Bangkok: The Bank of Thailand is asking for cooperation from financial institutions and non-banks to help debtors affected by the earthquake disaster by reducing minimum credit card payments, increasing credit limits, and providing emergency credit limits of no more than 12 months.
According to Thai News Agency, Mr. Somchai Lertlarpwasin, Assistant Governor, Financial Institutions Policy Group, Bank of Thailand (BOT), revealed that due to the natural disaster of the earthquake on 28 March 2025, which affected and caused widespread damage to the property of the people, the BOT is urging financial institutions, specialized financial institutions, and non-financial retail lending operators to provide assistance to those affected by the earthquake disaster.
The BOT’s request includes several measures. Firstly, credit card loans can consider reducing the minimum repayment rate for affected debtors to be lower than the rate set by the BOT for a period of no more than 12 months from the date that the area is declared a disaster area. Secondly, personal loans under supervision and digital personal loans can consider temporary emergency credit conditions to be higher than the rate set by the BOT, ensuring debtors have sufficient emergency funds to recover damages caused by disasters. These credit lines must be approved as soon as possible, no more than 12 months from the date that the area is declared a disaster area.
Furthermore, all types of loans can consider providing financial and liquidity assistance to debtors to repair their homes or to enable them to continue their careers or businesses. This includes adjusting conditions such as reducing or waiving interest and fees, relaxing debt repayment conditions, or restructuring debts. These credit lines must be approved promptly, no more than 12 months from the date that the area is declared a disaster area.
During the assistance period, the BOT will relax the debt classification criteria to maintain the same classification as before the disaster. The BOT hopes that affected debtors will receive appropriate and timely assistance and sends encouragement to those impacted by the earthquake to overcome this hardship.