Bangkok – The Student Loan Fund (SLF) has launched a campaign to encourage borrowers to settle their student loan debts.
According to the SLF, borrowers who never missed a payment and those who are still in their leniency period or two years after graduation before having to make the first payment, are entitled to a 3% reduction on their principal or the total amount borrowed if they choose to settle debts under the campaign. For instance, if the principal is 400,000 baht, 3% or 12,000 baht will be deducted, bringing the total amount the borrower has to pay for settlement to 388,000 baht.
As for those who have missed payments, they will get an 85% reduction on interest on the day of the settlement. For example, if the interest is 100,000 baht, the amount the borrower would have to pay on top of the principal is 15,000 baht.
The new campaign is in effect from now until May 31st, 2019.
Chainarong Kajchapanan, the fund manager, said the fund has more than 5.51 million active borrowers who owe 75.4 billion baht. The average amount borrowed is 100,000 baht per person. Of all the debtors, only 40% of them have made their payments on time. And up to 1.1 million borrowers have been indicted.
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