Bangkok pawnshops have announced a special initiative to reduce interest rates by 20% for all loans, offering this as a new year gift to alleviate financial burdens for residents. The programme aims to spread happiness and ease expenses for citizens during the festive season.
Chanathip L. Virapark, Director of the Pawnshops Office, revealed the initiative following a policy set by Bangkok Governor Chadchart Sittipunt. The plan, Gifts for Friends, was approved by the Pawnshop Office’s executive committee and applies to all Bangkok pawnshops. This initiative seeks to provide financial relief and support to citizens using pawnshop services in Bangkok.
Beginning on January 1 and extending through March 31, the pawnshops will offer reduced interest rates over three months. Loans with a principal amount not exceeding 5,000 baht will have a monthly interest rate of 0.2%. Each customer is limited to a maximum loan amount of 100,000 baht, calculated by the cumulative total across all Bangkok pawnshop branches. For loans between 5,001 and 15,000 baht, the interest rate will be 0.8% per month. For those exceeding 15,000 baht, an interest rate of 1% per month will be applied.
“This initiative is a gesture to share joy and ease the financial load for our citizens during the new year festivities.”
In the fiscal year 2024, spanning from October 2023 to September 2024, the pawnshops had transactions amounting to 8.7 billion baht, with 430,000 cases recorded. Gold emerged as the most commonly pawned item, accounting for 89% of the transactions.
Residents interested in availing themselves of these services can visit any of the 21 Bangkok pawnshop locations throughout the city. The initiative not only aims to provide financial respite but also encourages citizens to utilise the services offered by the pawnshops as a means of managing their finances during challenging times, reported KhaoSod.
“Our goal is to offer a helping hand to those in need, ensuring that everyone can enjoy the festive season without financial stress.”
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