GSB going after more personal loans
The Government Savings Bank has launched a new product to increase its level of personal loans by at least Bt5 billion.
GSB Plus, launched today, has an interest rate based on minimum lending rate (MLR) + 1 per cent on a maximum loan of Bt200,000. Applicants with a mortgage of more than Bt500,000 with another financial institution must not have defaulted on any payments tracking back two years, and they must also have monthly earnings of at least Bt15,000. Loans cannot exceed five times their monthly salary nor be higher than Bt200,000 and must be repaid within three years. Interest will be charged at MLR+1 per cent, or 8.25 per cent per year. GSB's current MLR is 7.25 per cent. Existing GSB customers with housing loans exceeding Bt500,000 and no record of default on repayments for one year can also apply for GSB Plus. They can apply for a personal loan up to the value of their existing mortgage but not exceeding Bt5 million. The repayment period is from 5-7 years at MLR+0.5 per cent. Goanpot Asvinvichit, GSB president, said the bank expected the promotion to boost personal loans by least Bt5 billion. The campaign begins today and runs until year-end.
|
