Author Topic: Banks become more vigilant to give out loans  (Read 529 times)

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Offline thaiga

Banks become more vigilant to give out loans
« on: May 01, 2014, 06:29:04 PM »
Banks become more vigilant to give out loans to customers

BANGKOK, 1 May 2014 (NNT) - According to the National Credit Bureau (NCB), banks have become three times more prudent in conducting background checks on loan borrowers.

NCB Managing Director Surapon Opassathien revealed that banks and financial institutions have checked on his agency more frequently regarding their customers’ credit history, as they are raising their standards to hand out loans. The banks have stipulated that customers must earn a minimum income of at least 8,000 to 10,000 baht per month nowadays to take out loans, which is higher than their previous criteria of 5,000 to 7,000 baht per month.

At least 3 million requests per month have been made by financial institutions to the NCB this year, which is three times higher than last year. The NCB president further said that the economic slump in Thailand has made it challenging for people to pay off their debts.

Mr. Surapon declared that out of the 47 million accounts that had taken loans, the number of people who defaulted on their loans in a one-month time frame increased by 30 percent. Nonetheless, some financial institutions are easing up on their customers by postponing their debt payments or allowing them to avoid paying interests on loans.

NNT

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