BAAC reduces MRR loan interest by 0.25% to help 1.2 million vulnerable groups.

BAAC announced a reduction in loan interest rates by 0.25% for 6 months to vulnerable farmer customers and SMEs, including NPLs debtors undergoing debt restructuring, totaling 1.2 million accounts, effective from 1 May. this

Mr. Chulaphan Amornvivat, Deputy Minister of Finance As Chairman of the Board of Directors of the Bank for Agriculture and Agricultural Cooperatives (BAAC), he said that BAAC is aware of the need to operate in accordance with policies and guidelines that are consistent with the Association of State Financial Institutions. Therefore, the MRR loan interest rate has been reduced by 0.25% for a period of 6 months for farmers, vulnerable customers and SMEs that are experiencing production problems. causing the ability to repay debts to decrease Including NPLs debtors who are undergoing debt restructuring. There are over 1.2 million customer accounts that will benefit.

This is in order to reduce the burden of expenses. and supporting the recovery of customers during a time when the economic recovery is not yet complete and inclusive. Effective from 1 May – 31 Oct. 2024.

In the past, BAAC has continuously issued measures to assist small farmers through Measures to suspend debt payments for small farmers according to government policy For farmers whose total outstanding debt of all contracts as of 30 September 2023 does not exceed 300,000 baht, there are 1.85 million people who have reported their desire to join the measure through the BAAC Mobile application, with over 1.85 million principals. 257,000 million baht

Among the customers who have reported their desire to join the measure, more than 1.39 million have signed a memorandum of understanding at the end of the loan contract, or more than 90% of those who have reported their intention to join the measure. And of this number, there are 130,000 customers who have expressed their desire to attend a course to restore occupational potential under the concept of “leading market, additional innovation, increasing income”. The bank will carry out occupational rehabilitation for customers who participate in the measure. Suspension of debt payments for 300,000 cases within September 2024. It is also preparing to expand measures to help small farmers through the debt moratorium project, Phase 2, soon.

In addition, BAAC has always taken care of farmers’ debt problems in a comprehensive manner. With funding support through low interest rate loans. To increase liquidity for spending and ease the burden on the family instead of borrowing money outside the system, such as loans on behalf of you. MRR interest rate and quick loan for good people, credit limit 20,000 million baht for village health volunteers and village health volunteers, interest rate 0.67% per month or installment payments of only 500 baht per month, etc.

Participation in debt management of farmer customers Both debt within and outside the system through the BAAC Debt Report project, which has been able to resolve the problem of debt outside the system and return it to the BAAC system for 676,677 cases, amounting to more than 51,934 million baht, and Credit measures to help and support informal debt 545 million baht of loans has been disbursed, along with providing advice on debt management and debt restructuring.

Including fixing the interest rate on loans during the period of adjustment of the policy interest rate and other financial institutions. Increase interest rates This reduces the debt repayment burden for farmers. The BAAC is therefore considered an important mechanism for helping to take care of customer farmers. which is the majority of the country To be strong Have the ability to generate income This will affect the development of the country’s overall economic system for sustainable growth.