EXIM Thailand Contacts All Clients to Suspend Principal and Interest Payment for 6 Months to Ease Impact from COVID-19

Stocks and Financial Services Press Releases Tuesday April 7, 2020 11:11
Bangkok--7 Apr--EXIM BANK

EXIM Thailand Contacts All Clients to Suspend Principal and Interest Payment for 6 Months to Ease Impact from COVID-19 and Injects Soft Loan as Revolving Fund for Export and Investment of Clients and Entrepreneurs in All Industrial Sectors

EXIM Thailand has contacted all clients to offer principal and interest debt payment suspension for 6 months and 2% interest soft loan to entrepreneurs in all industrial sectors with a 7-year repayment term and a maximum credit line of 20-100 million baht per entrepreneur, as well as additional assistance to be considered case by case as necessary.

Mr. Pisit Serewiwattana, President of Export-Import Bank of Thailand (EXIM Thailand), revealed that due to the spread
of COVID-19 which has
affected all business sectors including entrepreneurs in international trade
and investment, both clients and non-clients, the Bank has expedited full
support for all groups of entrepreneurs by contacting all clients. The Bank has also
form a team to assist Thai entrepreneurs, including EXIM Thailand’s clients.

The first group: EXIM Thailand’s clients affected directly and indirectly by the economic implications of COVID-19 may apply for suspension of principal and interest debt payment for 6 months. EXIM Thailand’s staff has directly contacted to all clients. Since February 2020 up to present, such debt suspension has been granted to more than 1,400 clients involving more than 30,000 million baht. Export credit insurance clients with export to the countries affected by the COVID-19 spread according to the situation report of World Health Organization (WHO) may request extension of payment term under insurance coverage for a total period of up to 270 days. At present, clients have gradually applied for the service to hedge risk of non-payment by buyers overseas.

The second group: Entrepreneurs, both clients and non-clients, may apply for long-term soft loan for use as revolving fund in businesses with a maximum credit line of 20 million baht per entrepreneur, a repayment term of 7 years and a special interest rate of 2% per annum in the 1st-2ndyears, concessional rates at prime rate -1.25% and prime rate -0.25% in the 3rd-4thyears and the 5th-7thyears respectively, as well as free! a TCG guarantee fee in the first 2 years and free! a front-end fee. In case of requiring credit line of more than 20 million baht, EXIM Thailand offers Investment and Production Efficiency Enhancement Credit Scheme to support entrepreneurs in all industrial sectors as a 7-year term credit facility with an interest rate of 2% per annum in the 1st-2ndyears and maximum credit line of 100 million baht. Clients and entrepreneurs interested in the service may inform the Bank of the intention to take this offer at Tel. 0 2617 2111 ext. 3510-2.

“EXIM Thailand has
closely monitored the situation and contacted to all clients to inquire about
the needs for support or assistance. The Bank has also consistently rolled out
assistance schemes for clients and Thai entrepreneurs, particularly SMEs, to ease
impact from business and economic disruption of COVID-19. We have also taken
the lead in cutting the MOR, MLR and MRR or prime rate to stay at the industry lowest all along and at 5.75% per annum at present. This aims to lower costs for entrepreneurs. In the next
phase, if any clients or entrepreneurs need
EXIM Thailand’s assistances in
addition to the existing measures, the Bank is pleased
to render prompt assistance in line with the severity level of the problems
case by case,” added
Mr.
Pisit.

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