In order to assist and support the debtor who has got the impacted from COVID-19 pandemic, ICBC (Thai) Group has implemented the following measure.
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| Debt Consolidation for Retail customer |
| • The debt restructuring by consolidating all consumer loan in according to the announcement of the Bank of Thailand on the Debt restructuring for Retail Customer by Debt Consolidation. |
Criteria |
• The customer must get the impact from COVID-19 pandemic both direct and indirect.
• Having the housing loan with ICBC (Thai) which is not Non-performing loan status and having the available collateral value to cover all loans after debt consolidation.
• The consumer loan which shall be consolidated with the Housing Loan are credit card (only main card) and personal loan
• There must have the additional mortgage on the existing housing loan’s collateral and there shall have the additional expenses on the mortgage and the duty stamp. |
Benefit from debt consolidation |
• Decreasing monthly debt burden
• No record on the credit bureau information
• No any others expenses such as the other fees, penalty fee etc.
• Able to utilize the remaining limit (if any) of the credit card or personal loan in according to the repayment ability |
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Consideration Issue |
• There must have the additional mortgage on the existing housing loan’s collateral and there shall have the additional expenses on the mortgage and the duty stamp.
• The existing credit card and personal loan limit may be closed or decreased.
• Having the debt restructuring record with the Bank |
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Financial Assistance Measures and Sustainable Debt Restructuring
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| Credit Cardholders |
• The minimum payment adjustment to 0% until 28 February 2023*
• The minimum payment at 5% starting from 1 March 2023 - 31 December 2023
• The interest rate adjustment to Minimum Retail Rate (MRR) of the Bank*
*Subject to the consideration on case by case basis. |
All Hire Purchase Customers |
| For impacted customers due to COVID-19 |
| • Lower the monthly repayment amount and extend the loan term* |
For highly impacted customers due to COVID-19
• Lower the monthly repayment amount and extend the loan term*
• Repayment grace period and extend the loan term*
• Consider to return the car* |
| *Subject to the consideration on case by case basis |
Housing Loan |
• Grace period for principle and/or interest at maximum 10 months but no later than December 31, 2021, for impacted customers.
• Subject to the consideration on case by case basis. |
Commercial Loan (Corporate and SME) |
• Debt reschedule or debt restructuring including providing grace period of principal and/or interest, extending tenor, etc.to be in line with the debtor’s current and future repayment ability.
• Decreasing the interest rate
• Increase credit line to support the working capital fund
• Subject to the consideration on case by case basis |
Remark:
In case of principal grace period, the interest amount shall still be calculated and accrued during the grace period in complied with the credit agreement. And during the grace period, this shall not be considered as default payment or breach of the agreement conditions |
Loan for Business Recovery |
| This loan is in purpose to support the customer on their liquidity to recover their business from the COVID-19 pandemic and remain the employment. |
Customer Qualification |
• Corporate and SME customers (Both Juristic and individual) registered in Thailand and operates their business in Thailand
• Being the existing customer of the Bank at the end of February 28, 2021 with the total single customer credit line not more than THB 500 million (excluded the Contingent Liability line) or Not being any Commercial Bank’s credit customer.
• Not a public company in SET
• Not operates the financial service business
• Not being NPL at the end of December 31, 2019 |
Credit Line Amount |
• Not more than 30% of the total single credit line at the end of Dec 31, 2019 or Feb 28, 2021, whichever is higher, but not more than THB 150 million (including 2020 BOT’s soft-loan) or
• Not more than THB 50 million for the customer with no credit line with any Commercial Bank at the end of Feb 28, 2021
Interest Rate
• Interest rate at 2% p.a. for the first 2 years and waive for the first 6 months interest payment
• The average interest rate for 5 years will not be more than 5% p.a.
• For year 6th onwards (if any), the interest rate shall be under the Bank’s consideration. |
Loan Tenor |
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| • Tenor 5 years (in case of more than 5 years, subject to the Bank’s consideration on case by case basis but not more than 10 years) |
Remarks |
• Guaranteed by the Thai Credit Guarantee Corporation (TCG) with the fee at 1.75% p.a.
• The loan approval and utilization shall be subject to the Bank’s and the Bank of Thailand’s terms and conditions
• The credit line approval shall be subject to the Bank’s term and conditions. |
Asset Warehousing |
| This scheme is purposed to support the collateral transferring to repay the debt in order to lower the debt burden of the customer who has got the impact from COVID-19 pandemic and willing and intend to carry on their business. |
Customer Qualification |
• Corporate and SME customers (Both Juristic and individual) registered in Thailand and operates their business in Thailand
• Having the loan outstanding with the Bank at the end of February 28, 2021.
• Not operates the financial service business
• Not being NPL at the end of December 31, 2019 |
Scheme Details |
• The transferred asset must be the collateral to the Bank’s debt before April 1, 2021 in order to be the collateral of the commercial loan only.
• Transferred price is subject to the Bank’s consideration.
• The borrower or the asset owner has the first right to buy back the transferred asset in the period not less than 3 years but not over 5 years from the transferred date.
• The borrower or the asset owner has a right to rent the transferred asset to carry on their business with the agreed rental fee by sending the request to the Bank within 15 days from the transferred date.
• The buy-back value shall not be more than the transferred price plus the carrying cost at 1% p.a. of the transferred price and plus any expenses which the Bank pay for looking after the asset, deducted by (if any) the rental fee which the Bank receive form the Borrower or the asset owner. |
Remarks |
• The tax and fee in relation to the asset transference shall be exempted.
• The approval shall be subject to the Bank’s term and conditions. |
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| For more information, please kindly contact: |
| ICBC (Thai) Bank |
• Contact our branches or ICBC (Thai) Call Center (0 2629 5588).
• Website: www.icbcthai.com |
| ICBC (Thai) Leasing |
• Telephone: 0 2876 7200 # 1 and 0 2626 8100
• Website: www.icbcthaileasing.com |
