SCB slashes lending rates to help commercial and retail banking clients weather COVID-19 crisis

 

          In response to the Bank of Thailand’s reduction of current contributions to the Financial Institutions Development Fund (FIDF), leading to an easing of commercial banks’ operating costs, Siam Commercial Bank has decided to further cut lending rates to help relieve the interest burdens of its clients adversely affected by the coronavirus disease 2019 (COVID-19) pandemic as a matter of urgency, effective on 10 April 2020.

 

                SCB Chief Executive Officer and Chairman of the Executive Committee Mr. Arthid Nanthawithaya said that COVID-19 was continuing to spread unabated and it is hard to predict when it will end. The overall economy has slowed sharply due to the abrupt standstill of the business sector.

 

To ease the operating costs of commercial banks amidst the crisis, the BoT reduced their contributions to the FIDF. Because of this, SCB deemed it appropriate to take this opportunity to further reduce all types of lending rates by 0.40% to relieve the interest burdens of its customers, as follows:
 

  • The Minimum Loan Rate (MLR) will be slashed from 5.775% to 5.375%.
  • The Minimum Overdraft Rate (MOR) will be reduced from 6.495% to 6.095%.
  • The Minimum Lending Rate (MRR) will be cut from 6.745% to 6.345%.

 

“We eagerly hope these reduced interest rates will help ease the financial costs our commercial banking and retail banking clients face and eventually enable them to weather the economic crisis. In addition, we remain committed to coming up with additional measures to provide assistance to affected customers in the future to ensure we all overcome this critical situation together,” he said.

 

               The new lending rates become effective on 10 April 2020.