Bangkok: The Student Loan Fund (SLF) has launched a new feature that allows borrowers to verify their identity and sign contracts using the Paotang app. This initiative is part of a broader effort to simplify the process for borrowers, which includes recommending online debt restructuring and waiving all existing fines.
According to Thai News Agency, Dr. Nantawan Wongkajornkitti, Manager of the Student Loan Fund, announced that borrowers can now independently enter into debt restructuring agreements online through the SLF website. The initiative is designed to make the process more accessible and cost-effective by reducing travel expenses. The SLF has introduced a channel for identity verification and electronic signatures via the Paotang application, complementing the existing ThaID application. Borrowers can access the debt restructuring agreements through the website. To date, over 703,000 borrowers have successfully entered into debt restructuring agreements, both in traditional paper format and electronically.
For borrowers who have restructured their debt, the Student Loan Fund (SLF) will immediately release the guarantor from any obligations. Borrowers are required to make equal monthly repayments by the 5th of each month, with the option to extend the repayment period up to 15 years. The borrower must be no older than 65 years at the time of the final payment. Upon completing the final payment, the SLF is offering a 100% discount on all previously suspended late fees.