Bangkok:Government Savings Bank has introduced a new initiative called "Solar Loan for the Public," offering a fixed interest rate of 2.50% with no collateral required. This program aims to assist Thai residents in installing solar panels to sustainably reduce their electricity bills.
According to Thai News Agency, the loan program is eligible for a government subsidy of 50,000 baht. To benefit from this offer, loan approval and contract preparation, including disbursement, must be finalized by August 31, 2027. The loan has a fixed interest rate of 2.50% per annum throughout the contract term, with repayment installments available for up to seven years.
The loan amount is determined based on actual expenses, up to a maximum of 140,000 baht per person. This is divided into two contracts a loan of 90,000 baht with a fixed interest rate of 2.50% per year, and a support grant of 50,000 baht with 0% interest per year for six months, requiring no repayment of principal or interest during this period.
If funding is not received, customers are obligated to utilize their funds to settle the debt and close the account. In cases of delayed payment, monthly installments can be arranged, with the bank charging an interest rate of 2.50% per year for the loan's duration. The bank advises borrowing only what is necessary and affordable, with terms and conditions applying as determined by the bank.