Krungthai Bank announces a reduction in MOR, MLR and MRR interest rates starting from Nov 1, along with an extension of measures to help vulnerable groups. As the Monetary Policy Committee (MPC) has reduced the policy interest rate from 2.50% to 2.25% per annum, in order to comply with market mechanisms, in line with the context of the country with high household debt and low economic growth, Krungthai Bank has reduced the MOR loan interest rate by 0.250% per annum, MLR and MRR by 0.125% per annum, as follows: The interest rate for prime corporate customers (overdraft) has been reduced from the current 7.520% per year to 7.270% per year. The prime lending rate (MLR) for prime customers has been reduced from the current 7.050% per annum to 6.925% per annum. The interest rate for prime retail customers (MRR) has been reduced from the current 7.570% per year to 7.445% per year. Effective from 1 November 2024 onwards, there has been no reduction in deposit interest rates at this time. For special measures t o help 3 groups of vulnerable debtors: 1. Retail personal loan customers who are still under the bank's assistance measures, both home loans and personal loans. 2. Home loan customers with a credit line not exceeding 2 million baht. 3. Small SME customers with a monthly business income not exceeding 2 million baht and a credit line not exceeding 10 million baht, which previously ended on November 15, 2024. Since the vulnerable debtors are still recovering and adjusting slowly since the COVID-19 pandemic, these vulnerable debtors may have high debt levels, income levels that are not sufficient to cover their expenses, and the government is accelerating economic restructuring. Therefore, the Bank has extended the additional assistance measures until March 31, 2025. From these measures, the bank has been able to help reduce the financial burden of more than 300,000 customer accounts continuously, with a total credit line of more than 200 billion baht. The bank will automatically reduce the interest rate for th e three vulnerable customer groups with loans with the bank as of March 31, 2024. The bank prioritizes helping all customer groups to adapt and recover sustainably, moving forward to solve the household debt problem, which is a major obstacle in driving the Thai economy, under the 'Sustainable Civil Servant Debt Consolidation Project'. Source: Thai News Agency
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