BANGKOK, 2 May 2012 The government’s three-year debt moratorium for small-scale farmers and low-income earners with outstanding debt under 500,000 baht has officially kicked off today.
Presiding over the launch of the three-year debt moratorium program, Prime Minister Yingluck Shinawatra explained that the program, a collaboration between the government and a specialized financial institution, is intended to relieve the burden of low-income earners and small-scale borrowers. As well as targeting to balance the people’s income with their expenses, the program hopes that the savings can be used to improve their quality of their lives and families as well as the country’s economy.
Additionally, the PM also advised that people keep record of their incomes and expenses so they can cut down on unnecessary items. The King’s self-efficiency economy should also be applied in the effort to improve the quality of life.
Participants of the debt moratorium for small-scale farmers and low-income earners must have an outstanding debt of no more than 500,000 baht during a period of 3 years. Under the program, eligible borrowers can either choose to have their principal payments suspended for three years, with interest rate reduced by three percent per year or continue to repay the principal, with interest rate cut by three percent per year. The debt suspension program runs between 1 September 2012 31 August 2015.
Applications for the program may be submitted at participating specialized banks from May 2 to August 20, 2012.
(NNT : Supaporn Carusarnpisit)