Government Savings Bank Waives Debt Payments for Flood Victims

Government Savings Bank is responding to government policy by launching urgent relief for flood-affected customers, suspending principal payments and waiving interest for three months for those in disaster-declared areas. The bank is also offering emergency loans, home recovery loans, and small business rehabilitation loans up to 5 million baht at 0% interest for the first three months.

Bank Director Songpol Chivapanjarohan explained that heavy rainfall and widespread flooding across the country, including Bangkok and surrounding provinces, have disrupted people's lives and livelihoods. In response, Government Savings Bank is implementing emergency relief measures to reduce financial burden and give customers time to recover.

Under the three-month payment suspension and interest waiver, all accrued interest will be forgiven and customers will not owe it later. The suspended principal payments for three installments will be consolidated into the final payment. After the suspension period ends, customers will resume regular payments under their original contract terms.

The measures apply to all loan categories, except certain loan types, and require the borrower's registered address, residence, or business location to be in a disaster zone as declared by the Department of Disaster Prevention and Mitigation. The bank will notify eligible customers by SMS or mail. Customers who prefer not to participate can contact any Government Savings Bank branch or the GSB Contact Center at 1115 to make regular payments.

The bank is also offering special-condition loans with 0% interest and no principal payments for the first three months: emergency disaster relief loans up to 20,000 baht per person with no collateral requirement, then 0.60% monthly interest thereafter with repayment up to 24 months; disaster relief assistance loans up to 50,000 baht per person with 0.60% monthly interest from month four onward and repayment up to 60 months.

For recovery, those needing to repair equipment or requiring working capital to resume business can apply for small business disaster recovery loans up to 300,000 baht per person at 0% interest for three months, then 15% effective annual interest with repayment up to seven years. Homeowners can access disaster home recovery loans up to 1 million baht per person at 0% for three months, 2% annually from months 4–24, then MRR minus 3.35% annually in year three and MRR minus 0.75% annually from year four onward, with appraisal support up to 3,000 baht.

Small and medium enterprises with business damage or seeking disaster prevention investment can access SME disaster relief loans up to 5 million baht per person, or up to the full loan amount if guaranteed by the Credit Guarantee Corporation.