BANGKOK, Thailand – The government’s debt relief initiative, “Khun Soo Rao Chuay”, or “You Fight, We Help,” has surpassed 500,000 registrations, with applications open until the end of February. A total of 48 financial institutions have pledged their support for the program, aimed at assisting borrowers struggling with debt.
Deputy Government Spokesperson Sasikarn Wattanachun provided an update on the program, which includes two key measures. The first, “Pay on Time, Keep Your Assets” or “Jai Trong Kongsap”, offers debt restructuring for small-scale borrowers with home, auto, or SME loans, allowing them to retain their assets. This measure reduces monthly installments to 50% in the first year, 70% in the second, and 90% in the third, while pausing interest payments for three years. The principal payments made during this period will go directly toward debt reduction, with interest accrued over the three years being waived under specified conditions.
The second measure, “Pay, Settle, End” or “Jai Pid Jop”, provides relief for individual borrowers classified as non-performing loans (NPLs) with outstanding debt of no more than 5,000 baht. These borrowers can settle their debts by paying just 10% of the remaining balance.
The program is a joint effort between the Bank of Thailand (BOT) and leading financial institutions, including commercial banks, non-bank financial service providers, and state-owned financial institutions. Among the 48 participating institutions are 15 commercial banks. Additionally, 27 non-bank financial companies and six specialized financial institutions (SFIs), such as the Government Savings Bank and the Bank for Agriculture and Agricultural Cooperatives, have joined the initiative.
Eligible borrowers can review the program details and apply via the Bank of Thailand’s official website until February 28th. (NNT)
