BANGKOK – The government’s financial institutions have been offering special New Year promotions to their customers. The Export–Import Bank of Thailand (EXIM Bank) introduced two major promotions for SMEs to refinance their debts and improve their business.
EXIM Bank President PisitSerewiwattana has revealed the 10-year low global trade growth and economic challenges that have obstructed the Thai export sector, while the industry now sees greater competition from the convenience of online trade. These conditions have caused higher operating costs among businesses, which are facing greater risks.
From these challenges, EXIM Bank has introduced a special offer for Thai exporters, offering up to 20 million baht in loans for each applicant, with a 7-year maximum payback period. The interest rate will start at 3.99 percent annually for the first two years. Applicants can use a guarantee from the Thai Credit Guarantee Corporation as collateral. The collateral fee will be waived in the first four years.
The bank has also introduced a special offer for SMEs to refinance their long-term and short-term loans, extending the payback period for long-term loans by up to two years. Applicants for up to a one year payback extension will have their interest rate reduced by 0.125 percent annually. Applicants for short-term loan payback extension will receive an overdraft limit increase, and an annual interest rate reduction of 0.125 percent for a year.
EXIM Bank expects these measures will help inject 15.7 billion baht into the economy, create 5,200 jobs, improve financial capacity and reduce debt burdens in 750 businesses. Interested persons can contact any branch of EXIM Bank from today until 31st December 2020 to apply or learn more.
