The Government Savings Bank (GSB) is stepping up to the plate with a new lifeline in the form of a loan scheme. This financial aid is meticulously crafted with the small-scale self-employed individual in mind. These are your taxi drivers, motorcycle riders, and online sellers who have been dealt a heavy blow by the increasing cost of living, leading to dwindling income and financial distress. GSB’s hope is that these loans, which can reach up to a staggering 100,000 baht and come with an eight-year repayment timeline, will help alleviate these financial burdens and breathe some life back into an otherwise strenuous economic landscape.
GSB’s director, Witthaya Rattanakorn, shared the big news of this financial scheme launching, explaining that it was born out of the governational directive aimed at helping taxi drivers, public transport workers, and self-employed individuals who are treading water due to the biting economic climate. This loan scheme’s beauty lies in its design—it powers working capital, liquifies assets, and ensures individuals can access financial services within the system, shrugging off high-interest, exploitative off-system loans’ shackles.
Taking a page from the ‘Every Little Help’ book, the loan approval criteria have been generously simplified to assist applicants. No collateral? No problem! You don’t need a guarantor either, thanks to the involvement of the Small and Medium Enterprise Credit Guarantee Corporation (SME D Credit). On top of that, GSB went a step further and pledged to foot the guaranteed premium bill for its customers. Registration kicks off today, you can either head to www.gsb.or.th or pop into any GSB branch for successful enrollment.
The eligibility criteria for the small-scale self-employed loan is straightforward―applicants should be of Thai nationality, above 20 years of age, and the sum total of their age and the loan repayment period shouldn’t go over 70 years. The upper loan limit is the official 100,000 baht, an interest rate of 1.00% per month (Flat Rate), and the maximum payback timeframe stands at eight years or 96 repayment phases.
In addition to the loan scheme, GSB is also actively throwing its full weight behind cases of suspected fraudulent activity. It recently took on a case involving a housekeeper who reportedly embezzled 30 million baht. Among other customer-focused financial provisions are non-interest-bearing loans and lowered interest rates on overdue payments, reported KhaoSod. With repayments starting from a mere 100 baht per month, this is a real game-changer for hard-pressed individuals and businesses.
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