The Thai Bankers’ Association (TBA) has deemed it important to provide additional financial aid measures for vulnerable groups amidst the uneven economic recovery by lowering the minimum retail rate (MRR) by 0.25% for individual and SME customers for six months. The interest rate cut will help alleviate the financial burden for customers and support the recovery and transformation of the economy in line with the government’s economic stimulus approach and the Bank of Thailand’s policy guidelines.
Bangkok Bank has responded to the government’s appeal by lowering the minimum retail rate (MRR) by 0.25% for six months, taking effect from April 29, 2024, as it places great importance on helping customers relieve their financial burden. Previously, the Bank provided help for corporate, SME and individual customers including the vulnerable groups when customers were affected by Covid-19 and during other economic situations.
The rate cut reinforces the Bank’s commitment to helping entrepreneurs during difficult times when the economy has not fully recovered, while also helping to drive the overall economy when it is challenged by internal and external factors.
In addition, the Bank is supporting SMEs with the Bualuang Transformation Loan program with a total credit line of 20 billion baht and a credit limit of 10 million baht per borrower with a fixed interest rate of 5% per year for a period of five years. Interested entrepreneurs, whether existing or new customers, can apply for the Bualuang Transformation Loan between February 1, 2024 – January 31, 2025, or until the credit line of the program has been fully utilized.
