Government Savings Bank reduces teachers’ debt burden by 1 percent.

Bangkok, Government Savings Bank reduces debt burden for 230,000 teachers, 1% per year for teachers who are good at paying off debts, starting from July, no need to register, automatic reduction Mr. Vitai Rattanakorn, President of the Government Savings Bank, revealed that after the government ordered the Government Savings Bank to issue measures to help the teacher debtor group, there was cooperation from many agencies, such as the Ministry of Education, the Ministry of Finance, the Bank of Thailand, the Association of State Financial Institutions, and various financial institutions. Recently, the Government Savings Bank has issued additional assistance measures in accordance with the government's orders. By announcing a 1% annual interest rate cut for teachers' loans for debtors with good repayments of the welfare loan project for members of the Teachers' Welfare Loan Project - Teachers' Welfare Loan Project and the Educational Professional Assistance Project for a period of 6 months (July-December 2024) , this is an automatic interest reduction without the need to register for an expression of intent. The additional interest reduction will be used to reduce the principal, allowing debts to be cleared faster. This is to help alleviate the hardship of debtors in the teacher and educational personnel groups who have good repayment histories and are in normal debtor status. Previously, the bank had reduced the interest rates of each project by 0.5%, 0.75% and 1% per year according to the conditions. It is expected that more than 230,000 debtors will benefit from this interest rate adjustment, with a total interest reduction of 1.6 billion baht per year. The Government Savings Bank has been the main agency in resolving teachers' debt problems through various projects continuously since 1999, such as the project to provide sources of special interest rate loans to solve the debt problem completely by consolidating all teachers' debts into a single bank at a lower interest rate than general personal loans in accor dance with government policy. It has not provided additional welfare loans for teachers and educational personnel since 2015, but has focused on sustainable debt resolution for debtors, such as the 4 No measures (no civil lawsuits, no enforcement, no asset seizure, no auctions) and providing low-interest loans to the Teachers' Savings Cooperative to refinance teachers' loans with high interest rates from other financial institutions. Source: Thai News Agency