As the project’s conclusion approaches, BAAC incentivises eligible debtors to settle their accounts with interest deductions
As deadlines for debtor assistance projects draw near, the Bank for Agriculture and Agricultural Cooperatives (BAAC) is inviting regular debtors and debtors with non-performing/interest-bearing debts over 15 months due to take advantage of its debt repayment and debt reduction projects ending 17 February 2021 and 31 March 2021.
Mr. Surachai Rasmee, Senior Executive Vice President of BAAC, said that the two successful customer assistance projects aim to alleviate the economic hardship faced by farmers, entrepreneurs, and agricultural organisations amid the Covid-19 pandemic.
“With the repayment projects covering debts up to 3 billion baht, and the debt reduction project targeting non-performing and interest-bearing debt over 15 months, the BAAC hopes to mitigate these debtors’ financial distress, and leave them enough cash-in-hand to continue to operate,” explained. Mr. Surachai.
Starting 1 December 2020, once debtors eligible for the benefits under the two projects make a payment, the BAAC reimburses the interest amount to their bank account. As of 9 February 2021, over 1.39 million farmers, entrepreneurs, and agricultural organisations had taken advantage of the debt repayment project.
Of the total interest involved amounting to 14,348 million baht, more than 2,363 million baht had already been reimbursed.
The BAAC invites regular debtors to pay their debt within 17 February 2021, in order to receive the repayment project benefits which will expire on 18 February 2021.
Those with non-performing loans and/or interest-bearing loans overdue 15 months or more, with debt remaining as of 31 October 2020, can check their eligibility for the benefits under the debt reduction project until 31 March 2021.
Reimbursed interest under this project will be deducted from the repaid amount. Once deducted, any excess will be deposited into the debtor’s bank account within the following day.
Individual debtors and farmer debtors will be refunded at the rate of 20% of the actual paid interests, while groups of debtors, groups of farmers, agricultural cooperatives, juristic persons, cooperative village funds and urban communities will be refunded at the rate of 10% of the actual paid interests.
For more information, please contact BAAC’s Call Centre 02 555 0555, Line Official BAAC Family, or BAAC branches nationwide.
