EXIM Thailand Launches Special Scheme “2% Interest Soft Loan”

Stocks and Financial Services Press Releases Tuesday March 31, 2020 14:26
Bangkok--31 Mar--EXIM BANK
EXIM Thailand Launches Special Scheme “2% Interest Soft Loan” and Extend Payment Term of Insurance Coverage for Export to All Countries Affected by COVID-19

EXIM Thailand has rolled out “EXIM Soft Loan for Entrepreneurs Affected by COVID-19” as a 7-year term credit facility with a maximum credit line of 20 million baht per entrepreneur at a special interest rate of 2% per annum in the first two years for use as revolving fund in export-related businesses. The Bank has also revised scheme for the existing customers with extension of exporters’ payment term under insurance coverage for a maximum of 270 days for export to buyers in countries that have been affected by the COVID-19 outbreak according to the WHO situation report in addition to suspension of principal and interest debt payment for up to 6 months.

Mr. Pisit Serewiwattana, President of Export-Import Bank of Thailand (EXIM Thailand), revealed that, EXIM Thailand has launched “EXIM Soft Loan for Entrepreneurs Affected by COVID-19” as a long-term credit facility with a maximum credit line of 20 million baht per entrepreneur at a special interest rate of 2% per annum in the 1stand 2ndyears, prime rate -1.25% in the 3rdand 4thyears, and prime rate -0.25% in the 5thand 6thyears (prime rate as of March 31, 2020 is 5.75%), and maximum repayment period of 7 years, as well as free! a TCG guarantee fee in the first 2 years and free! a front-end fee, for entrepreneurs to use as revolving fund in export-related businesses hit directly or indirectly by COVID-19. Entrepreneurs may apply for the service from today until December 30, 2020.

Besides, EXIM Thailand has expanded criteria under Debt Suspension Scheme for Exporters amid Coronavirus Outbreak as follows:

Credit facility Suspension of principal and interest debt payment for 6 monthsfor customers with long-term and short-term credit lines and affected by the COVID-19 spread. Clients may apply for the service from today until December 31, 2020.Export credit insurance facility Extension of payment term under insurance coverage for a total period of up to 270 days for export credit insurance clients with export to the countries affected by the COVID-19 spread according to the report of World Health Organization (WHO). Clients may inform the Bank of the intention to take this offer from today until July 31, 2020.In case of not exceeding 180 days, no additional insurance premium is required.In case of extension of more than 180 days, but not more than 270 days, additional insurance premium of 50% is required.

Free! additional coverage for perishable exported goods shipped to and rejected by Chinese buyers as a special case at a rate of 50% of the value of invoice, and shortening of the period for considering payment of insurance claims compensation in case of delivered goods rejection by buyers in China.

“The COVID-19 pandemic has significantly ravaged all sectors. We
have thus kept abreast of the situation and worked out new measures including
special credit programs to assist customers and Thai entrepreneurs, SMEs in
particular, in dealing with the situation and sustain their business, relieve
impact on labor employment, and manufacturing of consumer goods both
domestically and overseas to heal the business sectors and ease impacts on Thai
and global economies now and looking forward,” added Mr.
Pisit.

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