Worachat Luxkanalode, Country Head of Grab Thailand stated, "Commitment to empowering financial inclusion for the underbanked and those with limited access to financial services is at the core of Grab's mission. We have consistently strived to develop and offer a diverse range of simple, transparent, and flexible financial products to cater to the unique needs of these individuals. One of our flagship offerings is the 'Quick Cash Loans for Merchant-Partners,' introduced in 2020. Designed to support restaurant operators, particularly SMEs and small to medium-sized food merchants facing constraints in accessing financial services, the loan offering is tailored based on their business potential and transaction data derived from our platform. With an uncomplicated application process, daily payment deductions from their sales, and competitive interest rates complying with the Bank of Thailand's regulations, the program has been well-received and has garnered positive feedback from our merchant-partners."
"In light of the current global economic landscape, shaped by the impact of war and inflation, challenging times have befallen the Thai economy, resulting in a slower growth trajectory, notably around 3.0%. This slowdown has affected various industries, including food merchants and restaurant owners."
According to a recent survey conducted among Grab merchant-partners, it was found that 57% of restaurant operators are seeking cash loans to enhance their liquidity for daily operations, while over 25% of them require funds for business expansion. In response to the needs of these merchant-partners, Grab Thailand has introduced a loan product for juristic merchant-partners for the first time, featuring a maximum credit limit of up to THB 1 million. Additionally, Grab has expanded the credit limit for personal loans for merchant-partners to THB 750,000, up from THB 500,000, and extended the installment period from 6 to 9 months.
"We believe that these endeavors would help enhance their competitiveness, ultimately strengthening the entire ecosystem," added Worachat.
Here are details of the Quick Cash Loans for merchant-partners.
- Quick Cash Personal Loan (for individual merchant-partners)
- Increased credit limit up to THB 750,000 (from THB 500,000)
- Installment period of 6 - 9 months
- A maximum interest rate reduction of 2.08% per month with no additional fees
- Quick Cash Loans (for juristic merchant-partners)
- Maximum credit limit of THB 1,000,000
- Installment period of 6 months
- A minimum interest rate starting at just 1.25% per month with no additional fees
Find more details about the loan on the website at https://www.grab.com/th/merchant/lending
Source: FleishmanHillard Thailand