BAAC cuts interest on MRR loans by 0.25% to support recovery of vulnerable groups – Equity Miti


Mitstock – BAAC announces reduction in loan interest rates MRR reduced by 0.25 percent for a period of 6 months, vulnerable farmer customers and SMEs face production problems, resulting in reduced ability to repay loans. including NPL borrowers under credit restructuring. 1.396 million people have already received 201,000 million baht in funds, or more than 90 percent of those who expressed interest in joining the program, to reduce the burden of costs and support the recovery of customers as the economy does not fully recover effective May 1. 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 customer accounts benefit from this to reduce cost burden. Support clients' recovery during periods 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 their debt payments. It is also gearing up to expand measures to help small farmers soon through Phase 2 of the loan moratorium scheme.

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 The credit limit for Village Health Volunteers and members of Village Health Volunteers is 20,000 million baht, with an interest rate of 0.67 percent per month or an installment payment of only 500 baht per month. Participation in credit management of farmers. 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.

Follow Stock Dimension channel for capital market news on below link.

Web: https://www.mitihoon.com/
Facebook: https://www.facebook.com/mitihoon
Web Light: https://www.youtube.com/@mitihoonofficial7770
Tik Tok: www.tiktok.com/@mitihoon

Leave a Reply

Your email address will not be published. Required fields are marked *