BANGKOK, 19 February 2013 The Bank of Ayudhya expects that the personal loan market in Thailand will grow by 16.5% this year.
Thailand’s market for personal loan has grown considerably in the last couple of years. Last year the growth rate was 18%. The country’s total personal loans amount to just over 200 billion baht.
According to President of the Bank of Ayudhya Philip Tan Chen Chong, the growth is expected to be driven by the rising demand for cash flow and small investments by small business owners, as well as by workers who need reserve money for emergency use.
In response to market expansion, the bank is introducing new type of personal loans, targeting small business owners with a monthly income of 20,000 baht upwards, and salary-earners earning 15,000 baht or more.
The new personal loans will require no collateral, and will range between 30,000 and one million baht. The bank expects to lend out about 14 billion baht of these personal loans in total.
