Bangkok: Siam Commercial Bank (SCB) has rolled out a series of urgent financial measures aimed at assisting customers impacted by the recent earthquake. These measures include the suspension of loan payments and the provision of special loans for both home and business repairs. The bank has announced a temporary suspension of principal payments for home loan customers for three months, alongside a three-month, 0% interest rate loan for those needing home repairs. Additionally, SCB is offering business rehabilitation loans to small and medium-sized enterprises (SMEs) at an interest rate starting at 3.5% per annum for a 24-month period.
According to Thai News Agency, the earthquake that struck on March 28, 2025, caused significant damage to properties and disrupted the livelihoods of individuals across various regions in Thailand. In response, SCB has committed to supporting its customers through these challenging times by introducing these urgent financial measures. These initiatives are designed to assist both individual customers and SMEs by providing loan payment suspensions and new loan opportunities for essential repairs and business recovery.
The measures for individual and small business customers include:
1) Housing loans: SCB is extending relief to home loan customers by suspending principal payments for three months. Additionally, it offers 0% interest loans for home repairs for the same period. This applies to current home loan customers and new applicants under the "My Home My Cash" scheme. The bank also waives collateral appraisal fees for single-family homes, townhouses, and condominiums.
2) Car loans: Debt suspension options are available for up to three months for car loan customers, with a possible extension of the repayment period, provided the borrower's age does not exceed 65 years.
3) Business loans for entrepreneurs: SCB provides support by suspending principal payments for up to three months and offering business rehabilitation loans with a fixed interest rate starting at 3.5% per year for 24 months, with a maximum loan period of 10 years.
Customers can apply for these relief measures at any SCB branch nationwide or by contacting the SCB Customer Center from March 30 to June 30, 2025.
For SME business customers, SCB offers four main measures of support, including:
1) Suspension of principal payments for up to six months.
2) Suspension of both principal and interest payments for up to three months.
3) Temporary increase in revolving credit lines to enhance liquidity, with a maximum credit line not exceeding 20% of the original total and capped at 10 million baht.
4) Credit lines for renovation, repair, or replacement of damaged business assets, with similar terms as the revolving credit line offer.
SME customers are encouraged to engage with their business relations officer or contact the SCB Business Call Center from March 30 to December 31, 2025.
Siam Commercial Bank expresses its solidarity with those affected by the disaster and commits to utilizing its resources to ensure timely recovery for its customers. The bank advises borrowing only what is necessary and emphasizes the importance of repayable loans, noting that the actual interest rate for additional home loans ranges between 5.575% and 14.075% per year, based on the MRR interest rate as of March 3, 2025.
