Krung Thai cuts interests for punctual credit card payments

Krung Thai Bank introduced a special campaign to debtors under the government’s debt refinancing scheme for credit cards making a payment punctually.

The Bank offers maximum cut on interest at 1% p.a., as well as, grants the right to borrow Thanawat and Multipurpose loans while having its interest lowered to 3.50% p.a.

Mr. Prasit Amporn, Executive Vice President, Director, Retail Business and Network Group, Krung Thai Bank PCL. disclosed that as Ministry of Finance had asked  for cooperation from the bank to help ease customers’ burden of credit card debts between this June 1- August 31, currently, all the Bank’ branches were ready to make loans to credit cards’ debtors with clean credit histories from April 30, 2011 onwards.

“The maximum amount of refinance is 300,000 baht or five times of cardholders’ salary. Moreover, they must cancel their credit cards that were refinanced. The Bank will allow cardholders to repay these loans in 1-3 years with an interest rate of 10%,” he said.

Mr. Prasit Amporn further stated that the Bank organized the special campaign for those with good credit repayment records. Cardholders who were able to repay their debt on time in a year, the bank would lower the interest rate by 0.50% p.a. on the second year and 1% p.a. on the third year. Upon fully repaying the debt to the bank, they would be able to borrow Thanawat and Multipurpose loans while the interest rate would be charged at MRR rate on the first year.