BAAC provides farmers debt relief for new round of COVID poisoning for 1 year
January 24, 2021 time 20:44
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BAAC introduces measures to help farmers cope with the new wave of COVID-19 with a 6-month-1-year debt suspension
Surachai Rasmee, Acting Deputy Manager of the Bank for Agriculture and Agricultural Cooperatives (BAAC) said that in order to mitigate the impact of the new coronavirus situation, BAAC has issued measures. In addition to the suspension of principal debt for the entire system for a period of 1 year that has been carried out in the past And to help farmers, SMEs, agricultural cooperatives Cooperative Cooperative Store Service Community Enterprise Village funds that were affected by the situation and were in the 28 provinces in the highest control areas and further announced by the government. The bank will operate
1) One year of initial payment for farmers
2) Suspension of principal payment for SMEs, agricultural cooperatives Cooperative Cooperative Store Service Community Enterprise 6-month village fund In case of new loans with debt due from December 2020 to May 2021, the loan principal will be suspended for COVID-19 emergency loans. Which is due for another 6 months, including the suspension of payment of the principal loan for those who participated in the informal debt solving program for another year
As for the overall measures to help those affected by the COVID-19 epidemic, the BAAC has prepared a total amount of support for household expenses. Through an emergency credit project of 20,000 million baht for farmers and their families At a fixed interest rate of only 0.1 percent per month, the loan amount is not more than 10,000 baht. Repayment is due not more than 2 years and 6 months from the loan date. Have a 6 month grace period, no collateral required. And can pay installments according to the repayment ability By extending the time to apply for such loans until June 30, 2021 and support new loans for investment and production recovery. Through the emergency loan program to supplement liquidity with low interest rates For entrepreneurs and farmer institutions Interest rate 4% per year, total amount of 10,000 million baht (The Board of Directors will approve emergency and low-interest liquidity-enhancing emergency loans before the service opens by January 2021).
In addition, the BAAC has prepared loans for business rehabilitation and restructuring, consisting of short-term loans, new production season (Jump Start Credit), interest rates of 4 percent per annum, Sufficient Loan, percentage interest rate. 0 in the first 3 months and the next month, 4% interest per annum, New Gen Hug hometown loan, 0% interest rate during the first 3 months, the following month, 4% interest per annum, SMEs (Bank of Thailand Soft Loan term 2) Interest rate 2% per annum and informal debt correction loan Interest rate 1% per month
It also reduces the debt burden through the Good Mee Return Program. For debtors with normal debt status With outstanding debts as of October 31, 2020, except for project loan contracts that receive interest compensation under the government policy In the case of a farmer As soon as the debt is repaid, 20% of the actual interest paid will not be more than 5,000 baht per person. In the case of individuals, farmers groups, cooperatives, juristic persons and village and urban funds Will receive a refund at the rate of 10 percent of the actual interest paid. But not more than 50,000 baht, budget amount 3,000 million baht, project duration from December 1, 2020 – March 31, 2021 or until the budget is full.
And debt reduction projects For customers with outstanding debt for more than 15 months with outstanding debts as of October 31, 2020, except for project loan contracts that receive interest compensation under the government policy, where BAAC will use the returned interest to reduce the burden. Debt by amortizing the principal And after amortizing the debt There is remaining money, it will be transferred to farmer’s bank account on the next day. Which in the case of farmers customers The interest will be repaid at the rate of 20% of the actual interest paid. And in the case of individuals, farmers groups, cooperatives, juristic persons and village and urban funds Will receive a refund of the interest on the loan at the rate of 10 percent of the actual interest paid. No limit to the amount that will be returned Project duration from December 1, 2020 – March 31, 2021, as well as preparing measures to relieve debt burden. By managing debt and extending the repayment period in accordance with the source of income. Both for farmers Institute of farmers and entrepreneurs
Surachai said that to prevent the spread of the COVID-19 virus. And in accordance with the Ministry of Public Health’s social spacing measures, BAAC has provided a channel for those who wish to use the service with BAAC by expressing their intention to join the payment suspension program. Debt (in the 28 provinces in the highest control areas and further announced by the government) through LINE Official BAAC Family, website www.baac.or.th Call Center 0 2555 0555 and BAAC in 28 provinces for emergency loans. Requests can be made via LINE Official BAAC Family, an emergency loan for low interest liquidity. Short-term credit for new production season Informal Debt Correction Loans and SMEs Loans (Soft Loan, BOT Phase 2) can be contacted to apply for a loan at every BAAC branch nationwide. And in the case of self-sufficiency loans for living and New Gen Hug, the hometown, can be contacted via LINE Official BAAC Family and BAAC at all branches of the country Starting from now on And after accepting the matter, BAAC will make an appointment to make a contract at the BAAC branch in the customer’s home area. BAAC does not have a policy to approve loans via online channels. In addition to just expressing the intention to use the service, please be careful about providing personal information other than the channels specified by the BAAC.
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