Cooperatives (BAAC) Said that from the policy of the Prime Minister, Mr. Settha Thavisin, who is committed to helping the people, SME entrepreneurs, including those who have economic problems. There is an opportunity to recover and change under the appropriate financial cost of BAAC, as a special financial institution of the state. It has come to respond to policy and play a part in solving household debt problems. By reducing interest rates for retail customers or other measures that may ease the burden Help create opportunities and encourage more investment in the manufacturing sector.

BAAC is aware of the need to operate in accordance with policies and guidelines consistent with the State Financial Institutions Association. Therefore, 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. means that the ability to pay back debts is decreasing Including NPLs debtors who are under debt restructuring. There are more than 1.2 million customers who can benefit from this to reduce the cost burden. and supporting the recovery of consumers at a time when the economic recovery is not yet complete and inclusive. Effective from 1 May – 31 October 2024.

Mr. Chulpain He said that BAAC has in the past continuously issued measures to help small farmers through Measures to defer debt payments to small farmers as per government policy For farmers with a total outstanding debt of all contracts as of September 30, 2023, not more than 300,000 baht 1.85 million people have reported that they want to enter the measure through the BAAC application Mobile, with premiums of more than 257,000 million. baht. And of this number, there are 130,000 customers who have expressed their desire to attend a course to restore work capacity under the concept of “advanced market, additional innovation, increased income” . A moratorium on debt payments for 300,000 people by September 2024. In addition, we are also preparing to expand measures to help small farmers through the debt moratorium project, Phase 2, in the near future.

In addition, BAAC has always taken care of farmers’ debt problems in a comprehensive manner. With financing support through low interest rate loans. To increase liquidity for consumption and relieve the burden of the family instead of borrowing money outside the system, such as A loan to you MRR interest rate and payday loans for good people A credit limit of 20,000 million baht for members of village health volunteers and village health volunteers, an interest rate of 0.67 percent per month or installment payments of only 500 baht per month, etc. Both internal and external debt go throughThe project has foreign debt and it informs the BAAC. He has been able to solve the debt problem outside the system and bring it back to the BAAC system for 676,677 cases, amounting to more than 51,934 million baht. and credit measures to help and support informal debt. 545 million baht of loans were disbursed, along with providing advice on debt management and debt restructuring. Including frozen interest rates on loans during periods of policy interest rate changes and other financial institutions raising interest rates. The BAAC is therefore considered an important tool to take care of client farmers. which is in most of the country To be strong You have the ability to generate income This will affect the development of the entire economic system of the country for sustainable growth.

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